Americans despise taxes. After all, one of the key issues that paved the way for the American Revolution was the unfair taxation that King George III levied against the Colonies.
Now some in the US Senate want to say yes to an international tax. It would be the first time in history that an international organization would possess taxing authority, and it would amount to billions of American dollars being transferred out of the US Treasury.
The U.N. Convention on the Law of the Sea, or the Law of the Sea Treaty (LOST) is the vehicle through which such taxes would be imposed on U.S.-based commercial enterprises.
The treaty that Reagan refused to sign in 1982 is reappearing once again in the Senate. The truth is, LOST contains numerous provisions that hurt the U.S. economy at a time when we need more jobs – not fewer.
Under the guise of being for “the good of mankind, ” LOST would obligate the United States to share information and technology in what amounts to global taxes and technology transfer requirements that are really nothing more than an attempt to redistribute U.S. wealth to the Third World
Read more.