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IMF pushes plan to plunder global wealth.

A controversial report dubbed "Taxing Times," released in October by the International Monetary Fund, outlines schemes to have governments plunder humanity's wealth using a mix of much higher taxes and outright confiscation.

"The sharp deterioration of the public finances in many countries has revived interest in a capital levy, a one-off tax on private wealth, as an exceptional measure to restore debt sustainability." the report claims. "The appeal is that such a tax, if it is implemented before avoidance is possible, and there is a belief that it will never be repeated, does not distort behavior (and may be seen by some as fair)."

The report claims that all households with positive net wealth--anyone with more assets than debt, in essence--would have to surrender about 10 percent of it. Taxes on the "rich" of around 60 to 70 percent, according to the IMF, would likely be the rate at which the most plunder could be extracted for desperate governments. "A revenue-maximizing approach to taxing the rich effectively puts a weight of zero on their well-being."

Private companies that try to reduce their tax burdens using "tax planning schemes" are also in the IMF cross hairs for increased wealth confiscation. In a section headlined "Tricks of the Trade," for example, the document blasts business efforts to provide services directly from "low-tax jurisdictions" as "abusive."

For IMF boss Christine Lagarde, what the would-be global wealth confiscators are demanding is simply part of formulating a "just" fiscal policy. "It's clearly something finance ministers are interested in, it's something that is necessary for the right balance of public finances," the former French finance boss was quoted as saying during a panel discussion in Washington on October 9.

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The IMF is also being openly groomed to serve as a global central bank in charge of a planetary currency. It already issues the proto-global currency known as Special Drawing Rights, but the establishment has much bigger plans in mind, as THE NEW AMERICAN has documented extensively. If liberty, prosperity, and national sovereignty are to be preserved, the radical looting schemes advanced by the IMF and other planetary institutions must be resisted in favor of real reforms.

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Title Annotation:INSIDE TRACK
Publication:The New American
Date:Nov 18, 2013
Words:362
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