By Harold W. Pease Ph. D
G-20 meetings come and go with much fanfare but never with any kind of detail with respect to what these meetings accomplish—at least by the establishment media. The most recent G-20 meetings will affect every person on earth and should be a topic of discussion in every newspaper or network that covers international news. Are we ready for a world tax? Such is being implemented now. Those Americans living overseas are already feeling part of the plan and at least forty governments are committed to implementing it by the end of 2015.
The globalist world tax plan is pushed under the guise of catching the “tax cheats” that invest over seas—mostly the rich it is argued—so the rest of us naively assume that it will not impact us. We are told that tax evasion is a global problem so we need an IRS-type world organization to catch the “cheats” but to do this we first need the sharing of the financial records of all people with participating governments. The plan, called the Global Account Tax Compliance Act, or GATCA, requires all governments to collect and pool all personal banking or financial institutions’ information on all their people. G-20 leaders infer that the global tax authority will be the International Monetary Fund (IMF), the financial arm of the United Nations.
In the most recent G-20 meeting held last February in Australia, proponents were falling all over themselves with excitement over the plan. In a joint communiqué they wrote: “We endorse the Common Reporting Standard for automatic exchange of tax information on a reciprocal basis and will work with all relevant parties, including our financial institutions, to detail our implementation plan at our September meeting” (“A New World Tax Regime,” New American, April 21, 2014, p. 20). They continued with an appeal to all nations “that have not yet complied with the existing standard for exchange of information on request to do so and sign the Multilateral Convention on Mutual Administrative Assistance in Tax Matters without further delay.”
The plan is most highly promoted by a group referred to as the BRICS (Brazil, Russia, India, China and South Africa)—all highly socialist countries. Their enthusiasm is understandable. They oppose, and demand an end to, the free market principle of maximizing “value for customers and shareholders by keeping profits and economic activity in lower-tax jurisdictions as much as possible.”
Congress and the Obama administration have already implemented the sharing part of the program for Americans living abroad and it has been functioning since 2010. Buried deep within the “HIRE Act,” endorsed by the President and the then democratically controlled Congress, was the Foreign Account Tax Compliance Act (FATCA) which “imposed huge penalties—30-percent ‘withholding tax’ on all U.S. transactions, including sales of securities—on firms that do not hand over all information they have on ‘U.S. persons’ to the IRS” (“Dark Road: The Worst Tax Law You’ve Never Heard About,” New American, p. 11). For the 7.5 million Americans living in other countries it has been disastrous sometimes resulting in their having to renounce their citizenship rather than to be double taxed and have their hosting country know their personal and private information. To accomplish the above requires an uncomfortable closeness between the NSA, IRS and their new government. Foreign governments that do not comply are threatened.
The second part of the plan, after the universal sharing of all our financial records, is to establish a base for a world tax authority. Catching “tax cheats” was never the “real” reason for all the effort but instead the rational for the implementation of a planetary tax with the IMF becoming the world IRS. So far Congress has not implemented this part and is not likely to do so unless hidden in another bill, as was the sharing of private financial records. Consequently, we have some time to get public awareness of the deception and of the intended objective.
The mission of the globalists, and seemingly a majority of the G-20 participants, is an independent financial stream for the United Nations, free from its present dependence on the United States wherein it resides and from which it receives a third of its funding. The globalists’ ploy to make the U N a world government could be ended should Americans decide such was not in their best interests and cut their funding. This could not be allowed to happen, thus the need for alternative funding. The GATCA plan is the most dangerous world government-funding plan presently proposed because the sharing of confidential records is already partially in place, at least for Americans living abroad.