U.N. Proposes Taxes on Billionaires, Polluters, Currency Transactions -- to Fund ‘Global Challenges’ Such As Climate Change

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CNSnews:

(CNSNews.com) – Prompting warnings of a “global governance” push, the United Nations released a report Thursday proposing mechanisms including a global carbon tax, currency transaction tax and a “billionaire’s tax,” to finance development and global needs such as combating climate change.

The U.N. World Economic and Social Survey (WESS) says such taxes could raise more than $400 billion a year, at a time when donor countries are unwilling or unable – “in the midst of difficult financial times” – to maintain the levels of development aid necessary.

“Donor countries have fallen well short of their aid commitments and development assistance declined last year because of budget cuts, increasing the shortfall to $167 billion,” said survey author Rob Vos in a statement.

“Although donors must meet their commitments, it is time to look for other ways to find resources to finance development needs and address growing global challenges, such as combating climate change,” he said.

“We are suggesting various ways to tap resources through international mechanisms, such as coordinated taxes on carbon emissions, air traffic, and financial and currency transactions.”

The WESS is produced each year by the U.N.’s Department of Economic and Social Affairs. Voss is director of the department’s Development Policy and Analysis Division.