Proposes taxing international currency trades

WASHINGTON- According to published reports, the United Nations (UN) is considering a proposal to assist poor countries by instituting a global tax on international currency transactions.

Grover Norquist, president of Americans for Tax Reform, issued the following statement regarding this disturbing proposal by the UN:

"The idea of unelected UN bureaucrats taxing Americans' currency transaction is outrageous. Amazingly, this attempt to generate revenue trough taxation by the UN comes just a few years after the U.S Congress made payment of $100 million in UN funds contingent on the organization's promise not to try to levy its own taxes.

"Taxation isn't the solution to raise a country out of poverty.

"Rather, poorer countries should deregulate their economy, reduce taxes and lower trade barriers, all of which will encourage outside investment.

"History shows us the best way to promote economic growth in these poorer countries is by reforming their financial systems through a variety of economic reforms, including reduced taxes and more efficient banking measures.

"As it is now, Americans are over taxed, and the last thing that is needed to spur world economic growth are more taxes. Let's remember, just a few days ago, Alan Greenspan said cutting taxes would be a good thing for the American economy, and by extension, for the world economy."