Posted by: franklynchusa | May 10, 2012

LAW OF THE SEA TREATY (L.O.S.T.) CREATES NEW WORLD TAXING ENTITY

President Reagan vetoed the law of the Sea Treaty (L.O.S.T.) , but its supporters now claim that they achieved the terms that Ronnie wanted but couldn’t get. I have requested  the staff promoting L.O.S.T. for links to the new language so I can perform further analysis.

But even the promoters of L.O.S.T. admit that it creates a new taxing authority. They claim the US would have permanent veto power of the new internaitonal body, and that the new taxes are small.

Well, golly gee whiz, that is how they always start a new tax. When Democrat Woodrow Wilson started the income tax he claimed that it would never go over three percent. I recall in the 1970’s when I worked in New York at 42 Wall Street paying more than 50% income taxes.

While awaiting links to the newest langauge of L.O.S.T., I must beg every Senator and President Obama not to pass this Treaty until we can have full and complete discussion of (1) creating a new world taxing authority and (2) the unintended consequences of creating new worldwide bureaucracies.

The mainstream media have been promoting the Law of the Sea Treaty, which means we should worry about it. Keep posted.

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