THE LAW OF THE SEA TREATY WILL HELP SINK AMERICA’S ECONOMY

Fox News on May 23, 2012, published an article by Senators Orrin Hatch and John Cornyn on the Law of the Sea (LOST) and international taxation. Excerpts below:

…some in the US Senate want to say yes to an international tax. It would be the first time in history that an international organization would possess taxing authority, and it would amount to billions of American dollars being transferred out of the US Treasury.

The U.N. Convention on the Law of the Sea, or the Law of the Sea Treaty (LOST) is the vehicle through which such taxes would be imposed on U.S.-based commercial enterprises.

The treaty that Reagan refused to sign in 1982 is reappearing once again in the Senate. The truth is, LOST contains numerous provisions that hurt the U.S. economy at a time when we need more jobs – not fewer.

Under the guise of being for “the good of mankind, ” LOST would obligate the United States to share information and technology in what amounts to global taxes and technology transfer requirements that are really nothing more than an attempt to redistribute U.S. wealth to the Third World.

At the center of these taxes and transfers is the International Seabed Authority (ISA), a Kingston, Jamaica based supra-national governing body established by the treaty for the purpose of redistributing cash and technology from the “developed world” to the “developing world.”

To make matters worse, the US would have no control over how or to whom the taxes and technology would be redistributed.

Undoubtedly funds that rightfully belong to the American taxpayer would be sent to corrupt governmental regimes, make dictators wealthier, and could even be used for activities directed against the United States and our interests.

…US companies would be forced to give away the very types of innovation that historically have made our nation a world leader while fueling our economic engine.

Our current economic struggles are all the more reason to say no to a treaty that is all cost and no benefit.

Utah Republican Senator Orrin Hatch is the ranking Member of the Senate Finance Committee. Texas Republican Sen. John Cornyn is a senior member of the Senate Finance Committee.

One Response to “THE LAW OF THE SEA TREATY WILL HELP SINK AMERICA’S ECONOMY”

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