[Congressional Record (Bound Edition), Volume 157 (2011), Part 4]
[Senate]
[Page 4535]
[From the U.S. Government Publishing Office, www.gpo.gov]




                         SUBMITTED RESOLUTIONS

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SENATE RESOLUTION 111--EXPRESSING THE SENSE OF THE SENATE THAT CONGRESS 
   SHOULD REJECT ANY PROPOSAL FOR THE CREATION OF A SYSTEM OF GLOBAL 
                        TAXATION AND REGULATION

  Mr. VITTER submitted the following resolution; which was referred to 
the Committee on Finance:

                              S. Res. 111

       Whereas many proposals are pending in Congress--
       (1) to increase taxes;
       (2) to regulate businesses; and
       (3) to continue runaway Government spending;
       Whereas taxpayer funding has already financed major, on-
     going bailouts of the financial sector;
       Whereas the proposed cap-and-trade system would result in 
     trillions of dollars in new taxes and job-killing 
     regulations;
       Whereas a number of nongovernmental organizations are 
     proposing that a cap and trade regulatory system be adopted 
     on a global scale;
       Whereas the ``outcome document'' produced by the September 
     20-22, 2010, United Nations Summit on the Millennium 
     Development Goals (MDGs) commits the nations of the world, 
     including the United States, to supporting ``innovative 
     financing mechanisms'' to supplement foreign aid spending;
       Whereas the term ``innovative financing mechanisms'' is a 
     United Nations euphemism for global taxes;
       Whereas the ``Leading Group on Innovative Financing for 
     Development,'' a group of 63 countries, seeks to promote the 
     implementation of ``innovative financing mechanisms'';
       Whereas a ``Task Force on International Financial 
     Transactions for Development'' is working within the Leading 
     Group and with the United Nations to propose and implement 
     global tax schemes;
       Whereas ``innovative financing mechanisms'' are going to be 
     on the agenda for the G8 and G20 summits in France in 2011;
       Whereas new international taxation and regulatory proposals 
     would be an affront to the sovereignty of the United States;
       Whereas the best manner by which to overcome the economic 
     downturn in the United States includes taking measures that 
     would--
       (1) lower tax rates;
       (2) reduce Government spending; and
       (3) impose fewer onerous and unnecessary regulations on job 
     creation; and
       Whereas the worst manner by which to overcome the economic 
     downturn in the United States includes taking measures that 
     would--
       (1) increase tax rates; and
       (2) expand government intervention, including intervention 
     on a global scale: Now, therefore, be it
       Resolved, That it is the sense of the Senate that Congress 
     should reject any proposal for the creation of--
       (1) ``innovative financing mechanisms'' or global taxes;
       (2) an international system of government bailouts for the 
     financial sector;
       (3) a global cap-and-trade system or other climate 
     regulations that would--
       (A) punish businesses in the United States; and
       (B) limit the competitiveness of the United States; and
       (4) a global tax system that would violate the sovereignty 
     of the United States.

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