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While policymakers debate a few million dollars for ACORN and a few hundred billion dollars more for health care reform, those committed to one-world government are moving ahead with plans for a global tax that could extract trillions of dollars out of Americans' already depleted IRAs and stock holdings.

One can't exclude the possibility of such a tax being slipped into a health care or cap-and-trade bill that the Congress or the public could not have time to read before passage.

Bob Davis of the Wall Street Journal deserves a journalism prize for taking the time to read the recent communiqué issued by the G-20 countries meeting in Pittsburgh. He found they had assigned the International Monetary Fund (IMF) the job of studying how to implement a global tax on America and the rest of the world.

"The IMF assignment from the G-20 has been widely overlooked," Davis noted. (web site) His article ran under the headline, "IMF Mulls Global Bank Tax."

The "Leader's Statement" (web site) endorsed by President Obama and released at the event declares on page 10 that "We task the IMF to prepare a report for our next meeting with regard to the range of options countries have adopted or are considering as to how the financial sector could make a fair and substantial contribution toward paying for any burdens associated with government interventions to repair the banking system."

The term "fair and substantial contribution" is code for a global tax. Other misleading terms for global taxes include "innovative sources of finance" and "Solidarity Levies."

While the global tax would affect the savings of ordinary Americans and be passed on to consumers, it is being packaged by the international left and its progressive allies in the U.S. as an assault on Wall Street and the big banks.

One proposal, popular at the United Nations for decades and long-advocated by Fidel Castro, is the Tobin Tax, named after Yale University economist James Tobin. Such a tax, which could affect stocks, mutual funds, and pensions, could generate hundreds of billions of dollars a year. Indeed, Steven Solomon, a former staff reporter at Forbes, says in his book, The Confidence Game, that such a proposal "might net some $13 trillion a year..." because it is based on taking a percentage of money from the trillions of dollars exchanged daily in global financial markets.

Such transactions are commonplace on behalf of Americans who have stock in mutual funds or companies that invest or operate overseas.

Meanwhile, President Obama used his recent speech (web site) to the United Nations to declare, "We have fully embraced the Millennium Development Goals." He left unsaid what this means. It has been calculated (web site) that this will cost the U.S. $845 billion to meet U.N. demands for a certain percentage of Gross National Product to go for official foreign aid to the rest of the world. Compliance with the Millennium Development Goals (MDGs) was incorporated into the Global Poverty Act that Obama had introduced as a U.S. senator but which never passed.

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