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[Congressional Bills 111th Congress]
[From the U.S. Government Publishing Office]
[S. Res. 461 Introduced in Senate (IS)]

111th CONGRESS
  2d Session
S. RES. 461

  Expressing the sense of the Senate that Congress should reject any 
     proposal for the creation of a system of global taxation and 
                              regulation.

_______________________________________________________________________

                   IN THE SENATE OF THE UNITED STATES

                             March 18, 2010

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

_______________________________________________________________________

                               RESOLUTION

 
  Expressing the sense of the Senate that Congress should reject any 
     proposal for the creation of a system of global taxation and 
                              regulation.

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 International Monetary Fund was tasked by the G-20 with preparing 
        ``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.'';
Whereas the options expected to be included in the International Monetary Fund 
        report being prepared for the next meeting of the G-20 would essentially 
        describe proposals to finance bailouts of the financial sector on a 
        global scale;
Whereas the Climate Conference held during December 1 through December 18, 2009, 
        in Copenhagen, Denmark considered a number of international taxation and 
        regulatory proposals that will--

    (1) punish businesses; and

    (2) promote proposals not based in sound science;

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) an international system of government bailouts for the 
        financial sector;
            (2) 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
            (3) a global tax system that would violate the sovereignty 
        of the United States.
                                 <all>
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