Under a new treaty before the senate, the UN will soon be able to tax the US as it cedes authority of its Continental Shelf to the International Seabed Authority (ISA). The ISA is a body setup for redistributing cash and technology from the “developed world” to the “developing world.
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.”
Ceding authority to the ISA would mean that the sovereignty currently held by the U.S. over the natural resources located on large parts of the continental shelf would be lost. That loss would mean lost revenue for the US government in the form of lost royalties that the U.S. government collects from the production of those resources. According to the U.S. Extended Continental Shelf Task Force, which is currently mapping the continental shelf, the resources there “may be worth billions if not trillions” of dollars.
Proponents of the treaty will claim that the technology transfer portion of the treaty has been significantly changed. In truth, nations with mining and resource recovery technologies like the United States will be obligated to share those technologies with Third World competitors, and that is one of the many issues, which trouble those of us opposed to the treaty.
In other words, 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.