Americans despise taxes. After all, one of the key issues that paved the way for the American Revolution was the unfair taxation that King George III levied against the Colonies.
Now 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. [continue reading in new window...]