The Swiss and U.S. governments announced a deal Wednesday to settle American demands for the identities of suspected tax dodgers, despite Switzerland's vaunted bank secrecy. But they kept all details under wraps, including how many of the 52,000 names sought by the IRS from banking giant UBS AG will be revealed. Full Story »
Posted by Dwight Rousu
The unfolding story of revealing the names of super rich Americans who have been evading taxes by off-shoring fortunes to Swiss banks gets another chapter. The reporting is good, except it seems there should be more naming names of tax evaders and their affiliated corporations.
UBS admitted helping U.S. citizens evade taxes, which experts say is not a violation of Swiss bank secrecy laws. So far, three UBS customers whose names were divulged under the prior agreement have pleaded guilty to tax charges in federal court. Hundreds of others holders of secret accounts at UBS and other Swiss banks have voluntarily come forward to the IRS under an amnesty program that requires payment of taxes and penalties but generally does not include the threat of prison. That amnesty program ends Sept. 23.
Abusing capitalism to get super rich, then evading taxes seems like it should have a special penalty.