UBS, the biggest bank in Switzerland, will divulge names of tax evaders to the US, part of a settlement that includes a $780 million fine for them helping clients avoid paying taxes.
All of which is further proof, if any be needed, that the entire system of international banking and investment appears to be seriously corrupt.
USB? Or did you mean UBS? Gee I wonder if Phil Gramm wrote the procedures on how to screw the taxpayers?
If my Universal Service Bus was evading taxes, then things would be serious indeed. Fixed! Thx.
More to the point, I wonder if Phil Gramm is one of the tax evaders.
One of the issues most people have with the Swiss is that the banks are totally ok with helping people evade taxes. They draw the line at people using them to commit tax fraud though, which is what was proven to them about the accounts they released info on. In Swiss law there’s a difference between the two, where in many countries evading taxation IS fraud.
To clarify… Say you make $500K, with $300K being from funds outside the US. If you “hide” that $300K by placing it in their bank, that’s tax evasion in the US, but the Swiss will happily hold the money and not tell anyone how much is in there… helping you cover your tracks. If you hide money to show a deficit, and get tax benefits back because of the unclaimed monies though, thats fraud. And the Swiss will rat you out IF someone finds out about it, brings proof of this to their attention, and activly asks for the information.
Honestly though, show me a bank that’s not corrupt. There’s a reason dictatorial countries don’t allow private sector banking.
I don’t mind a little harmless graft. I mean, if a cop wants a free burger, big deal. But if he shakes down the restaurant for protection money, that’s a whole different thing. Ditto for banks.