US-UBS tax evasion deal backed by Swiss parliament

[dipsydoodle]

Source: BBC News

Switzerland's parliament has voted to approve a deal which would see information on suspected tax-evaders be passed to US authorities.

The lower house of the Swiss parliament backed the agreement, reversing its earlier decision to reject the agreement last week.

The move is designed to head off US accusations that the Swiss bank UBS is aiding tax evasion.

The US alleges that 4,450 of its citizens hold secret accounts with UBS.

Read more: http://news.bbc.co.uk/1/hi/business/10316799.stm

[Dover]

1. Hurray! So how much do they expect to collect and how will it be spent?

I wonder if the media will get hold of the list? Public shame
seems the least of the consequences to be paid for this sham,
but that is unlikely because many in Washington and the 'upper crust' probably have accounts there.

And I wonder if other tax havens AND the laws that are currently
allowing people to set up these accounts will be shut down?
Regular folks have had to pay huge fees and even jail time for
much less serious tax infractions. They can hardly ask people to pay
their taxes (and suffer consequences) so long as this kind of thing is permitted.

[Titanium-Salute]

3. They'll just find other countries, other banks

These people have no shame. They don't care. They think they are victims of a bad tax system, not they have a duty to pay.

[kitfalbo]

4. meh.

They already have, and have already moved. Some probably to other banks in the same country. I think we should take it out of the country's ass directly for even allowing it.

[newtothegame]

8. No surprises here.

People worldwide have withheld their dollars from the tax system for generations when they felt the money was being wasted. Doesn't make it right, but it is a fact. It's not delusional, just incorrect.

[Hubert Flottz]

2. Make room in the federal prisons for 4,450 thieves.

You will do time if you get caught around here with a couple of pot plants. These fuckers won't do a day for grand theft.

[howaboutme]

7. Exactly

They need their names published for starters. Then they need prosecuted for grand larceny. You would probably see half of Hollywood and Wall Street on the list and the rest would be CEOs and business people.

[AngryAmish]

5. approves

[sui generis]

6. I have no problem going after tax evaders in every country

so let's not forget baby sitters and next door lawn services right here in the U.S.

The dollars that are not being declared by "the poor" in the U.S. by far exceed the dollars not being declared by "the rich" in other countries.

:popcorn:

The fact is, all future firebombing in this thread aside, I believe that if you want to hide your assets overseas, you should be willing to give up your citizenship to protect your assets - pick one world or the other, because if you don't, Uncle Sam believe it owns your ass, whether you earned that money in the U.S. or not.

[FailureToCommunicate]

9. The IRS knows who they are. Put them on a 'Grand List' Let honest taxpayers see a face

and throw virtual cabbages at them. Damn Ronnie Reagan and his free loading fat cats!

U.S. should ALSO go after UBS and others for prosecution costs and damages!

(An honest tax serf can dream can't he?)

[maddezmom]

10. kick

[Ed Barrow]

11. Swiss lawmakers OK deal on U.S. tax cheats

Source: MSNBC

The Swiss parliament on Tuesday approved a treaty with the United States that will hand thousands of files on suspected tax cheats to U.S. authorities, but obstacles remain that could delay the deal for several more months.

The government hopes the agreement will eventually end UBS AG's three-year battle with U.S. tax authorities that culminated in revelations the bank had for years helped American clients hide millions of dollars in offshore accounts.

Under the treaty that was painstakingly crafted by Bern and Washington last year after months of negotiations, Switzerland has agreed to divulge the names of 4,450 UBS clients suspected of tax evasion.

...

The deal is crucial to UBS, which has faced intense pressure from U.S. authorities since 2007. Last year the bank agreed to turn over hundreds of client files and pay a $780 million penalty in return for a deferred prosecution agreement. But Washington has signaled that unless UBS reveals the further 4,450 American names demanded in the U.S.-Swiss agreement, it may face a crippling civil investigation just at a time when the bank is recovering from the subprime crisis and seeking to rebuild its U.S. business.

Read more: http://www.msnbc.msn.com/id/37704607/ns/business-world_business/

[indepat]

12. Off to the greatest page you go. Now we'll see if more major tax evaders than war

criminals will face prosecution. :P

[jazzelle]

13. Not me obviously but if they catch you with off-shore acct's...

do you just pay the taxes or do you go to jail?

[elehhhhna]

14. You get to pay back-taxes, penalties and fines, and maybe jail, but generally not...

furthermore, the Bush Admin offered A TWO YEAR period "tax amnesty" in '02 - '04, iirc, where citizens could file amended returns, pay the tax & interest, but get no fines or prosecution...so screw the offshore account holders already -- they had a chance to come clean. The BA ONLY OFFERED this fab deal b/c the CLinton Admin sought, via the courts, and eventually got, in like late 1999, thousands of offshore account owners names from Visa & Mastercard (credit card spending being the way to spend the funds without attracting too much attention) cripes I could go on for days.

[jazzelle]

15. Wow...thank you

you know your stuff.


(I heard you were the smartest poster on du.lol)