Swiss Legislators Sell American Tax Evaders Down the River to Bailout
by Robert Wenzel
have destroyed decades of tradition for the benefit of a sloppy
Swiss-based big bank.
have approved a law that clears the way for the government to hand
over the names of thousands of alleged U.S. tax evaders to the Internal
Revenue Service, dodging the risk that the U.S. would reopen a bruising
tax case against Swiss bank UBS AG, according to WSJ.
With the passage
of the law, Swiss tax officials, who had suspended processing the
4,450 names, are ready to hand over data on 1,200 accounts, according
to a government spokeswoman. So far, the Swiss have sent 500 names
of clients who consented to the immediate transfer of their details
to the IRS.
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© 2010 Economic Policy