Recently, UBS has been back in the news as the United States government is trying to pry loose the names of 52,000 account holders that are ostensibly using the Swiss bank as a tax haven.
This comes a year after UBS officials admitting wrongdoing (including criminal cases) for aiding in tax avoidance cases.
So why's this news to you or I who don't have Swiss bank accounts? The percentage of people who misreport their income in the US is between 7 and 15%. In this economic climate, when the government needs every penny they can get to finance the $787 billion economic stimulus, you can bet they're going to tighten up on tax enforcement to get some of what's coming to them.
Bush was lax for years on tax enforcement, but this UBS action may be a signal to tax cheats: if we can take down UBS, we can take you down too.
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2 comments:
Getting to UBS to help with the stimulus is like looking for loose change in your sofa before purchasing a Bentley. A cute gesture perhaps but not real substantive I suspect.
Well, my point was more in line with the thinking that they are going to try and squeeze water from every stone--UBS is just the beginning.
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