Details of IRS Deal With UBS Expected Friday

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It is about time that the US government stop tolerating evasions from the Swiss with their pretention of "purity" and neutrality and confidentiality. They are driven only by pure financial self-interest. Let the US government threaten to close off Swiss banking transactions in New York to any Swiss bank that doesn't comply with its request. There is nothing to motivate a Swiss banker as the mere thought of losing profits. He/she will weigh the loss of "confidentiality" against the loss of access to the international banking world.
Further, it is imperative to pursue the tax evaders to the full extent of the law and not sugarcoat it with discounts for compliance. Why should the tax evasion of long record be rewarded? Why give them a free ride? Our Western society at its best has incorporated the teachings of the Bible into its constitutions: "Justice, justice, shall you pursue" (Deuteronomy 16:20)and "do not favor the person of the mighty" (Leviticus 19:15).
But even more importantly, the US government should comprehensively reevaluate its taxing laws which are designed to favor the wealthy. How so? Because through their financial resources they influence the political leaders in the laws that are enacted. It is time to have not only just laws but righteous ones. Legality and decency are not the same. The failure to have righteous laws makes the less wealthy cynical and gives them the feeling of being suckers in holding to the law. Faith in government is attained when it is seen to be impartial and fair. Who doubts in our present taxing circumstance that the laws favor the rich who of course stay within its bounds with all the lawyers and business managers they can afford. The Swiss banking thing is only a beginning of the readjustment that must be vigorously undertaken.
Let's not see the Republicans win the next election with the slogan: "Yes we can' he said, but he didn't!"

T. C. Marx of CA 7:40AM August 18, 2009

I think the US should prosecute these evaders ferociously and confiscate ALL the money they sent abroad in secret. And then fine them in addition and imprison them.

Chris of AZ 3:15AM August 15, 2009

A few years ago I inquired about opening an account in a foreign bank abroad. When they asked my nationality, and found I was a US Citizen, they refused to open the account without me disclosing my social security number. I should not have been surprised at the long arm of the US Treasury, and at the time, I was annoyed. However, on reflection, I see that average people like me don't have the opportunity to hide money, whereas wealthy people do, and now I am in favor of the US Government chasing these cheats until they comply with US law. Unless they are willing to renounce their citizenship, they should always have to look over their shoulders. Seems like a few of them are already finding religion. What a pleasant thought that we should balance the budget with the full participation of these wealthy rapscallions.

David of GA 4:28PM August 06, 2009

The IRS bullies its own citizens now its going to bully foreign governments?
I am sure this helps citizens all over the world to think well of Uncle Sam...
One more hypocrisy for Americans reputation in the world..Who is ever going to trust an American again...
Oh, I even hear half the Auto Dealers are not getting their cash from the government on the cash for clunkers deal...seems its caught up in red tape...what a shock...

Tom in San Diego of CA 2:00PM August 06, 2009

you're going to need a break in the bank secrecy laws of the Swiss. It would be surprising if other countries aren't hounding them about this too. You know it's surely not just the US government who has tax enforcement problems with this secret stashing place.

Muser of NM 1:41PM August 06, 2009

Is former U.S. senator Phil Gramm still a vice-chairman of UBS?
See:
http://notionscapital.wordpress.com/2008/08/14/phil-gramm-aboard-foundering-swiss-bank/

Mike Licht of DC 6:39PM August 05, 2009