Hey, Switzerland.
Appreciate all the hot chocolate over the years, but we’re running a huge deficit over here. And it looks like you’re helping some U.S. tax dodgers who could be paying part of this multitrillion-dollar tab.
The Internal Revenue Service wants your bank, UBS AG, to fork over records on 52,000 U.S. customers who allegedly violated U.S. tax laws by hiding their loot in Swiss accounts worth at least $14.8 billion.
On March 4, the U.S. Senate is slated to hold a hearing titled, “Tax haven banks and U.S. tax compliance — obtaining the names of U.S. clients with Swiss accounts.”
You’re not going to show up, are you Switzerland? You’re just going to pull out your little red pocket knives and non-chalantly scrape the backs of your fingernails.
“Switzerland regrets that the Department of Justice has threatened UBS with unilateral measures, despite cooperation of UBS and Swiss authorities with the U.S. authorities,” Swiss Finance Minister Roland Meier said Sunday.
The Associated Press described the Swiss miss of this hearing as an “apparent protest.” Perhaps the Senate should have chosen a more subtle title.
I’m wondering if former U.S. Sen. Phil Gramm, now a vice chairman at UBS Investment Bank in Stamford, Conn., would show up for this one.
How is Obama supposed to tax the rich if he can’t even find them?
