Thursday, February 19, 2009

Swiss Bank reveals secret bank accounts

Switzerland's largest bank, UBS AG made a deal with the US government to open the records of about 19,000 account holders. However, they may only reveal the identities of a few hundred along with paying a $780 million fine for assisting its clients in illegal tax dodges.

According the US government's press release US account holders hid about $20 billion, letting them evade $300 million a year in taxes. That sounds low to me. How could $20 billion only generate a few hundred million in taxes? Any math geeks reading who can tell me what percentage they would be paying at that rate? [hat tip]

Meanwhile, The UK authorities are conducting a similar investigation of their own tax evaders. [hat tip]

[More posts daily at The Detroit News]


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