Foreign Tax Cheats Find U.S. Banks a Safe Haven

October 30th, 2009


Washington has spent much of this year showing how tough it is on tax cheats. The Justice Department triumphantly declared in August that it had reached a settlement with Swiss banking giant UBS for it to turn over the names of approximately 4,450 American account holders suspected by the IRS of evading taxes. This week, the IRS revealed the formation of a special task force to go after wealthy tax dodgers, and members of Congress introduced a bill to force foreign firms doing business in the U.S. to disclose all its U.S. clients with accounts overseas.

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