Monday, July 28, 2008

UBS Exec Admits Bank’s Sham Tax Shelters Broke U.S. Law

UBS exec admits bank’s sham tax shelters broke U.S. law - Financial Week: "UBS admitted it broke U.S. law in setting up sham offshore tax shelters for wealthy Americans and agreed to work with U.S. authorities in reviewing 19,000 accounts to identify clients who may have committed tax fraud.

“Our compliance system had failures, and misconduct appears to have occurred,” Mark Branson, chief financial officer of UBS’s global wealth management unit, told a Senate panel today. “It is apparent now that our controls and supervision were inadequate.”"

Need we say more?

One interesting point in the article - offshore tax abuses cost American Taxpayers- $100 BILLION a year. How about we forget about raising income taxes, lifting the Social Security cap, and focus on this fraud - we could actually lower the income tax if Congress would simply close the reported $345 BILLION dollar gap in reported earnings vs. actual earnings.
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