Tuesday, January 19, 2010

Swiss Banker Blows Whistle on Tax Evasion


It is no secret that the really wealthy often do not pay their fair share of taxes. It is reprehensible that the middle class is forced to pay higher taxes because very wealthy individuals and corporations evade taxes through off-shoring. From a NYT article:

Mr. Elmer, who ran the Caribbean operations of the Swiss bank Julius Baer for eight years until he was dismissed in 2002, moved to Mauritius in the Indian Ocean and began parceling out to global tax authorities what he said were the secrets of his former employer. “It is a global problem, and I am only the messenger who provides the bad news, or even better, the truth,” Mr. Elmer, 54, wrote in a recent e-mail message. “Offshore tax evasion is the biggest theft among societies and neighbor states in this world.”

Mybudget 360 has a great article that complements the above NYT piece titled,"How the Average American household making $52,000 a Year is Coping while the Ultra Rich Pull Away. Examining the new Numbers on Income Distribution in the United States."

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