The following AP story reminded me of the attack on The Bahamas 'offshore' banking industry a few years back, and the governments ill advised response to the OECD threats.
Now there are efforts to get the Swiss to cave in but so far they are holding their own as outlined below.
One thing is certain, if governments tax their citizens beyond what they are willing to pay, they will find a way not to pay.
Swiss banks refuse blame for foreign clients' tax evasion
GENEVA: Swiss banks cannot be expected to police foreign clients' tax affairs, one of the country's top banking officials said Monday, rejecting German demands for greater cooperation to catch tax evaders.
The president of the Swiss Bankers Association laid the blame for tax evasion squarely at the feet of governments that demand too much of their citizens' income.
"Countries which worry about tax evasion of their citizens should have a good think about the way they tax their people," Pierre Mirabaud told journalists in Geneva. [More...]
The Bahamas had better brace for another attack, not only from the OECD but from the US as well if Obama should win the presidency in November.
Also see the Center for Freedom and Prosperity and the Cato Institute for further information on this important subject.
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