Does Swiss Privacy Mentality Enable Tax Cheating?

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Feb. 26 (Bloomberg) –- Bloomberg’s Hans Nichols reports on Credit Suisse and the issue of tax harmonization. He speaks with Erik Schatzker on Bloomberg Television’s “Market Makers.” (Source: Bloomberg)

The u.s. has been trying to force the disclosure of the names for switzerland, it does not appear the hearing is getting us anywhere closer.

The hearing is not doing anything to advance.

The treaty in the senate would be required to have tax harmonization with switzerland, is slowly goes through the swiss system, passes the house we would still need to pass the vote in the upper house.

This is the essential argument.

We are caught the train two jurisdictions.

The u.s. and swiss jurisdictions need to get together and have a unit i'd system and then we need to get together and be compliant.

What we say for americans, 90 or who knows, the vast majority of which pay their taxes in full , who wondered to themselves, why is it switzerland would be preventing the irs from getting the information should have?

This is part of switzerland's dna.

I have been down there reporting a story on cyber community.

We talked about that a little bit a couple of days ago.

The swiss have a privacy mentality.

People have been stashing money away for hundreds of years.

It is a great place to do it.

Geographically secure.

It is in a death the swiss public.

Is in their dna, the expectation of a zone of privacy.

Simply because united states senators are banging on the drums, they are not likely to change a generations long outlook because of the u.s. political concerns.

At the same time, the number two count is a thing of the past.

We are talking about ancient history, does the swiss public not want to get with the 21st century and maybe participate in an effort to do what is right and expose these people as the tax aviators that they are?

This is the argument.

The swiss government has acted and it is the u.s. government that has not ratified the treaty.

There are a variety of international treaties.

Finance minister just last week talked about coming together.

Every g 20 i have been to, there is always talk of tax harmonization but never any tax harmony.

This time, it could be emerging markets and the smaller countries.

They always find a reason on how they might be hurt and harmed.

For any cartel or international framework to work, everyone has to buy and.

In the most recent case, it is 250 thousand dollars.

That is the cut off.

Smaller countries are saying, we do not have capacity to enforce it.

So far, it is not on the books.

Hans nichols.

This text has been automatically generated. It may not be 100% accurate.

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