Friday, July 25, 2008
Shouting Match in Tax Evasion Hearings
The Senate Homeland Security and Governmental Affairs Permanent Investigations Subcommittee continues to investigate tax evasion by U.S. residents who hid millions from U.S. tax officials using the services of the Swiss bank UBS and the Liechtenstein bank LGT. The most recent hearings ended in a shouting match between Senator Levin and Washington lawyer Robert Bennett. National Journal's Congress Daily writes that the two tried to shout each other down. Apparently the dispute involved a Bennett client who had earlier taken the fifth amendment to avoid testimony before the committee. Hopefully these hearings will be the beginning of the end of the global tax frauds perpetuated by banks around the world to hide income from legally owed taxes. As noted before, U.S. banks are clearly implicated along with the rest.