Tax & Budget Policy News

Statement of Nicole Tichon, Federal Tax and Budget Reform Analyst for the US Public Interest Research Group, on UBS Tax Case Settlement

“The settlement of the case between UBS and U.S regulators represents an initial step in bringing the issue of offshore tax secrecy to light. More importantly, it shows the need to address sham transactions, tax avoidance and tax evasion on a permanent basis. When banks help to hide billions of dollars for tax dodgers, the rest of the taxpayers must ultimately pick up the tab.

“Regardless of the powerful and well-funded lobby against reforms, this case sends a clear message to Congress and the President that this issue will not go away on its own. Their goal should be to increase transparency, rather than having to battle this out on a case by case basis in the courts.

“U.S. PIRG will continue to work for international tax reforms to end practices that hurt taxpayers, ship jobs overseas and support the culture of secrecy that contributed to the recent economic downturn. This investigation should embolden Congress to act and put other countries and banks on notice.”

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U.S. PIRG, federation of state Public Interest Research Groups, is a non-profit, non-partisan public interest advocacy organization. For more information on U.S. PIRG’s campaign to Close Corporate Tax Loopholes click here.