STATEMENT FROM NORM COLEMAN ON THE INDICTMENT OF SENIOR SWISS BANKER
Senator Norm Coleman, Ranking Member of the Senate Permanent Subcommittee on Investigations, today issued the following statement:
"I applaud the continuing efforts of the Department of Justice and the Internal Revenue Service to root out tax cheats and their enablers, particularly the recent indictment of a senior Swiss banker for conspiring to assist wealthy Americans avoid paying their fair share of taxes. Our bipartisan investigation into the abusive practices of UBS and LGT established that banks in off-shore secrecy jurisdictions are all too eager to assist tens of thousands of Americans cheat on their taxes - to the tune of $100 billion every year. By avoiding paying their fair share of taxes, the unscrupulous tax-cheats force a disproportionate burden onto the sagging shoulders of honest American taxpayers.
"This past weekend the G-20 nations met in Washington to discuss restructuring the global financial system, including cracking down on secrecy jurisdictions targeted in the Stop Tax Haven Abuse Act, which I co-sponsored with Senator Levin and President-elect Obama. Enacting our legislation is critical to preventing tax abuses, and I will continue to work with my colleagues in Congress to ensure it becomes law."