Wikileaks To Name Swiss Bank Tax Evaders

eldavojohn writes "The old cliche that the rich and corrupt hold all their money in Swiss bank accounts (to avoid taxation) may finally have a bit of transparency, as the news today is that Wikileaks has been handed a list of account holders tendered by Rudolf Elmer, former banker of Julius Baer. Julian Assange promises a 'full revelation' while Elmer cited his motivation as being: 'I want to let society know how this system works. It's damaging society.' This appears to be real, as Mr. Elmer is soon to appear before a Zurich regional court on charges of coercion as well as violations of Switzerland's strict banking secrecy laws. The public may soon find out that their favorite celebrity, politician or employer doesn't feel responsible to contribute financially to the commonwealth at the expense of privacy."

Comments

Better article

[AaxelB]

There are more details here.

Personally, I'm just gonna sit back and watch this unfold *grabs popcorn*

Re:Why are they announcing this stuff ?

[Monkeedude1212]

I don't recall hearing Wikileaks making this announcement at all though - it sounds like someone handed over some big leaks than immediately turned the corner to the local news outlet and said "GUESS WHAT I JUST HANDED TO WIKILEAKS".

This news report is by some other news agency, not Wikileaks.

Re:Hit them back

[Anonymous Coward]

I guess Assange didn't like that the swiss bank PostFinance closed his account.

Actually, wikileaks has long disclosed a lot of information about Julius Baer bank, starting a few years back.

Assange opened the PostFinance account under false pretenses, they were entitled to close it. PostFinance isn't a "normal" Swiss bank, it's owned & run by the post office.

PostFinance isn't what you use when you're trying to evade taxation by hiding cash, you would use one of the privately owned Swiss banks.

Re:I realize this will harm my "Karma".

[Solandri]

While I am all for businesses making a profit, I am NOT all for a multi-billion dollar company paying effectively 2.4% while I continue to pay nearly 30% of my income.

The inequitable taxation also unfairly hits small businesses. They're unable to offshore their finances, and they end up bearing the brunt of the public's anger at multi-billion dollar companies evading taxes. Consequently in the U.S., small businesses pay some of the highest tax rates among OECD nations. The business taxes passed to assuage people upset at big corporations evading taxes, are instead helping big corporations by crippling the small businesses who could otherwise challenge their domination.

After a lot of thought, I actually reached the opposite conclusion as you. One of the core objections leading to the U.S. Revolutionary war was "No taxation without representation." That's a principle I think most people would still agree makes sense. And since I believe corporations should have no influence on government, I can't simultaneously justify to myself wanting to tax them.

The argument "Well, that gets turned into research and good pay for employees" still doesn't float IMO, when you have the higher executives of Google being paid millions. Reduce the salaries of those PHBs down to something reasonable, pay the rank and file programmers and researchers that money, and pay taxes like everyone else.

Sure it floats. All you have to do is raise the tax rate on the folks paid millions. I don't think this problem is as large as most people think it is though. If you pour over the IRS tax statistics, you'll find that the vast bulk of the income base (in the U.S. at least) is the upper-middle class and lower-upper class, roughly $75k-$250k/yr. What they lack in income, they make up for in population.

The area where it gets tricky is perks paid for by the business but which the individual doesn't report as an income-equivalent benefit. e.g. a CEO flies around in a corporate jet, but doesn't report the added expense of operating the private plane over a coach ticket as a taxable benefit.

Re:Only Tax Evaders and Criminals to Be Named

[krou]

Indeed. The UK Observer had more info direct from Elmer:

'What I am objecting to is not one particular bank, but a system of structures. I have worked for major banks other than Julius Baer, and the one thing on which I am absolutely clear is that the banks know, and the big boys know, that money is being secreted away for tax-evasion purposes, and other things such as money-laundering – although these cases involve tax evasion. I agree with privacy in banking for the person in the street, and legitimate activity, but in these instances privacy is being abused so that big people can get big banking organisations to service them. The normal, hard-working taxpayer is being abused also. Once you become part of senior management, and gain international experience, as I did, then you are part of the inner circle – and things become much clearer. You are part of the plot. You know what the real products and service are, and why they are so expensive. It should be no surprise that the main product is secrecy ... Crimes are committed and lies spread in order to protect this secrecy.'

Re:Hit them back

[SETIGuy]

In the US, government jobs pay significantly better than private sector jobs on average.

One of the famous "lie while telling the truth" games that the right loves to play. The average US government job does pay more than the average private sector job. But US government jobs are NOT average jobs. Most require higher levels of education and experience than the average private sector job.

When compared to others of equal education and experience, US government workers are paid about 20% less than private sector workers. The discrepancy is worse for workers in medical fields and legal fields where the discrepancy approaches 45% (i.e. VA hospitals don't pay well) The only government workers that are paid better than their private sector workers are the ones at the bottom of the salary scale, janitors and menial laborers, and those, only by about 4%.

But apparently the right thinks a government lawyer should be paid like a grocery store clerk.