Dem senator: World's catching up on tax evasion


“The critical next step is for the United States to close offshore tax loopholes that allow some multinational corporations and the wealthiest among us to force their tax burdens onto the backs of others,” Levin said.

ADVERTISEMENT
The OECD’s global forum on tax standards, which now has close to 120 countries, seeks to roll back tax evasion and dodging. Switzerland recently signed an agreement with the U.S. to implement the Foreign Account Tax Compliance Act, a law Congress passed in 2010 to battle tax evasion.

UBS, the Swiss banking giant, had been charged by federal authorities with helping U.S. clients evade taxes, and later turned over information on some 4,450 clients.