“A Swiss court just threw a wrench in the gears of an IRS effort to impose bad U.S. tax law on an extraterritorial basis, ruling that Switzerland-based UBS does not have to hand over data to the American tax authorities. This ruling nullifies an agreement that the Swiss government was coerced into making with the U.S. government last year.”…
“This battle is part of a broader effort by uncompetitive nations to persecute “tax havens.” Creating a tax cartel for the benefit of greedy politicians in France, Germany, and the United States would be a mistake. An “OPEC for politicians” would pave the way for higher taxes, as explained here, here, and here.”
Daniel Mitchell of The Cato Institute celebrates a Swiss Court decision @ http://www.cato-at-liberty.org/2010/01/22/a-victory-for-fiscal-sovereignty-and-human-rights/
Bloomberg News reports on the Swiss decision against the US IRS @http://www.bloomberg.com/apps/news?pid=20601087&sid=ahda1JxPJaU8