WASHINGTON – Americans for Tax Fairness and The Other 98% expressed disappointment Monday that the Department of Justice’s $2.6 billion settlement with Credit Suisse for aiding 22,000 Americans in evading U.S. taxes over a decade did not require the company to release the names of those Americans to the U.S. government. The accounts of those Americans were worth as much as $10 billion at their peak.
53,871 members of the two organizations signed a letter demanding that Credit Suisse CEO Brady Dougan “immediately release to the U.S. government the names of the 22,000 wealthy Americans who opened accounts at the company in order to dodge their U.S. taxes.” The letters were delivered Monday evening to Credit Suisse and to Attorney General Eric Holder at the U.S. Department of Justice.
Credit Suisse admitted Monday to criminal wrongdoing for aggressively soliciting American citizens to move money to bank accounts in Switzerland in order to avoid paying U.S. taxes. The bank has agreed to pay a settlement of approximately $2.6 billion, but under the settlement it is not required to release the names of the Americans implicated in its scheme.
The Other 98%’s Executive Director John Sellers said the following in response:
“It’s not justice when 22,000 ultra-rich Americans get off scot-free for bilking the American people out of billions of tax dollars. When regular Americans admit they broke the law, they lose the money they stole and go to jail. It should be the same with Credit Suisse and its wealthy clients who hid $10 billion from the IRS.”
Americans for Tax Fairness’ Executive Director Frank Clemente stated:
“We are disappointed that Credit Suisse isn’t being required to disclose the full extent of its criminal wrongdoing. Credit Suisse employed numerous schemes to help rich Americans get out of paying their fair share of U.S. taxes. However, the bank continues to shelter its clients by hiding behind Swiss laws and refusing to release their names. The company should stop standing between those 22,000 American tax dodgers and justice.”
The letter, which was launched immediately after a Senate hearing on Credit Suisse’s role in offshore tax dodging on February 25, 2014, organized by Senators Carl Levin (D-MI) and John McCain (R-AZ), can still be signed at http://goo.gl/weNEQn or http://goo.gl/gOHi7A.
Americans for Tax Fairness is a diverse coalition of 400 national and state organizations that collectively represent tens of millions of members. The organization was formed on the belief that the country needs comprehensive, progressive tax reform that results in greater revenue to meet our growing needs. ATF is playing a central role in Washington and in the states on federal tax-reform issues.
The Other 98 Percent is a non-profit organization dedicated to shining light on economic injustice, strengthening democracy and challenging corporate influence. They work to create a massive new movement to kick corporate lobbyists out of DC, hold elected officials accountable, and make America work for the other 98% of us.