It's a Start

The Department of Justice announced today that it reached its final non-prosecution agreement under Category 2 of the Swiss Bank Program, with HSZH Verwaltungs AG (HSZH). The department has executed agreements with 80 banks since March 30, 2015, when it announced the first Swiss Bank Program non-prosecution agreement with BSI SA. The department has imposed a total of more than $1.36 billion in Swiss Bank penalties, including more than $49 million in penalties from HSZH.

[...]

“As we have seen over the last year, Swiss banks are paying an appropriate penalty for their misconduct," [said Acting Associate Attorney General Stuart F. Delery]

  US DOJ

Fifty million to a Swiss bank. What's the equivalent to my finances? Fifty cents?

In accordance with the terms of the Swiss Bank Program, HSZH mitigated its penalty by encouraging U.S. accountholders to come into compliance with their U.S. tax and disclosure obligations. While U.S. accountholders at HSZH who have not yet declared their accounts to the IRS may still be eligible to participate in the IRS Offshore Voluntary Disclosure Program, the price of such disclosure has increased.

Most U.S. taxpayers who enter the IRS Offshore Voluntary Disclosure Program to resolve undeclared offshore accounts will pay a penalty equal to 27.5 percent of the high value of the accounts.

Oh, wow! As a matter of course, historically, the tax rate for millionaires who didn't try to hide their holdings was higher than that (at some points up to 50% or more). It's been lower than that since the late 90s, and still they don't want to pay.

On Aug. 4, 2014, the IRS increased the penalty to 50 percent if, at the time the taxpayer initiated their disclosure, either a foreign financial institution at which the taxpayer had an account or a facilitator who helped the taxpayer establish or maintain an offshore arrangement had been publicly identified as being under investigation. With today’s announcement of this non-prosecution agreement, noncompliant U.S. accountholders at HSZH must now pay that 50 percent penalty to the IRS if they wish to enter the IRS Offshore Voluntary Disclosure Program.[...]

No penalty on all the years they've held those accounts in hiding? Gee. What a deterrent.

“The comprehensive success of this program sends a powerful message to those who might think they can evade their tax obligations by going offshore. A whole sector of financial institutions, 80 banks in all, has been held accountable for aiding the use of secret accounts and circumventing U.S. law. In addition to the more than $1.3 billion in penalties from these resolutions, more than 54,000 taxpayers have come forward to the IRS to pay more than $8 billion in taxes, interest and penalties.”

Wow! Big number! Only, that's just $150,000 per taxpayer. And I use the term "taxpayer" loosely, since these are people who put their millions - even billions - in Swiss banks to avoid paying taxes. All the years they didn't pay any taxes will more than cover $150,000. Way more.

Hang on.  There are 54,000 super wealthy people avoiding taxes??! And that's only the ones who came forward.

“The bank agreement with HSZH announced today may bring an end to one phase of the Swiss Bank Program, but more importantly it brings us closer to our overall goal of compliance and accountability for financial institutions and U.S. taxpayers,” said Chief Richard Weber of IRS-Criminal Investigation.

Yeah. About a quarter of an inch closer.

“The Department of Justice is committed to aggressively pursuing tax evasion, and the Swiss Bank Program has been a central component of that effort,” said Attorney General Loretta E. Lynch. “Through this initiative, we have uncovered those who help facilitate evasion schemes and those who hide funds in secret offshore accounts. We have improved our ability to return tax dollars to the United States. And we have pursued investigations into banks and individuals. I would like to thank the Swiss government for their cooperation in this effort, and I look forward to continuing our work together to root out fraud and corruption wherever it is found.”

I don't suppose you'll be looking at corporate taxation loopholes any time soon. They're legal. Legal rip-off is ok.

...but hey, do what you want...you will anyway.