Should U.S. citizens be allowed to save or invest their money in offshore bank accounts?
An offshore (or foreign) bank account is a bank account you have outside of your country of residence. The benefits of an offshore bank account include tax reduction, privacy, currency diversification, asset protection from lawsuits, and reducing your political risk. In April 2016, Wikileaks released 11.5 million confidential documents, known as the Panama Papers, which provided detailed information on 214,000 offshore companies serviced by the Panamanian Law Firm, Mossack Fonesca. The document exposed how world leaders and wealthy individuals hide money in secret offshore tax shelters. The…
Read more@ISIDEWITH8yrs8Y
No, too many wealthy citizens are abusing loopholes in offshore banking laws to evade taxes
@9G8VCYR7mos7MO
In my personal opinion I don't care how you get you're money as long as I'm not involved in the loophole.
@9HPJKNMPeace and Freedom5mos5MO
No one should be evading taxes because it is not fair to the people that are getting their taxes taken out
@9HPBC655mos5MO
offshore banking is a common practice for many to protect their wealth. In fact, there are many reasons why one should consider these opportunities. Foreign bank accounts are a respectable and legal option for U.S. citizens—if used transparently.
@9FM8LW98mos8MO
While it's true that some wealthy individuals abuse offshore banking laws, it's important not to generalize and assume that all individuals who utilize offshore accounts are doing so for tax evasion purposes. Offshore banking can serve legitimate purposes, such as asset protection, international business operations, or access to global financial markets. Many countries have strict regulations in place to prevent tax evasion through offshore accounts, and the focus should be on improving these regulations and enforcement mechanisms rather than condemning all offshore banking as problematic. Additionally, addressing tax evasion should involve cooperation between governments, financial institutions, and international organizations to create a fair and transparent global tax system.
@ISIDEWITH8yrs8Y
@ISIDEWITH8yrs8Y
Yes, as long as offshore income is reported
@9HPBC655mos5MO
The Internal Revenue Service has made foreign accounts compliance a key enforcement priority. Each year, the US Government pursues US Taxpayers who have unreported offshore accounts, investments, assets and income and target them for fines and penalties.
@9FN95TN8mos8MO
There is no reason that American citizens should need to keep their investments outside the purview of the United States in offshore accounts. Also, those that tend to do it are extremely wealthy and might have sinister reasons for doing so.
Yes, as long as offshore income is reported. And willing to reconsider if this is gamed extensively.
@4RJFCXK4yrs4Y
Current banking regulations against this already discriminate against expatriate americans and give them an undue burden, especially if they do not intend on returning. America is the only major country that taxes world income by citizenship and not residency.
@4RLJLV74yrs4Y
No make this a capital offense punishable by total asset freeze, seizure and market blacklisting
@4RL7JJX4yrs4Y
Yes, as long as offshore income is from money initially earned in the U.S. and not from labor or work overseas and is reported by both individuals and corporations - and appropriate taxes withheld.
@4RKXR434yrs4Y
No. That money should be building up America and not other countries.
@4RKFM2F4yrs4Y
They can put it on the Moon for all I care. Set up US rules so "offshore" money flows into the
US economy. It's a global economy and we ought to track all investments - like the billions
in illegal drug, weapon and human trafficking trades. Tax that and use the vast sums to free the oppressed.
@4RJ89ZR4yrs4Y
If the money was generated here in the States I feel like it should remain in the States. But, if the owner of the money has dual citizenship, owns land in said country of account location. I imagine thats OK.
@4RLMQW74yrs4Y
Yes, because we can no longer trust our government to not confiscate or ovet tax our earnings.
@8DHDDMJ4yrs4Y
Yes, as long as offshore income is reported and properly taxed.
@8TQS43C3yrs3Y
Yes, but all income generated in the US must be reported and taxed.
@9GSGPR36mos6MO
Yes. The government does not have the authority to dictate to its citizenry how to spend or use its money. Tax loopholes should be abolished and every citizen should get taxed at the same flat rate across the board.
@99ZSW441yr1Y
Yes. If the government is concerned about lack of income, they should have more competitive tax rates.
@99NK29S1yr1Y
No, not for corporations, business organizations, and too many wealthy citizens are abusing it.
@8WFBJ5Q3yrs3Y
Yes but only in places tied through citizenship and/or residency to the individual, not for abuse of tax brackets
@8PRVVVB3yrs3Y
@9MFX8R76 days6D
A man has the right to do what he wants with his own money. However, personal increase would need to be taxed, while living in the country.
@9MDMMX71wk1W
Yes, but any and all income overseas needs to be not only reported, but also taxed double. This will eliminate (or reduce) tax evasion
@9MDM6Y61wk1W
Yes, what you do with your money is your prerogative. The government should not touch a private citizen's investments.
@9MDD3XT1wk1W
Yes, but it should be reported and punishment for evasions should not be doled out in an unequal and arbitrary, criminalistic fashion.
@9M8T7X32wks2W
No, but the average citizen should still be able to purchase desired or necessary items they cannot get domestically.
@9M7X92J2wks2W
How can this be abused by both citizens and/or the government? Is this exploitive to/by either citizens or our government?
@9LZW3863wks3W
Once taxes are paid on the money citizens should be allowed to do whatever they want with their money as long as it doesn’t contribute to a threat to our economy or country
@9LXHQ343wks3W
Yes, only if they are a resident of that country. Foreign residing citizens should not have to declare tax information or bank accounts to the U.S.
@9LGL8BR1mo1MO
Yes, as long as offshore income is reported And taxed because too many are abusing loopholes in offshore banking laws to evade taxes which is taking dollars out of the system so reduce the ability of tax evaders to evade taxes
@9LFK78J1mo1MO
I think it would be fine but if the business should be checked for under ground or shady illegal backings first
@9L7V8V42mos2MO
Yes, as long as offshore income is reported. also more effort should be to make domestice accounts more favorable.
@9L6YJHQIndependent2mos2MO
Yes, so long as it is audited every year and taxed at a higher rate to encourage investing within the country
@9L6C6HRRepublican2mos2MO
If the money is earned by working abroad, it should not be touched/taxed by another institution, other than in the one, within which domain it was earned. If you work in Germany, taxes for Germany and no taxes for the US.
@9KWT5RX2mos2MO
This is kind of iffy. Off-shore bank accounts can be used to do a lot of things that aren't necessacarily good.
@9KWBRNBIndependent2mos2MO
Yes, for regular citizens, but prohibit corporations/business organizations and politicians/government workers from doing so.
@9KWBRNBIndependent2mos2MO
Prohibit corporations/business organizations and politicians/government workers from doing so, but allow regular citizens to do so.
@9KLCVDR2mos2MO
Yes, but increase financial oversight on wealthy account owners and corporations in an effort to prevent tax evasion
@9KL3KCT2mos2MO
Yes, federal and state government should not have any legal right to control over how or where US citizens store money
@9KL2GQ32mos2MO
Yes, but he still need to pay us taxes and it need to be declared. And it should be limited to a certain percentage of their total capitals
@9KDC3SX3mos3MO
Yes, but only individual citizens not groups, businesses, and organizations. Individuals with off shore accounts must have stricter regulations of reporting with 2 reporting periods that require hard authentic evidence of funds and valuables in the off shore accounts.
@9KC2KWG 3mos3MO
Yes, as long as it is subject to the same rates of taxes as it would be in America, and that the income is reported in their annual taxes.
@9KBCLHG3mos3MO
Yes, but it needs to be reported for everyone regardless of their income, job, age, or social standing.
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