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…
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@9FP4ZFV 2yrs2Y
Large corporations or business should be banned from offshore saving. Individuals and small to mid-size businesses should be permitted provided that all tax loopholes are eradicated and the reporting of offshore income is mandated and enforced.
Yes, and on top of top of that let's get the Government out of the way of the way in people's personal finances. also lets fund SNAP formally known as food stamps with private contributions, and then let's get the free market to compete with SNAP, and when the demand for Snap is diminished privatize it.
@9J83VT7 1yr1Y
Yes, and the government should not get to dictate or monitor how private citizens invest their money.
@96HXCJC 1yr1Y
Yes but for individual Americans, large corporations have abused financial freedom to prevent themselves from facing tax laws.
@9G2BTHB 2yrs2Y
if we going to invest our money in other offshore bank accounts it be good idea but I think if we are going invest in our banks inside our country that way be fine.
@9CFJ5BV2yrs2Y
Yes, as long as offshore income is reported. We are a blogal economy, and this can increase income that can be taxed, and decrease emigration.
@9BPF7CD2yrs2Y
Yes, the government has no say in what a citizen can do with their money, nor they don't need to know what you do with it
@92YHQCV3yrs3Y
No, and neither should corporations and business organizations because too many wealthy citizens are abusing loopholes in offshore banking laws to evade taxes
@8PD23XN4yrs4Y
Yes, but they should have to declare it and pay a fee on all offshore money
@DsInferno5yrs5Y
Yes, but because the wealthy will always find loopholes in the system increase tax audits for people in the highest tax bracket
@7W3SBDC4yrs4Y
Yes, but strict laws and stiff penalties for failure to report.
@8F3TJ7L5yrs5Y
Yes, and that income should be taxed at the difference between the country's rate and the U.S. rate, encouraging U.S. citizens to just keep the money here because it won't decrease tax burden.
@8GR8N5C5yrs5Y
I feel that I do not have enough information to agree or disagree
@buday4vancouver4yrs4Y
Only in freer part of the world. Not communist or fascist states.
@8PJHVJN4yrs4Y
Yes, as long as it is reported but I will tax you by 7.5% more.
@8PZ7LSP4yrs4Y
Yes, as long as offshore income is reported, though remove all loopholes to stop abuse of this
@8RB2K9DIndependent4yrs4Y
Yes, but ban the wealthy and corporations from doing so
@8RDZZDL4yrs4Y
Yes, as long as offshore income is reported and there are laws passed to stop offshore tax loopholes
@8RB2K9DIndependent4yrs4Y
Yes, as long as offshore income is reported, and as long as they are under a certain income
@8TF44GJ4yrs4Y
Yes, as long as offshore income is reported, and close loopholes in off-shore banking laws
@lucasnat0r4yrs4Y
Yes but they should be incentivized to invest in the country they live in.
@78S5M875yrs5Y
as long as offshore income is reported
Yes if they are a citizen of that country
@8KX67Q95yrs5Y
Yes, we should allow citizens to handle their investments however and wherever they want, but the offshore income should be reported and taxed.
@9CDRHKD2yrs2Y
I think people who want to hide money will do it anyway. I think people who want to follow laws and policies would typically tend to do that anyway. This also doesnt share what penalties or restrictions might be given to people who break these laws/
@8WNZXJ4Progressive4yrs4Y
Only allow those within a certain range of money utilize the offshore bank accounts. Those who have abused it don't deserve them, but that shouldn't take them away from everyone unless there is too much corruption in it.
@8H4DF7B4yrs4Y
Yes if the income is reported and loopholes are eliminated.
@IINXMPRepublican4yrs4Y
Yes, as long as tax dollars are still paid.
@6ZS8SV45yrs5Y
No, unless they also hold citizenship in said country.
@7KCBJ6JIndependent5yrs5Y
No, both wealthy citizens and corporations are abusing loopholes to evade taxes.
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