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 moreNarrow down the conversation to these participants:
Discussions from these authors are shown:
Voting for candidate:
Yes, if they have a dual citizenship.
Yes, as long as offshore income is reported and corporations/ large businesses can't use them, along with wealthy citizens who abuse loopholes through these methods to evade taxes.
Yes, but only those of low to middle income
Yes, but only as long as their income is taxed in the US.
No, it provides too many loopholes that neither citizens nor companies should use
Yes, but ban corporations and the wealthy from saving or investing money in offshore accounts
Yes, however too many wealthy citizens are abusing loopholes in offshore banking laws to evade taxes and that should be regulated
Yes, with no need to report income whatsoever as long as they're not a sitting politician.
No, instead tax fiscal exiting to offshore banks
Yes, but only if they have a permanent residence in said country
perhaps only in countries with similar tax codes. To ensure loopholes are not exploited.
Yes; in those institutions that agree to report all activities of such accounts by US Citizens or their representatives proactively to the IRS.
No, and anyone who does should be put in prison.
Citizens should be able to, but corporations, business organizations, politicians, state officials, and public officials should not
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
No. Unless 100% of that income is reported and appropriately taxed... in both countries. Then, yes. Otherwise... no.
Yes, as long as 100% of that income is reported and appropriately taxed... in both countries. Otherwise... no.
O dinheiro não deveria existir
Yes, but only if they hold dual citizenship.
No, too many wealthy citizens, corporations and business organizations are abusing loopholes in offshore banking laws to evade taxes.
Loading the political themes of users that engaged with this discussion
Loading data...
Join in on more popular conversations.
