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
@9G8VCYR8mos8MO
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 Freedom6mos6MO
No one should be evading taxes because it is not fair to the people that are getting their taxes taken out
@9HPBC656mos6MO
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.
@9FM8LW99mos9MO
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
@9HPBC656mos6MO
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.
@9FN95TN9mos9MO
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.
@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.
@4RLJLV74yrs4Y
No make this a capital offense punishable by total asset freeze, seizure and market blacklisting
@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.
@9GSGPR37mos7MO
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
@8PRVVVB4yrs4Y
@9P5WP7NRepublican3 days3D
I don't think it's very appropriate to utilize banks that aren't part of the U.S. However, I think the tax system in the U.S. right now is broken and needs to be fixed, so I don't mind this as much
@9NXW9RJ 6 days6D
Repeal the Sixteenth Amendment. Abolish the Federal Reserve and IRS. Simply the tax code. Protect generational wealth. Create more opportunities for more families to create and generate more generational wealth and keep it here in the United States.
@9NRZBG51wk1W
Yes, as long as those bank accounts are monitored and we have partnerships with international banks to track that money. This can prevent crimes like wire fraud and money laundering.
@9NRS3K91wk1W
Yes, and also partner up with those international banks to make sure wire fraud and money laundering can be regulated and prevented.
@9NP8HFQ1wk1W
Reform taxes to a "first sales only" sales tax, and it won't matter where anybody stores their money.
@9NDHHVTLibertarian2wks2W
Yes, a person's money is their own private matter and the government should have no say or knowledge of it
@Paculino 2wks2W
Only for those without corporate ties, but only savings, not investments, and require it to be reported and taxed.
@9MXZ4573wks3W
Yes, but offshore income should be reported and loop holes that wealthy citizens use should be sealed
@9MMZQM44wks4W
Yes but this should need to be reported, failure to report should be considered tax evasion and said standards should apply to literally everyone without exception.(aside from those whom obviously don’t use offshore bank accounts)
@9MFX8R71mo1MO
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.
@9MDMMX71mo1MO
Yes, but any and all income overseas needs to be not only reported, but also taxed double. This will eliminate (or reduce) tax evasion
@9MDM6Y61mo1MO
Yes, what you do with your money is your prerogative. The government should not touch a private citizen's investments.
@9MDD3XT1mo1MO
Yes, but it should be reported and punishment for evasions should not be doled out in an unequal and arbitrary, criminalistic fashion.
@9M8T7X31mo1MO
No, but the average citizen should still be able to purchase desired or necessary items they cannot get domestically.
@9M7X92J1mo1MO
How can this be abused by both citizens and/or the government? Is this exploitive to/by either citizens or our government?
@9LZW3862mos2MO
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
@9LXHQ342mos2MO
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.
@9LGL8BR2mos2MO
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
@9LFK78J2mos2MO
I think it would be fine but if the business should be checked for under ground or shady illegal backings first
@9L7V8V43mos3MO
Yes, as long as offshore income is reported. also more effort should be to make domestice accounts more favorable.
@9L6YJHQIndependent3mos3MO
Yes, so long as it is audited every year and taxed at a higher rate to encourage investing within the country
@9L6C6HRRepublican3mos3MO
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.
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