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 release of the documents renewed proposals for laws banning the use of offshore accounts and tax havens. Proponents of the of the ban argue they should be outlawed because they have a long history of being vehicles for tax evasion, money laundering, illicit arms dealing and funding terrorism. Opponents of the ban argue that punitive regulations will make it harder for American companies to compete and will further discourage businesses from locating and investing in the United States.
@ISIDEWITH7yrs
No, too many wealthy citizens are abusing loopholes in offshore banking laws to evade taxes
@ISIDEWITH7yrs
No, and neither should corporations and business organizations
@ISIDEWITH7yrs
Yes, as long as offshore income is reported
@4RJFCXK2yrs
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.
@4RL7JJX2yrs
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.
@4RLJLV72yrs
No make this a capital offense punishable by total asset freeze, seizure and market blacklisting
@4RLMQW72yrs
Yes, because we can no longer trust our government to not confiscate or ovet tax our earnings.
@4RKXR432yrs
No. That money should be building up America and not other countries.
@4RKFM2F2yrs
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.
@4RJ89ZR2yrs
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.
@@Jason20245 days
Yes, this is supportive of free speech. Without free speech, Bitcoin wouldn't exist.
@97Y5J991wk
Yes, but monitor the movement of money between high profile individuals.
@97WPYT62wks
Yes, this can mean that someone only means to move to another country for family or other personal(non-criminal) reasons.
@97WKXH62wks
isn't that already illegal
@97SZ2QN2wks
Yes, banks outside America are still banks, and the money will be taxed by that countries standards. On top of that, America taxes all income globally, so the money accrued overseas is taxed, the money in the bank is still part of your total net worth. Holding money offshore should just increase the number of times your money is taxed.
@97PSTK23wks
Yes, but not some large corporations
No, too many wealthy citizens are abusing loopholes in offshore banking laws to evade taxes, and corporations and business organizations should not be allowed to do this either.
@97LJ82C3wks
Yes, but only individual citizens not corporations or businesses
@97KPKRH3wks
maybe, As long as income is reported and offshore banking loopholes are closed
@97GSL7Z3wks
Private Individuals should be allowed so long as they report their income. Corporations and Businesses should not as they've already been known to abuse this system far too often to evade millions in taxes.
@97GLQX33wks
Yes but this should be regulated to prevent tax evasion. Corporations and businesses should not be permitted to do this nor should they be able to find loopholes to be able to do this.
@97D5FY53wks
Yes, as long as offshore income works in a consistent way and no tricks/scams are pulled within the system
@97BRPG83wks
Yes, and it’s none of the government’s business what private citizens do with their money
@97BQHLD3wks
Yes, but governments should coordinate a global tax that eliminates tax havens.
@97BFT6S3wks
Yes, as long as it is for expats and international businesses
Only if they are allies or neutral countries.
This should be a privilege
@979WJLF4wks
Yes. What individuals do with their own money is none of the government's business.
@979M8HP4wks
Private individuals should, corporations and organization should not be allowed to.
@978HH8X4wks
Yes, but tax the money going out.
@977MW2R4wks
Yes, as long as offshore income can be taxed
@975D8TF4wks
I don't feel that I am educated enough on the subject.
@9749Z6F4wks
yes in limited amounts
Yes, as long as they still have a bank account in the U.S. to prevent loop holes.
@972Q6CQ4wks
Offshore income shouldn’t be taxed until it renters the country, the income it out of US jurisdiction, but bringing the money back in the country is.
@96ZZ3PL1mo
Yes, but crackdown on any loopholes that could be used.
@96ZR9L41mo
Yes, but not people with higher social standings.
@96ZB9RM1mo
Yes, as long as the income is reported and loopholes are eliminated.
@96XBRJS1mo
Yes, why should I personally care about where someone else places their money
Yes, but it should be taxed the same as money in the US to avoid loophole exploitation.
Yes, citizens and corporate entities (private, public, for-profit and not-for-profit) as long as offshore income is reported and taxed according to regulations.
@96VKNQL1mo
No, and neither should corporations and business organizations since too many wealthy citizens are abusing loopholes in offshore banking laws to avoid taxes
@96TWZQC1mo
If they do, they should be paying tariffs in the us to bring money from overseas
@96TKWSP1mo
Yes, but as long as you’re a citizen of the other nation you’re investing in
@96STW9G1mo
Only if they are laundering crime money.
@96SLZLT1mo
Yes, It's nobodies business what a private citizen does with their money.
@96RCWLW1mo
No for corporations and business organizations and the wealthy who have a history of offshore accounts everything taxes
@96PFYQ41mo
Yes, unless they belong to a major corporation.
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