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.
@98X6ZQD4 days
Yes, but the income must be reported, and only individuals can do it.
Yes, but it must be reported on tax filings.
@98TRCPD1wk
Yes, citizens should, but not wealthy corporations or political leaders
@98RYQGJ2wks
@98RCLRK2wks
Only 30 percent of profit after taxes pulled
@98QFR9B2wks
Yes, as long as illegal income is reported with an issue of warrant and probable cause
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.
@98NFDXP3wks
It’s all good, unless it’s gained by illegal purposes
@98LLD6G4wks
Yes, and they should be able to do whatever they want with their money.
Yes, with heavy monitoring, trust break acts, and rigorous closing of loopholes
@98J8KN21mo
Yes, U.S. citizens should be allowed to save or invest anywhere they wish.
@98H8C6L1mo
Yes, but don't let corporations and businesses. Only private citizens.
@98H79FX1mo
Yes, but only private citizens. No shell companies, corporations, or trusts.
@98H46SQ1mo
Yes, but abolish the IRS and all income and property taxes
@98GPDYB1mo
Yes, but not citizens with an annual income over $200,000
Don't allow US citizens to, but allow foreign citizens to.
@ISIDEWITH2mos
No, excluding expatriates who should not have to file taxes.
It's their money let them do as they wish
@98CC83T2mos
No, and neither should corporations and business organizations as too many wealthy citizens and corporations are abusing loopholes in offshore banking laws to evade taxes
@98BX3T82mos
Yes, as long as offshore income is reported and the account complies with US tax laws.
@98BTLMM2mos
Yes, and end double taxation on expatriate workers
@989FBYD2mos
Yes, but it shouldn't be exempt from taxes, because too many wealthy citizens are abusing this loophole to evade taxes.
@98886S42mos
Yes, it should be properly reported and get rid of all loop holes.
@987ZF5P2mos
Yes, but with oversight
@98523W72mos
Yes, as long as you are trying not to pay taxes.
Deleted2mos
Yes, this is supportive of free speech. Without free speech, Bitcoin wouldn't exist.
@97Y5J992mos
Yes, but monitor the movement of money between high profile individuals.
@97WPYT63mos
Yes, this can mean that someone only means to move to another country for family or other personal(non-criminal) reasons.
@97WKXH63mos
isn't that already illegal
@97SZ2QN3mos
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.
@97PSTK23mos
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.
@97LJ82C3mos
Yes, but only individual citizens not corporations or businesses
@97KPKRH3mos
maybe, As long as income is reported and offshore banking loopholes are closed
@97GSL7Z3mos
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.
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