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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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, but only if the income is reported and taxed
For the economy’s sake, yes, but eliminate all tax loopholes associated with off-shore accounts and mandate the reporting of all offshore income.
yes and hold political officials more accountable for their own immoral actions
Don’t know enough to have a solid decision
Yes, but they should be more heavily regulated and watched, to prevent tax evasion.
normally I would say no but this issue is too complicated to give a solid yes or no answer
Yes, as long as they are also taxed in the US for that income.
Yes, but establish a global minimum tax.
@quasilucidDemocrat4yrs4Y
I need more information to make an informed decision.
Yes, but there should be regulations to make sure it is safe
Yes but repeal loopholes
Yes, a person should be able to save or invest their money anywhere they want. But not if they do illicit arms dealing and funding terrorism.
I do not really know much about this
yeah, but they should be regulated and made sure that theres no corruption.
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.
Yes if they are a citizen of that country
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