No, too many wealthy citizens are abusing loopholes in offshore banking laws to evade taxes

No one should be evading taxes because it is not fair to the people that are getting their taxes taken out

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.

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.

The government shouldn't monitor what people do with their money and wealth. That is not the role of the government. If someone wants to move their wealth offshore then they should be able to without intervention so long as there is no concerns regarding money laundering or terrorism financing.