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 moreResponse rates from 515k America voters.
60% Yes |
40% No |
47% Yes |
32% No |
13% Yes, as long as offshore income is reported |
4% No, too many wealthy citizens are abusing loopholes in offshore banking laws to evade taxes |
4% No, and neither should corporations and business organizations |
Trend of support over time for each answer from 515k America voters.
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Trend of how important this issue is for 515k America voters.
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Unique answers from America voters whose views went beyond the provided options.
@8JCJLWV4yrs4Y
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.
@9S2PDWW1mo1MO
US citizens should be allowed Offshore bank accounts, as long as the countries they are doing it in our friendly to the United States, as long as the person does not Make over a certain amount of money (Particularly in the highest income brackets), And as Long as companies they invest in do not have a record of criminal activity or cooperation with enemies of the United.
@9GSGPR310mos10MO
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.
@8WFBJ5Q3yrs3Y
Yes but only in places tied through citizenship and/or residency to the individual, not for abuse of tax brackets
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