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 more60% 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 |
See how support for each position on “Offshore Banking” has changed over time for 508k America voters.
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See how importance of “Offshore Banking” has changed over time for 508k America voters.
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Unique answers from America users whose views extended beyond the provided choices.
@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.
@4RLJLV74yrs4Y
No make this a capital offense punishable by total asset freeze, seizure and market blacklisting
@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.
@4RKXR434yrs4Y
No. That money should be building up America and not other countries.
@4RKFM2F4yrs4Y
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.
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