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.
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.
@B4Q6KZ4Independent6 days
No, but taxes should be cut so that people shouldn't feel like they need to have loopholes to keep their own money
Yes, though there should be additional measures to ensure transparency in those transactions to avoid tax evasion.
Yes, but not government employees
Yes, as long as the income is reported and appropriate taxes paid.
yes. the government already spends too much and they keep increasing the tax rates. If a citizen wants to protect their money from being stolen by Uncle Sam and used for purposes that they don't agree with, then they should be able to.
Yes they should if they go there a lot or travel there frequently
Yes, It is their money and they have the right to store it anywhere they like
yes, but corporations and business organizations shouldn't
No, too many wealthy citizens are abusing loopholes to evade taxes. This should also go for corporations and business organizations
i don't understand the question
Only if they are a dual citizen for that country
Stopping or not allowing this type of investment is a form of censorship.
Yes, but only with extensive monitoring and even greater repurcussions
Yes. I don’t care. People can do whatever with their money.
No, but instead of banning it, tax them to the point they would lose money investing outside of the U.S to defeat the purpose of investing offshore.
yes if they are citizens of that country
Yes, however find current loopholes and crack down on tax evasion. If the common man must pay taxes, so much the rich man.
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.
No make this a capital offense punishable by total asset freeze, seizure and market blacklisting
Yes, because we can no longer trust our government to not confiscate or ovet tax our earnings.
No. That money should be building up America and not other countries.
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.
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.
Yes but only in places tied through citizenship and/or residency to the individual, not for abuse of tax brackets
Yes, but eliminate all loopholes for both citizens and corporations associated with offshore accounts, and mandate the reporting of offshore income to prevent abuse and tax evasion.
Yes, so long as when that money comes back into the US, it is taxed appropriately. Also, what a nightmare to regulate
Yes, but only if they hold dual citizenship or own property in that country.
Yes, but it should be taxed and incentives provided to invest domestically.
Yes, as long as offshore income is monitored closely.
yes and hold political officials more accountable for their own immoral actions
Yes, but I think if we make things more appealing in our nation, they will not need to invest overseas, and they will be more likely to invest in us instead.
Yes, as long as the amount is recorded, and doesn't exceed a certain value determined by your income.
Yes, but in a highly taxed and heavily restricted manner.
Yes as long corporations, business organizations, and citizens report offshore income to prevent abuse and tax evasion
Include Government Officials.
Not enough information to make an informed opinion
O dinheiro não deveria existir
Allow people to store money where ever they dam well please even if it is in a mattress for pete sakes.
Yes, but eliminate loopholes that allow using offshore accounts to evade taxes
Yes, as long as they pay their taxes
Yes, but the U.S. government should do what it can to incentivize its own people and foreigners to invest their money in the U.S.
Yes, but only for money earned from foreign nations (like with dual-citizenship)
No, if they are employed by businesses earning greater than $100 million annually
yes, but private businesses and big corporations need to keep their money in the US only.
yes, as long as it belongs to them
Still have much to learn regarding this subject matter
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