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.
@ISIDEWITH2mos
No, excluding expatriates who should not have to file taxes.
@92YHQCV8mos
No, and neither should corporations and business organizations because too many wealthy citizens are abusing loopholes in offshore banking laws to evade taxes
@8YJ6ZGY1yr
Yes if they are a citizen of that country
Deleted1yr
Yes, but close all loopholes for both citizens and corporations associated with offshore accounts, and mandate the reporting of offshore income to prevent abuse and tax evasion.
Deleted1yr
Yes, but eliminate all loopholes associated with offshore accounts and mandate the reporting of offshore income to prevent abuse and tax evasion. Also, hold political officials more accountable for their own immoral actions.
Deleted1yr
Yes, but eliminate all tax loopholes associated with offshore accounts and mandate the reporting of offshore income to prevent abuse and tax evasion. Also, hold political officials more accountable for their own immoral actions.
@8WNZXJ41yr
Only allow those within a certain range of money utilize the offshore bank accounts. Those who have abused it don't deserve them, but that shouldn't take them away from everyone unless there is too much corruption in it.
@8PD23XN1yr
Yes, but they should have to declare it and pay a fee on all offshore money
@lucasnat0r1yr
Yes but they should be incentivized to invest in the country they live in.
@8TF44GJ2yrs
Yes, as long as offshore income is reported, and close loopholes in off-shore banking laws
@8RB2K9D2yrs
Yes, as long as offshore income is reported, and as long as they are under a certain income
@8RB2K9D2yrs
Yes, but ban the wealthy and corporations from doing so
@8RDZZDL2yrs
Yes, as long as offshore income is reported and there are laws passed to stop offshore tax loopholes
@IINXMP2yrs
Yes, as long as tax dollars are still paid.
@8PZ7LSP2yrs
Yes, as long as offshore income is reported, though remove all loopholes to stop abuse of this
@8PJHVJN2yrs
Yes, as long as it is reported but I will tax you by 7.5% more.
@7W3SBDC2yrs
Yes, but strict laws and stiff penalties for failure to report.
@buday4vancouver2yrs
Only in freer part of the world. Not communist or fascist states.
@8H4DF7B2yrs
Yes if the income is reported and loopholes are eliminated.
@8KX67Q92yrs
Yes, we should allow citizens to handle their investments however and wherever they want, but the offshore income should be reported and taxed.
@6ZS8SV42yrs
No, unless they also hold citizenship in said country.
@8GR8N5C2yrs
I feel that I do not have enough information to agree or disagree
@7KCBJ6J2yrs
No, both wealthy citizens and corporations are abusing loopholes to evade taxes.
@73WK5KR2yrs
Yes, but because the wealthy will always find loopholes in the system increase tax audits for people in the highest tax bracket
@8F3TJ7L2yrs
Yes, and that income should be taxed at the difference between the country's rate and the U.S. rate, encouraging U.S. citizens to just keep the money here because it won't decrease tax burden.
@78S5M872yrs
as long as offshore income is reported
@ISIDEWITH7yrs
No, and neither should corporations and business organizations
@ISIDEWITH7yrs
No, too many wealthy citizens are abusing loopholes in offshore banking laws to evade taxes
@ISIDEWITH7yrs
Yes, as long as offshore income is reported
