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@ISIDEWITHQuestionseconomy9yrs ago

Should 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…  

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  Deletedanswered…3yrs3Y

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.

 @ISIDEWITHanswered…2yrs2Y

No, excluding expatriates who should not have to file taxes.

 @78S5M87 from Wisconsin  answered…4yrs4Y

as long as offshore income is reported

  Deletedanswered…3yrs3Y

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.

  Deletedanswered…3yrs3Y

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.

 @8WNZXJ4 from Ohio  answered…3yrs3Y

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.

 @8KX67Q9 from California  answered…4yrs4Y

Yes, we should allow citizens to handle their investments however and wherever they want, but the offshore income should be reported and taxed.

 @92YHQCV from California  answered…3yrs3Y

No, and neither should corporations and business organizations because too many wealthy citizens are abusing loopholes in offshore banking laws to evade taxes

 @8H4DF7B from Arizona  answered…4yrs4Y

Yes if the income is reported and loopholes are eliminated.

 @IINXMP from Pennsylvania  answered…4yrs4Y

Yes, as long as tax dollars are still paid.

  @DsInferno from Texas  answered…4yrs4Y

Yes, but because the wealthy will always find loopholes in the system increase tax audits for people in the highest tax bracket

 @6ZS8SV4 from Utah  answered…4yrs4Y

No, unless they also hold citizenship in said country.

 @7KCBJ6J from Utah  answered…4yrs4Y

No, both wealthy citizens and corporations are abusing loopholes to evade taxes.

 @7W3SBDC from Florida  answered…4yrs4Y

Yes, but strict laws and stiff penalties for failure to report.

 @8F3TJ7L from Utah  answered…4yrs4Y

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.

 @8GR8N5C from Texas  answered…4yrs4Y

I feel that I do not have enough information to agree or disagree

  @buday4vancouver from Washington  answered…4yrs4Y

Only in freer part of the world. Not communist or fascist states.

 @8PD23XN from Missouri  answered…3yrs3Y

Yes, but they should have to declare it and pay a fee on all offshore money

 @8PJHVJN from Pennsylvania  answered…4yrs4Y

Yes, as long as it is reported but I will tax you by 7.5% more.

 @8PZ7LSP from Indiana  answered…4yrs4Y

Yes, as long as offshore income is reported, though remove all loopholes to stop abuse of this

 @8RB2K9D from New York  answered…4yrs4Y

Yes, but ban the wealthy and corporations from doing so

 @8RDZZDL from Indiana  answered…4yrs4Y

Yes, as long as offshore income is reported and there are laws passed to stop offshore tax loopholes

 @8RB2K9D from New York  answered…3yrs3Y

Yes, as long as offshore income is reported, and as long as they are under a certain income

 @8TF44GJ from Washington  answered…3yrs3Y

Yes, as long as offshore income is reported, and close loopholes in off-shore banking laws

 @lucasnat0r from Illinois  answered…3yrs3Y

Yes but they should be incentivized to invest in the country they live in.

 @8YJ6ZGY from Michigan  answered…3yrs3Y

Yes if they are a citizen of that country

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