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.
@4RJFCXK3yrs3Y
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.
@4RL7JJX3yrs3Y
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.
@4RLJLV73yrs3Y
No make this a capital offense punishable by total asset freeze, seizure and market blacklisting
@4RLMQW73yrs3Y
Yes, because we can no longer trust our government to not confiscate or ovet tax our earnings.
@4RKXR433yrs3Y
No. That money should be building up America and not other countries.
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@ISIDEWITH8mos8MO
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