Pledging
These are the original issues in this subcategory
  • REPATRIATED CORPORATE PROFITS
  • OVERSEAS HEADQUARTERS
  • OFFSHORE BANK ACCOUNTS
Winning Issue » OFFSHORE BANK ACCOUNTS


An offshore bank is one located outside the resident country of a depositor, typically in a country that provides greater privacy and little or no taxation. Offshore banking is often linked to tax havens for criminals, money launderers and tax cheats. Some have estimated that more than $2 trillion is currently being held in these accounts. Offshore tax evasion is a global problem and has been called the biggest theft among societies and neighbor states ever committed. It is estimated our Treasury loses about $280 billion a year in tax revenue from wealthy Americans and companies hiding money in offshore banks. Critics say these funds could go a long way in helping to rebuild our nation’s infrastructure. It is difficult to tax offshore accounts. Although the IRS requires taxpayers to declare offshore bank accounts, many do not. Most offshore banks, protected by secrecy rules, have no legal obligation to report these accounts either. There have been increased efforts to regulate international finance and offshore banks since 9/11, with some success. In 2009, the IRS and Justice Departments fined the Union Bank of Switzerland $780 billion for illegally aiding 17,000 American tax cheats. UBS was required to reveal the names of 4,500 American depositors suspected of evading taxes. The IRS has also collected more than $5.5 billion from Americans offered incentives to voluntarily disclose offshore accounts. These incentives include reducing the amount of taxes or penalties owed and amnesty from tax-evasion prosecution.


Pending Legislation:
H.R.297 - Stop Tax Haven Abuse Act




Polling Options

  • I oppose reforming current offshore bank accounts policy and wish to defeat H.R.297 - Stop Tax Haven Abuse Act, and also wish to donate resources to the campaign committee of either Rep. Paul Ryan or Sen. Mitch McConnell
  • I support efforts to tax offshore bank accounts and treating certain foreign corporations managed and controlled primarily in the United States as domestic corporations for tax purposes; requiring tax withholding agents and financial institutions to report certain information about beneficial owners of foreign-owned financial accounts; treating swap payments sent offshore as taxable U.S. source income; allow the use of tax return information to evaluate foreign financial account reports; increase penalties for promoting abusive tax shelters and for aiding and abetting the understatement of tax liability, and wish to pass H.R.297 - Stop Tax Haven Abuse Act, and also wish to donate resources to either the campaign committees of Rep. Paul Ryan (WI) and/or Rep. Lloyd Doggett (TX), or to an advocate group currently working with this issue


Winning Option

  • I support efforts to tax offshore bank accounts and treating certain foreign corporations managed and controlled primarily in the United States as domestic corporations for tax purposes; requiring tax withholding agents and financial institutions to report certain information about beneficial owners of foreign-owned financial accounts; treating swap payments sent offshore as taxable U.S. source income; allow the use of tax return information to evaluate foreign financial account reports; increase penalties for promoting abusive tax shelters and for aiding and abetting the understatement of tax liability, and wish to pass H.R.297 - Stop Tax Haven Abuse Act, and also wish to donate resources to either the campaign committees of Rep. Paul Ryan (WI) and/or Rep. Lloyd Doggett (TX), or to an advocate group currently working with this issue
You May Pledge Your Support For This Issue With A Monetary
Donation And By Writing A Letter To Your Representatives
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Pledge Period - Opening Date
May 28, 2020
Pledge Period - Closing Date
June 10, 2020
Trustee Election - Begins
June 4, 2020


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