On Monday 26 March 2007 11:25, Kathy Salkin wrote:
> It might have been easier to hide money before the FBI and the Dept
> of Treasury got wise to the offshore accounts, but I think it's
> actually harder for people to hide money in bank accounts now.  

Hi Kat,

Is holding an offshore account illegal? I would have thought non declaration 
of income (interest) from an offshore account was the illegal action. So the 
difference for FairTax is that you don't declare income at all, so putting  
money into offshore accounts, earning income, and using that to purchase 
foreign goods (paying local sales tax to the foreign state) would not be 
illegal.

Cheers

Deri

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