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FOX News Senior Judicial Correspondent Andrew Napolitano on the recent report from the Economist showing there is $20 trillion sitting in offshore acc...
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According to a special report in the economist.
That's more than twenty trillion dollars sitting in offshore tax havens now the -- columnist wants to reform the tax laws that -- -- bring that money back.
Where it belongs -- America -- various other tax jurisdictions around the world.
Judge Andrew Napolitano is -- I thought he was gonna disagree with the -- is he.
It was such a loaded question bring them money back home where it belongs.
Did I say look it belongs long -- I think you -- but I think in fairness to your paraphrase in the economist I was because I suspect to secretly agree with -- on this.
It belongs wherever the person who only the money one.
To today that now let's get this straight.
If you earn a thousand dollars in the United States you can't avoid paying income tax on that by shipping -- -- an offshore account.
But if you earn a thousand dollars in the United States pay taxes on what's left after the taxes you put an offshore account and that generates interest.
The question is is that interest taxable in the United States that's the dispute.
-- economist argues that in in my hypothetical -- thousand is really twenty trend.
So whatever the interest on the twenty -- would be is a huge number and whatever the tax on -- interest is is a huge number apparent that the governments aren't getting so should we bring -- back of course not it's that it's the decision of the person who said that they have reported bed tax is on and it's that money.
But -- loss generated in the -- Law says you must decline I have the interest and the dividends and the capital gains on any -- that you have overseas if you're a resident in the United States I understand that.
-- passed the law one must Obey the law I'm not suggesting that people should violate the law.
It's a bad law because the United States has no claim on that it was not -- the interest -- on that thousand.
Generated in the offshore account was not generated in the United States of America so they have no right to tax it tell -- what chance of some political success would you have the United States if you went down veteran campaign on the issue for hope I've got -- Cayman -- bank account obvious great gonna -- mum on the over -- -- -- -- it to you really think -- not that I tailor my views to their popularity amongst folks -- that's what people like you alluded.
What what happened happened.
Why I'm not running for office -- and seeking the truth.
So you thank you agree with the economist not you don't agree no I don't disagree I disagree material -- convict -- I say.
Once you've paid taxes on your money it is -- is to send it where you want.
And if it's outside the US the United States government has no claim to the interest that are -- not only -- -- But thousands and thousands of people around the world I suspect my humble host like secretly agreed to look at look at that and -- Let me and the -- -- owned it.
Apple apple apple apple.
How would you let me join the senate committee interrogating Bernanke would have a field not a threat.
If that's okay yeah I.
-- Iran poll who may have been expected to have some pretty sharp edged questions he's not is not on the committee.
It was not going to be asking questions today unfortunately because that would that would be some file that it would certainly be worth covering does it would -- with -- Republican governor elect when he said -- Hillary.
Then got C I would've fired it how that's not what I don't get at.
That we're at don't want company twenty trillion dollars sits in tax havens around the world it's didn't put that by people who have.
