Offshore_Banking_Legislature__United_States_Seeks_To_Bankru

Offshore Banking Legislature: United States Seeks To Bankrupt Terrorists Offshore Banking Legislature: United States Seeks to Bankrupt Terrorists Financial centers play a major role in the United States economic system. Just recently Americans became aware of how much of a role they play in terrorism. Reliable sources estimates that Al Qaeda and its associates require $35 million to $40 million per year to remain intact (Morgenthau 1). Therefore, an effective weapon against terrorism would be to freeze terrorist group’s banking accounts. Due to offshore banking and no current legislature, this has become nearly impossible. Earlier this year, the United States was ready to tighten the reigns, along with thirty other nations, on offshore financial centers. Then President Bush took office. Officials from the Center for Freedom and Prosperity had a talk with Bush economic advisers Larry Lindsey and R. Glenn Hubbard, urging them place the United States’ support behind the many tax havens. The center argued Americans should be free to seek lower tax rates and the fact that competition from tax havens would keep tax rates lower in the United States. Other lobbyists joined with the same arguments, and by June, they got what they wanted. Treasury Secretary Paul O’Neill announced united, states, offshore, financial, banking, tax, terrorism, terrorists, havens, bush, banks, time, should, october, legislature, house, hendrix, against, accounts, 2001, war, president, nations, morgenthau, money, legislation, law, economic, cohen, clymer, centers, business, bill, americans, american