This is entirely true. If you're a US citizen and you intend to spend your money in the US at some point, there's very little reason to set up an offshore account. And even if you're saving for your heirs, if they end up spending the money in the US, then they'll probably have to pay full income tax on any money they bring in from overseas. What's more, given demographic and fiscal realities, the income tax they pay might be significantly higher than it is today.