The world's wealthiest nations are promising to fight what they call the scourge of tax evasion. This week's meeting of the Group of Eight industrialized countries concluded with a pledge to end the use of tax shelters by multinational corporations.
But there are still big questions about how they will make a dent in the problem.
In the aftermath of the global recession, countries all over the world have struggled with budget shortfalls. More and more of them have come to blame part of their revenue problems on one culprit — tax avoidance.
The 10 biggest breaks, deductions and credits in the U.S. income tax code are costing the Treasury $900 billion this year, with more than half of that total benefiting the wealthiest 20 percent of taxpayers.
Sunday is the 97th running of the Indianapolis 500, which draws hundreds of thousands of fans to the Indianapolis Motor Speedway. While it's an economic boon for the area, the 104-year-old track needs renovations — and just how it's getting the money is rubbing some Hoosiers the wrong way.
A yard sign opposes a local tax increase to fund public safety in Josephine County, Oregon. The ballot measure reportedly failed by a thin margin.
Credit Amelia Templeton / OPB
Two Oregon counties have reportedly rejected property tax increases that would have funded law enforcement and public safety services. The counties once received federal timber subsidies, but those days are over — and now they're scrambling to pay for essential services.
Apple was criticized in a Senate committee hearing Tuesday for using complex accounting to minimize the corporate taxes it pays. One key piece of the company's tax strategy: It funnels lots of its profits through subsidiaries in Ireland.
Offering low corporate tax rates has been a fundamental part of Ireland's economic strategy for decades — a way to get foreign companies to set up operations in the country.