New legislation has been introduced in the United States in an attempt to crack-down on the use of offshore tax havens. The legislation would close loopholes that allow multinationals to avoid billions of dollars in taxes. The move presents Congress with an alternative to other proposals that seek to balance the US budget through austerity measures – spending cuts on social services. It is one example of the growing global attention that corporate tax-avoidance is receiving as governments around the world struggle to maintain revenue streams in the face of global economic stagnation.

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