Tax loopholes closing all around the world
It has been revealed that Barack Obama has taken a leaf out of Gordon Brown's book by announcing a significant crackdown on tax loopholes used by multinational corporations to avoid taxation. In a move which the government estimates will save around $210 billion over the next 10 years, the worldwide crackdown on potential tax havens and tax loopholes continues unabated.
In many ways these strategies are no lose situations because any money saved will be appreciated by taxpayers and also reduce the likelihood of further tax abuses in the future. This comes at a time when governments around the world are in desperate need of as much income as possible and with the local economies very depressed there has been a significant reduction in traditional tax income. Countries such as the UK and US are leading the way with regards to tax havens and tax loopholes with hopes that many more governments will join the party in the short to medium term.
A concerted effort to place many tax havens "out of bounds" will increase income for governments around the world and open up the potential for legal action. However, the figure of $210 billion is enormous by anybody's standards and is sure to benefit the US economy in the medium to longer term.
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