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.
From NPR News, this is ALL THINGS CONSIDERED. I'm Robert Siegel.
We begin this hour with a financial forecast from Federal Reserve Chairman Ben Bernanke. He said today the economy is doing slightly better. And if the Fed's forecast holds, it will likely begin tapering off its economic stimulus later this year. By the middle of next year, the stimulus program could end, as NPR's John Ydstie reports.
I visited Toy Fair in New York City hunting for ideas for our summer series about kids' culture. One of the big takeaways was the increasing popularity of construction games such as Legos. Sales shot up nearly 20 percent last year. Now, it seems, every major toy manufacturer is scrambling to add new games geared toward kids building things.
Federal Reserve Chairman Ben Bernanke said Wednesday that a fall in the unemployment rate would not automatically trigger a rise in interest rates. He spoke to the media after the central bank issued a policy update.
The Federal Reserve will continue its program of purchasing $85 billion in securities and will leave the target interest rate for federal funds untouched to support the U.S. economy, the U.S. central bank said in a policy update issued Wednesday afternoon.
Here's a summary of the state of the U.S. economy from the Fed, which concluded two days of meetings today: