Addressing tax evasion and avoidance through use of tax havens has been the subject of a number
of proposals in Congress and by the President. Actions by the Organization for Economic
Cooperation and Development (OECD) and the G-20 industrialized nations also have addressed
this issue. In the 111th Congress, the HIRE Act (P.L. 111-147) included several anti-evasion
provisions, and P.L. 111-226 included foreign tax credit provisions directed at perceived abuses
by U.S. multinationals. Numerous legislative proposals to address both individual tax evasion and
corporate tax avoidance have been advanced.