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Treasury Department Profile picture
@USTreasury
Sep 4 • 2 tweets • 1 min read • Read on X
Today, @USTreasury’s Office of Foreign Assets Control (OFAC) sanctioned 10 individuals and 2 entities in response to Russian influence targeting the 2024 presidential election. home.treasury.gov/news/press-rel…
Russian state-sponsored actors used AI, deepfakes, and disinformation to undermine confidence in the United States’ election processes.

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More from @USTreasury

Treasury Department Profile picture
Sep 12
.@USTreasury and @IRSNews are committed to increasing tax fairness by addressing significant tax avoidance from the largest and most profitable companies in the country. home.treasury.gov/news/press-rel…
The Corporate Alternative Minimum Tax released is expected to generate $250 billion over the next decade and $20 billion next year alone by ensuring all billion dollar corporations pay their fair share.
Treasury estimates that 100 of the largest and most profitable companies will pay this tax. These companies would have otherwise paid an average effective federal tax rate of 2.6%.
Read 5 tweets
Treasury Department Profile picture
Sep 8, 2021
NEW from the Treasury policy team: The Case for Attacking the Tax Gap.
home.treasury.gov/news/featured-…

The “tax gap”— the difference between taxes that are owed and collected — totals about $600 billion annually and is a major source of inequity.
A thread/
Today’s tax code operates by 2 sets of rules:
One for regular wage & salary workers who report virtually all income they earn,
another for the wealthy who often avoid a large share of owed taxes.
Academic estimates suggest +$160B lost/yr from taxes the top 1% choose not to pay.
Why does misreporting rise w/ income?
In part, higher-income taxpayers have ability to use highly-paid experts to shield income from its true tax liability.
But also because of the info that the IRS has access to...
Read 9 tweets
Treasury Department Profile picture
May 17, 2021
NEW: The first monthly payment of the expanded and newly-advanceable Child Tax Credit (CTC) from the American Rescue Plan will be made on July 15.
Roughly 39 million households—covering 88% of children in the US—are slated to begin receiving monthly payments automatically.
The ARP increased the max Child Tax Credit in 2021 to $3,600 for children under the age of 6 and to $3,000 per child for children between ages 6 and 17.
ARP is projected to lift more than 5 million children out of poverty this year, cutting child poverty by more than half!
Payments will be made on the 15th of each month, unless the 15th falls on a weekend or holiday, allowing families who receive the credit by direct deposit to plan their budgets around receipt of the benefit.
Read 5 tweets
Treasury Department Profile picture
Mar 22, 2021
In partnership with @USDOL, we’re awarding the New York State Energy Research and Development Authority (NYSERDA) with up to $8.2 million for its project to provide clean energy job training to unemployed and low-wage workers through the Social Impact Partnership program (SIPPRA)
.@SecYellen on the NYSERDA project: “The President has called on us to ‘seize the opportunity that climate change presents,’ and that’s what this grant does: it shows we can help workers and transition to a net-zero economy at the same time.”
SIPPRA recipient NYSERDA will provide #EnergyEfficiency job training for NYers who are:

✔ Long-term unemployed

✔ Low-wage workers

✔ Youth ages 16-24

+ will evaluate training effectiveness.

More here: home.treasury.gov/news/press-rel…
Read 4 tweets
Treasury Department Profile picture
Mar 18, 2021
--Updates on the rollout of the American Rescue Plan--

A thread:
ECONOMIC IMPACT PAYMENTS
As of yesterday, approximately 90 million Economic Impact Payments had been disbursed (see our other thread for more details).

Unlike the prior rounds of relief payments, the American Rescue Plan requires a 2021 “true-up” additional payment...
When applicable, based on information (such as a recently filed 2020 tax return) that the IRS receives mid-year during 2021, the "true-up" can make sure families receive greater assistance during 2021, rather than having to wait until 2022 and filing a Rebate tax credit.
Read 17 tweets

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