Executive agency responsible for promoting economic prosperity & ensuring financial security of the U.S.
Sep 12 • 5 tweets • 1 min read
.@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.
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.
May 17, 2021 • 5 tweets • 2 min read
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!
Mar 22, 2021 • 4 tweets • 2 min read
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.”
Mar 18, 2021 • 17 tweets • 3 min read
--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...
