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RT @SecYellen: It’s been a week of many productive meetings with valuable international partners as we address critical issues like interna…
RT @VP: Thanks to our American Rescue Plan, monthly payments up to $300 per child are helping working families across our country. If you…
RT @TreasuryDepSec: As we wrap up #HispanicHeritageMonth we know the work of advancing opportunity in Hispanic & Latino communities—& all c…
It's #ChildTaxCredit day -- today $15 billion in payments went to families of roughly 61 million children. Since July, the advance CTC has provided monthly direct assistance to families to help them cover basic household essentials like food and childcare. https://t.co/UTKX3QuhqI
RT @TreasuryDepSec: Today, the 4th monthly #ChildTaxCredit payments were sent to millions of families of roughly 61 million children. Since…
Today, @SecYellen and Indian Finance Minister Nirmala Sitharaman met for the eighth U.S.-India Economic and Financial Partnership. Following the dialogue, Secretary Yellen and Minister Sitharaman released a joint statement -- read it here: https://t.co/whsDbNwmzK
Earlier today, @SecYellen provided remarks to the @WorldBank's event Making Climate Action Count: Turning Action into Reality. Read the full remarks here: https://t.co/3j5uk6gXyn https://t.co/7usH5c5xvD
It's unsurprising that substantial resources are being used to defeat these reform efforts, because wealthy tax cheats stand to lose from a fairer tax system. This reporting proposal can help ensure wealthy evaders finally contribute fairly—just like American workers already do.
Why is this info on inflows & outflows key to closing the tax gap? Because currently the IRS has no way to identify high end taxpayers who aren’t being honest about how they earn income & are instead exploiting this loophole.
Any additional IRS scrutiny will be focused on the high end of the income earners, where it belongs—that’s who is driving the tax gap. Audit rates will not rise relative to recent years for taxpayers making less than $400,000 per year.
For working Americans, this proposal won’t change a thing about how they interact with their bank or the IRS. If anything, it will make them less likely to be the target of an audit since the IRS will be able to focus their resources elsewhere.
The financial reporting proposal would direct banks to add a bit of extra data to info they already supply to taxpayers & the IRS: how much total $ went into the account over the course of the year, & how much came out.
In 2019, the top 1% of earners were responsible for estimated $163 billion in unpaid taxes. High-income earners often accrue business or pass-through income that is not reported by a 3rd-party to the IRS, so taxes are less likely to be appropriately paid. https://t.co/O5jq5w9H2H
The financial reporting proposals under consideration do not include any info about transactions or what taxpayers buy. Period. The IRS will receive no information whatsoever, and will have no ability whatsoever, to track transactions under this proposal.
This important reporting reform proposal is a centerpiece of the Build Back Better agenda & will help the IRS determine whether high-income taxpayers with shady sources of income are paying taxes they owe. Currently, evasion rates can reach 50%+ for these high-end earners.
Misinformation is circulating about financial reporting proposals that would help the IRS ensure tax fairness. One myth: The IRS will see every individual transaction in bank accounts. This is false. We're publishing a blog today to deliver the facts: https://t.co/26NaIBnb9N
Today, @SecYellen addressed the International Monetary and Financial Committee (IMFC) and the Development Committee at the Annual Meetings of the @IMFNews & @WorldBank Read her remarks: https://t.co/dpn8DtYnod
Today, @SecYellen reconvened the leaders of several multilateral development banks (MDBs) to follow-up on a July meeting where she urged the MDBs to align portfolios w/ Paris Agreement goals & to redouble efforts to mobilize private capital for climate. https://t.co/pEIt3846Uc
RT @TreasuryDepSec: "Treasury’s commitment does not begin & end w/ COVID-19. Long before a single person was infected w/ coronavirus, Triba…
Earlier today, @SecYellen gave remarks to the #TedCountdown Summit on #climate & discussed 5 categories of actions being taken in the US to combat climate change. Read the full remarks here: https://t.co/fuuTN3oFfz
1,400+ transportation companies that have been hard-hit by the pandemic received grants from the Office of Recovery Program's CERTS program today. - All 50 states represented - 93% are small businesses - 33%+ are minority-owned businesses Read more: https://t.co/9gQp9syJue
Treasury sanctions individuals for undermining Hong Kong’s autonomy https://t.co/13hdrjybBe