Category Archives: U.S. Treasury

FATF Approves Public Consultation of Revisions to Beneficial Ownership Standards and Updated Guidance on Virtual Assets WASHINGTON — The Financial Action Task Force (FATF) concluded its October plenary today, the sixth session since the start of the ongoing COVID-19 pandemic. With hybrid participation both virtually and in-person in Paris, FATF advanced its core work on […]

WASHINGTON –  The U.S. Department of the Treasury today announced that Secretary Janet L. Yellen will attend the G20 Joint Finance and Health Ministers’ Meeting on October 29 in Rome, Italy; G20 Heads of State and Government Summit on October 30 and 31 in Rome, Italy; attend meetings to further global tax policy priorities in […]

WASHINGTON – On October 8, an historic agreement was reached between 136 countries of the OECD-G20 Inclusive Framework – representing 94% of the world’s GDP – on a two Pillar package of reforms to the international tax framework to be implemented in 2023. These reforms will provide for a tax framework that is fairer, more […]

Joint Statement from the United States, Austria, France, Italy, Spain, and the United Kingdom, Regarding a Compromise on a Transitional Approach to Existing Unilateral Measures During the Interim Period Before Pillar 1 is in Effect October 21, 2021 Background On October 8, 2021, the United States, Austria, France, Italy, Spain, and the United Kingdom, joined […]

As delivered Chairman Brown, Ranking Member Toomey, and Members of the Committee, thank you for giving me the opportunity to speak to you today about the National Advisory Council on International Monetary and Financial Policies (NAC) report to Congress, the Treasury Department’s priorities, and our outlook for the global financial system. As you know the […]

I deeply appreciate Chairman Wyden and Chairman Neal’s leadership on reconciliation and in particular, on the need to close the tax gap. Under the current system, American workers pay virtually all their tax bills while many top earners avoid paying billions in the taxes they owe by exploiting the system. At the core of the problem […]

WASHINGTON — Rates of tax compliance in the United States are based in large part on the ways taxpayers accrue income. Those who receive their income that is reported on by a third-party source, such as wage earners, exhibit near-perfect compliance rates on their salaries–since the payer of the income also reports the income paid as […]

Report Emphasizes Need for Continued Multilateral Approach, Structured Policy Framework, and Enhanced Cost Mitigation WASHINGTON – The U.S. Department of the Treasury today released the results of a broad review of the economic and financial sanctions that it administers and enforces, and issued recommendations to preserve and enhance their effectiveness in supporting national security and […]

Since July, Treasury and the IRS have delivered over $61 billion dollars in direct payments to families WASHINGTON — The U.S. Department of the Treasury and the Internal Revenue Service announced today that more than $15 billion dollars in payments were made to families that include roughly 61 million eligible children. This is the fourth […]