Tag Archives: Treasury Department

2019 Budget Deficit Near $1 Trillion, Seven Year High

CNBC reports: The U.S. Treasury on Friday said that the federal deficit for fiscal 2019 was $984 billion, a 26% increase from 2018 but still short of the $1 trillion mark. The gap between revenues and spending was the widest it’s been in seven years. The government said corporate tax revenues totaled $230 billion, up 12%, thanks to a rebound …

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Mnuchin May Gut Obama Rule On Offshore Tax Havens

Bloomberg reports: Treasury Department officials are considering rolling back a tax rule aimed at preventing American companies from moving money offshore to avoid U.S. taxes, according to several people familiar with discussions. Treasury could narrow regulations aimed at preventing U.S. firms from lowering their U.S. tax bills by borrowing from an offshore branch of the company. The department is also …

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Treasury IG To Review Handling Of Trump’s Tax Returns

The Washington Post reports: The Treasury Department’s acting inspector general has opened a review into whether the Trump administration acted improperly during its ongoing fight with House Democrats over releasing President Trump’s tax returns. Treasury Secretary Steven Mnuchin has refused to comply with a request from House Ways and Means Committee Chairman Richard E. Neal (D-Mass.) for six years of …

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Trump Seeks To Privatize Fannie Mae And Freddie Mac

The Washington Post reports: The Trump administration released a sweeping plan Thursday that could remake the U.S. housing market, starting with ending more than a decade of government control of two massive companies, Fannie Mae and Freddie Mac, that back half of the nation’s mortgages. The long-awaited plan from the Treasury Department features nearly 50 proposals, including many technical changes …

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Trump Taps Former Fox Plagiarist As Treasury Spox

Reuters reports: President Trump announced Tuesday that he plans to appoint former Fox News contributor Monica Crowley to be the next spokeswoman for the Treasury Department. Crowley, who currently serves as the department’s senior adviser for public affairs, will serve as an assistant Treasury secretary for public affairs, according to the release. Crowley previously bowed out of a bid to …

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House Committee Sues US Treasury For Trump’s Taxes

CNBC reports: The House Ways and Means Committee on Tuesday sued the Treasury Department to get President Donald Trump’s tax returns, a spokesman for a committee member told CNBC on Tuesday. The Democrat-led panel had subpoenaed Treasury Secretary Steven Mnuchin and IRS chief Charles Rettig in May to hand over six years of Trump’s personal and business returns. The officials …

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DOJ Backs Mnuchin On Handing Over Trump’s Taxes

Law & Crime reports: The Department of Justice’s (DOJ) Office of Legal Counsel (OLC) published an opinion on Friday in support of Treasury Secretary Steven Mnuchin‘s refusal to hand President Donald Trump‘s tax returns to the House Ways and Means Committee led by Chairman Rep. Richard Neal (D-Mass.). The opinion, penned by OLC’s Assistant Attorney General Steven Engel, said that …

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Mnuchin Refuses US House Request For Trump’s Taxes

The Washington Post reports: Treasury Secretary Steven Mnuchin on Monday told House Democrats he would not furnish President Trump’s tax returns despite their legal request, the latest move by Trump administration officials to shield the president from congressional investigations. Mnuchin, in a letter to House Ways and Means Committee Chairman Richard Neal (D-Mass.), said he had consulted with the Justice …

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NY AG Sues Treasury Dept For Ignoring Docs Request

The Hill reports: New York Attorney General Letitia James on Monday filed a lawsuit against the Treasury Department and IRS, arguing that the agencies have failed to respond to information requests about its guidance reducing donor disclosure requirements for certain tax-exempt groups. “My office depends on these critical donor disclosure forms to be able to adequately oversee non-proofit organizations in …

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Steve Mnuchin To Hire Fox Plagiarist As Treasury Spox

Splinter News reports: The Trump administration-Fox News ouroboros rolls on unimpeded this week, with a report that Treasury Secretary Steve Mnuchin plans to hire former Fox personality Monica Crowley as his new spokeswoman. Citing “people familiar with the matter,” Bloomberg reported on Wednesday that Mnuchin is preparing to hire Crowley as a replacement for outgoing spokesman Tony Sayegh, who had …

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Treasury Won’t Comply With Dems On Trump’s Taxes

Axios reports: The Treasury Department said on Wednesday evening that it would not immediately comply with a congressional request to hand over President Trump’s tax returns, setting up a protracted legal battle between two branches of government. Steven Mnuchin, the Treasury secretary, said in a letter to Representative Richard E. Neal, the Democratic chairman of the House Ways and Means …

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National Debt Rose $1.2 Trillion In FY 2018

The Washington Examiner reports: The national debt rose more than $1.2 trillion in the fiscal year that just concluded on Sept. 30, according to a government website that tracks the debt. The total national debt was $20.245 trillion on the last business day of fiscal year 2017. On the last business day of fiscal year 2018, which was Friday, Sept. …

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ROBBER BARONS: Trump Administration Mulls $100B Unilateral Capital Gains Tax Cut For The Super Wealthy

The New York Times reports: The Trump administration is considering bypassing Congress to grant a $100 billion tax cut mainly to the wealthy, a legally tenuous maneuver that would cut capital gains taxation and fulfill a long-held ambition of many investors and conservatives. Steven Mnuchin, the Treasury secretary, said in an interview on the sidelines of the Group of 20 …

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Treasury Department Hits Five Russian Companies With Sanctions For Cyberattacks And “Malicious Activities”

ABC News reports: The Trump administration on Monday slapped sanctions on several Russian companies and businessmen for engaging in cyberattacks and assisting Russia’s military and intelligence services with other malicious activities. The Treasury Department said it was imposing sanctions on five Russian firms and three of their executives under legislation passed last year and an executive order aimed at punishing …

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REVEALED: Mnuchin Spent $1M On Military Flights

The Hill reports: Treasury Secretary Steven Mnuchin spent nearly $1 million on seven military aircraft trips between the spring and fall of 2017, according to documents gathered by Citizens for Responsibility and Ethics in Washington (CREW). CREW sued for records following a highly publicized trip Mnuchin and his wife Louise Linton took to Fort Knox, Ky., in August. The trip, …

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Mnuchin Walks Back Comments That Cratered Dollar

CNBC reports: Treasury Secretary Steven Mnuchin said Thursday he spends little time thinking about dollar weakness over the short term, walking back his comments that sent the U.S. currency reeling amid fears of a trade war. Speaking during a CNBC-moderated panel at the World Economic Forum in Davos, Mnuchin said dollar weakness in the short term was “not a concern …

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Ho-Ho-Ho: Gift-Wrapped Horseshit Mailed To Mnuchin

KTLA reports: Someone sent a package wrapped in holiday gift paper and filled with horse manure that was addressed to United States Treasury Secretary Steven Mnuchin and placed on a street in Bel-Air, the Los Angeles Police Department said Saturday evening. The package was reported to police after it was discovered in the 900 block of Bel-Air Road, LAPD officials …

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Treasury Department: Steve Mnuchin’s $800K In Military Flights Were Totally Shady But Not Illegal

The Los Angeles Times reports: Treasury Secretary Steven T. Mnuchin took military aircraft on at least seven occasions without adequate justification, his department’s inspector general said in a report. The inspector general said that Mnuchin’s use of the planes was not illegal but that he had failed to meet rules that require that military flights be used only if the …

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Steve Mnuchin Backs Away From Plan To Replace Andrew Jackson With Harriet Tubman On The $20 Bill

CNBC reports: Treasury Secretary Steve Mnuchin put Harriet Tubman’s role on the $20 bill in question. Mnuchin told CNBC on Thursday: “Ultimately we will be looking at this issue. It’s not something I’m focused on at the moment.” Instead, he said he’s concentrating on making sure any tweaks to U.S. currency bills thwart counterfeiters. “The No. 1 issue why we …

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Treasury Department Fines ExxonMobil $2 Million For Violating Sanctions On Russia When Tillerson Was CEO

Reuters reports: The U.S. Treasury Department on Thursday said it was fining global oil company ExxonMobil Corp $2 million for violating sanctions on Russia in May 2014. The heads of the company’s U.S. subsidiaries signed eight documents between May 14 and May 23, 2014 with Igor Sechin, the head of Russia’s largest oil producer, Rosneft, Treasury’s Office of Foreign Assets …

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