Tag: Treasury Department

Making America Worse

On the campaign trail in 2015, Donald Trump said it was “disgusting” that a big corporation could escape taxation by using bookkeeping tricks to shift profits out of the United States. Now the Trump administration is thinking about making it easier to play those tricks. Bloomberg reported this week that the Treasury Department, in a […]

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White House Threatens Turkey With Crippling Sanctions

WASHINGTON — The Trump administration on Friday belatedly threatened new sanctions against Turkey that officials said could cripple Turkey’s economy in response to its military offensive against Kurds in northern Syria. President Trump will sign an executive order giving the Treasury Department new powers to punish Turkish government officials if Turkey targets ethnic and religious […]

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Gaming the System? Treasury Department Complains of Unworthy EV Credit Recipients

Tax credits are a great way to stimulate purchases or participation, and in the politician’s mind, they often take precedence over affordability measures that would benefit broader swathes of society. That being said, they’re here to say… unless you’re referring to the slowly vanishing federal EV tax credit. Automakers like Tesla and General Motors are […]

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Treasury Officials Pressured I.R.S. on Trump Tax Audit, Whistle-Blower Alleges

WASHINGTON — An Internal Revenue Service whistle-blower filed a complaint alleging that senior Treasury officials tried to exert influence over the mandatory audit of President Trump’s tax returns, according to a person familiar with the matter. The whistle-blower came forward to Congress in July with the complaint, which accuses political appointees in the Treasury Department […]

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Images from Space Show Released Iranian Oil Tanker Near Syrian Coast

BEIRUT, Lebanon — An Iranian oil tanker caught in the escalating feud between Iran, the United States and other Western nations has anchored off the coast of Syria, according to images released by space technology companies. The tanker, Adrian Darya 1, is carrying crude oil from Iran that Western nations suspected was bound for Syria […]

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U.S. Imposes Sanctions on Iranian Shipping Network

WASHINGTON — The Trump administration on Wednesday imposed sanctions on an elaborate shipping network that Iran uses to sell oil, and unveiled a $15 million reward to anyone with information that disrupts the scheme, stepping up its effort to exert pressure on the Iranian economy. The sanctions were the latest in a flurry of actions […]

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In Economic Warning Signals, Trump Sees Signs of a Conspiracy

President Trump, confronting perhaps the most ominous economic signs of his time in office, has unleashed what is by now a familiar response: lashing out at what he believes is a conspiracy of forces arrayed against him. He has insisted that his own handpicked Federal Reserve chair, Jerome H. Powell, is intentionally acting against him. […]

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Kim Jong-un’s Terrible, Horrible, No Good, Very Bad Year

SEOUL, South Korea — Guess what country just issued stamps of Donald Trump? North Korea! Yes: An official postage stamp features grave-looking likenesses of President Trump and Kim Jong-un, the leader of North Korea, standing side by side. It commemorates their pleasantry-laden chitchat earlier this summer at Panmunjom, in the Demilitarized Zone between the two […]

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Trump Administration Imposes Sanctions on Iran’s Top Diplomat

WASHINGTON — The Trump administration took the unusual step on Wednesday of placing sanctions on Iran’s foreign minister, Mohammad Javad Zarif, an American-educated diplomat who negotiated the 2015 nuclear agreement with the Obama administration. The move essentially cuts off the clearest avenue for the administration to open talks with Iran, which it has argued was […]

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Trump Administration Is Divided Over Tax Cut for Investors

WASHINGTON — Trump administration officials are divided over whether to give investors a big tax cut that would primarily benefit the rich before the 2020 election heats up in earnest. Republican senators and conservative anti-tax groups are increasingly pushing the administration to use executive authority to deliver a tax cut to investors on profits they […]

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Government Could Breach Debt Ceiling in September, Mnuchin Warns

WASHINGTON — Treasury Secretary Steven Mnuchin informed congressional leaders on Friday that the government could run out of money in early September, pleading with lawmakers to reach a deal to raise the government’s borrowing limit before their August recess or risk a potentially catastrophic default. Mr. Mnuchin, in a letter to leadership, said that while […]

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House Files Lawsuit Seeking Disclosure of Trump Tax Returns

WASHINGTON — The House’s tax-writing committee sued the Treasury Department and Internal Revenue Service on Tuesday demanding access to President Trump’s tax returns, escalating a fight with an administration that has repeatedly dismissed as illegitimate the Democrats’ attempt to obtain Mr. Trump’s financial records. The lawsuit moves the dispute into federal courts after months of […]

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Russia Sanctions Froze His Fortune. Can the 4th Amendment Unlock It?

Two years ago, Andrew Intrater’s Manhattan private equity firm was thriving. He had rubbed elbows with billionaires at President Trump’s inauguration. And he had a lucrative investment involving the heirs to the fortune of the musician Prince. Today, the firm is effectively shuttered, and Mr. Intrater cannot get access to his money from the Prince […]

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Bond Investors Seem Sure the Fed Will Cut Rates, but Not About When

Get the DealBook newsletter to make sense of major business and policy headlines — and the power-brokers who shape them.__________ The Federal Reserve is deliberating over its plans for interest rates in the year ahead. Bond investors appear to have already made up their minds about what will happen. Yields on almost every security offered […]

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What Would a Harriet Tubman $20 Bill Look Like? Here’s a Sneak Peek

Harriet TubmanPhoto: Chip Somodevilla (Getty) When he “delayed” replacing Donald Trump fave and slave owner President Andrew Jackson’s face on the $20 bill with that of freedom fighter Harriet Tubman, Treasury Secretary Steve Mnuchin swore before Congress that “technical” issues concerning new security features on U.S. bills were the reason. But on Friday, the New […]

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See a Design of the Harriet Tubman $20 Bill That Mnuchin Delayed

WASHINGTON — Extensive work was well underway on a new $20 bill bearing the image of Harriet Tubman when Treasury Secretary Steven Mnuchin announced last month that the design of the note would be delayed for technical reasons by six years and might not include the former slave and abolitionist. Many Americans were deeply disappointed […]

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Nation’s Treasury Department Is Said to Be a Bastion of White, Male Privilege

Treasury Secretary Steven Mnuchin testifying before a House committee in May 2019. Photo: Mark Wilson (Getty Images) The Trump administration is well known to be well stocked in rich, white males, but it turns out the Treasury Department, headed by Steve Mnucin, himself a rich, white male, may be the richest, whitest and most male […]

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Trade Wars Stoke Economic Fear as G-20 Finance Ministers Gather in Japan

FUKUOKA, Japan — An unending trade war between the United States and China. President Trump’s weeklong threat to impose tariffs on Mexico. A potential clash with Europe over cars and agriculture. Trade disputes spurred by the president’s affinity for employing tariffs as his diplomatic weapon of choice have cast a pall over the global economy […]

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Trump Administration Announces New Cuba Travel Restrictions

The Trump administration on Tuesday imposed new restrictions on Americans going to Cuba, banning the most common way Americans travel to the island. The United States will not permit group educational and cultural trips known as “people to people” trips to the island, the Treasury Department said in a statement. Those trips have been used […]

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New York Can Tell Congress Lots About Trump’s Taxes

Congress will soon have access to a treasure trove of information about President Trump’s taxes. It just needs to ask New York. A new state law, which sailed through the New York Legislature and now awaits the signature of Gov. Andrew Cuomo, would allow the heads of Congress’s tax-writing committees to request a public official’s […]

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