The new commissioner of the Internal Revenue Service will oversee the agency’s $80 billion overhaul.
Category: Treasury Department
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Rules to Curb Illicit Dollar Flows Create Hardships for Iraqis
The regulations were meant to prevent dollar transfers to those targeted by U.S. sanctions on Iran, Syria and Russia. But they have ended up harming ordinary Iraqis who need U.S. currency for business or travel.
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War in Ukraine Deepens Divide Among Major Economies at G20 Gathering
Treasury Secretary Janet L. Yellen urged her counterparts at a summit in India to condemn Russia’s actions, and she defended the cost of supplying aid to Kyiv.
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U.S. Eyes Trade Deals With Allies to Ease Clash Over Electric Car Subsidies
The Biden administration has faced backlash in Europe and Asia over its plans to bolster electric vehicle and battery production.
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U.S. Could Default on Debt as Early as Summer, New Estimate Says
The Bipartisan Policy Center said the nation could run out of cash this summer or early fall if Congress did not raise the debt limit.
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U.S. Could Default on Its Debt Between July and September, C.B.O. Says
The nonpartisan budget office also said that if tax receipts fall short of projections, and Congress fails to act on the debt limit, the U.S. could run out of cash before July.
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Real Interest Rates Are Moving Up, but Don’t Celebrate Yet
While markets are predicting that inflation will fall further, savings rates still aren’t keeping up with the prices we’re paying.
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Can A Trillion Dollar Coin Resolve the Debt Ceiling Crisis?
The latest standoff over raising the nation’s debt ceiling is giving new life to an old theory about how to avoid a default.
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Black Americans Are Much More Likely to Face Tax Audits, Study Finds
A new report documents systemic discrimination in how the I.R.S. selects taxpayers to be audited, with implications for a debate on the agency’s funding.
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Wall Street Is Counting on a Debt Limit Trick That Could Entail Trouble
If the debt limit is breached, investors expect Treasury to put bond payments first. It’d be politically and practically fraught.