Treasury Department

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Treasury Makes 'Unexpected' Move Against China

Labels it a currency manipulator

(Newser) - The US labeled China a currency manipulator in 1994—and bestowed the same designation on it 25 years later. The move, which the AP brands as "unexpected," was made by the Treasury Department and comes after China let the yuan weaken to an 11-year low on Monday, a... More »

IRS Memo Contradicts Administration on Trump Tax Returns

It rejects Mnuchin's reason for withholding them

(Newser) - A draft Internal Revenue Service memo obtained by the Washington Post directly undercuts Treasury Secretary Steven Mnuchin's rationale for refusing to give President Trump's tax returns to House lawmakers—and may expose a rift in the IRS over the issue. The legal memo prepared last fall states that... More »

Mnuchin, IRS Chief Hit With Subpoenas on Trump Tax Returns

They have a deadline of 5pm next Friday to deliver the goods to House Democrats

(Newser) - The Treasury Department and IRS have been put on alert, and they've got a deadline. Politico reports on the ongoing Democratic effort to obtain President Trump's tax returns, with the latest move involving subpoenas from Richard Neal, chair of the House Ways and Means Committee, to Treasury Secretary... More »

Treasury Misses Deadline for Trump Tax Returns

Mnuchin cites concerns about Democrats' request

(Newser) - If Democrats want to see President Trump's tax returns, they might have to go through the courts. Treasury Secretary Steven Mnuchin set up a potential legal battle Wednesday by telling House Democrats the department wouldn't meet that day's deadline for handing over six years of the president'... More »

National Debt Hits Another New Milestone

Public debt now stands at $22T

(Newser) - The national debt has passed a new milestone, topping $22 trillion for the first time. The Treasury Department's daily statement showed Tuesday that total outstanding public debt stands at $22.01 trillion. It stood at $19.95 trillion when President Trump took office on Jan. 20, 2017. The debt... More »

Report: Bank Flagged Trump Lawyer's Payment to Stormy Daniels

Plus, lawyer complained he wasn't reimbursed: 'WSJ'

(Newser) - For the first time, insiders are linking President Trump to a $130,000 payment his personal attorney made to former porn star Stormy Daniels just before the 2016 election. Michael Cohen has claimed Trump wasn't involved in the payment wired from an account at First Republic Bank, which reportedly... More »

US Tightens Screws on 2 of Kim's Most Trusted Aides

Treasury sanctions top officials, bans them from dealing with US citizens

(Newser) - The US Treasury Department has issued sanctions against two officials it describes as "key leaders of North Korea's unlawful weapons programs." The sanctions against Kim Jong Sik and Ri Pyong Chol block them from any property or interests in property within US jurisdiction and prohibit them from... More »

Mnuchin, Wife Mocked After Posing With Money

Latest photo with $1 bills isn't doing them any favors

(Newser) - If Louise Linton hoped to avoid future criticism for her luxury lifestyle, well, better luck next year. While touring the Bureau of Engraving and Printing in Washington, DC, on Wednesday, the Scottish actress posed with her husband, Treasury Secretary Steven Mnuchin, while holding a sheet of new $1 bills. The... More »

Watchdog Finds 'Disconnnect' on Mnuchin's Flights

Rich Delmar says they were legal but poorly justified

(Newser) - "Just because something is legal doesn't make it right," White House budget chief Mick Mulvaney said when setting down new travel rules —and it was a line that a Treasury Department watchdog decided to include in his report on Steven Mnuchin's travel. In his review... More »

Mnuchin: Jet Request Was All About National Security

And he says as a New Yorker, he didn't care about eclipse

(Newser) - Treasury Secretary Steven Mnuchin said Thursday his request for use of a government plane for his European honeymoon earlier this summer was about national security and not his own personal convenience. Mnuchin said as a member of the president's National Security Council, he needed a secure communications link with... More »

Manafort Had Murky Dealings Routed Through Cyprus: Report

Treasury investigating ex-Trump campaign chief's offshore financial transactions

(Newser) - US Treasury Department agents have recently obtained information about offshore financial transactions involving President Trump's former campaign chairman, Paul Manafort, as part of a federal anti-corruption probe into his work in Eastern Europe, the AP reports. Information about Manafort's transactions was turned over earlier this year to agents... More »

A Wave of Women Joining Tubman on US Currency

Martin Luther King Jr. will be joining them in 2020

(Newser) - After more than a century without any women on American paper money, there will soon be at least eight to choose from. The Treasury unveiled its plans for the new $20, $10, and $5 bills Wednesday, revealing that in addition to Harriet Tubman replacing Andrew Jackson on the front of... More »

Penny Might Go the Way of the Dodo

Treasury secretary detailed plan to eliminate coin in 2015 memo

(Newser) - Now might not be the best time to invest in zinc. The US could be following in Canada's footsteps —and those of a host of other countries, per Quartz —in ridding itself of the pricey penny, according to a March 2015 memo sent to President Obama. In... More »

Feds Rein in Shell Games With Ritzy Real Estate

Feds to start IDing, tracking secret buyers of high-end homes

(Newser) - Those planning on scooping up a high-end property on the sly—i.e., paying cash via a shell company—may soon have to come up with a new game plan. The Treasury Department announced Wednesday it will start making title insurance companies ID secret buyers of property going for more... More »

Can't Set Up a Retirement Plan? Now You Can, Gov't Says

New myRA savings plan is free, no-risk vehicle for lower, middle classes

(Newser) - About one-third of non-retired Americans have no retirement savings or pensions to their names—and the government says it has just the thing to remedy that. Cue myRA , a free, no-risk savings plan designed for people who don't have access to (or can't afford) 401(k)s, IRAs, or other... More »

IRS Now Recognizing All Same-Sex Marriages

Treasury Dept. agrees: 'husband,' 'wife' apply to gay couples too

(Newser) - The IRS is making it official: The tax agency says it will now recognize same-sex marriages regardless of where they were performed. The IRS and the Treasury Department also said they will interpret the terms "husband" and "wife" to apply to same-sex spouses as well as opposite-sex spouses.... More »

A Woman Is Going on the $10 Bill

Government will announce her name later this year

(Newser) - We don't know who it will be, but a woman will replace Alexander Hamilton as the main image on the $10 bill. Treasury chief Jack Lew says he will announce the woman's name by the end of this year, and the new bills will be out in 2020,... More »

US Cracks Down on Companies Moving Overseas

Treasury Dept tries to curb tax inversions

(Newser) - The Obama administration cracked down today on so-called tax inversions, aiming to curb a spate of American companies shifting overseas in an attempt to shirk paying US taxes. New regulations from the Treasury Department will make inversions less lucrative by barring creative techniques that companies use to lower their tax... More »

Feds Say They'll Stop Seizing Some Tax Refunds

Social Security puts halt on collecting more than decade-old debts

(Newser) - No longer will a single sentence make tax day even more miserable for hundreds of thousands of Americans—for now, at least. Late last week, the Washington Post reported on a recent Treasury Department practice made possible by a single sentence lurking in the 2008 farm bill: seizing tax refunds... More »

Feds Swiping Tax Refunds to Pay Parents' Debts

Many are told there aren't even records proving the debt exists

(Newser) - The Treasury Department has been seizing tax refunds or demanding payment from hundreds of thousands of Americans on some very old debts—some of which aren't exactly theirs in the first place. Many taxpayers are being forced to repay debts their parents allegedly racked up, the Washington Post reports.... More »

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