Donald Trump’s newly released tax plan would add a staggering $10 trillion to the national debt over a decade, according to scoring by the Tax Foundation, a well-respected (especially in conservative circles) nonpartisan source. To put that into perspective, that’s more debt than Barack Obama—by far the most profligate president in American history—has managed to rack up so far on his watch (although he’s not done yet). According to the Treasury Department, the national debt has risen an unconscionable $9 trillion under Obama, from $9.2 trillion when he took office to $18.2 trillion today. But all by itself, Trump’s tax plan would generate more debt than 80 months of Obama.Read more
A wizened soul who worked in the bowels of the United States Treasury in the Eisenhower administration once explained to me all that is wrong with the U.S. tax code.Read more
The government shutdown may have ended last October, but the Treasury Department's voicemail is telling callers a different story.
After callers wait a minute to hear all of the prompts, callers hear this:"Due to the lapse in appropriations, the Treasury Department is currently closed. Once the appropriations have been restored, the Treasury Department will reopen for business as usual. Thank you."
You can listen to the audio below:Read more
The House of Representatives will take up a bill that would stop the Department of the Treasury, including the Internal Revenue Services, from implementing and enforcing the provisions of Obamacare. The bill, authored by Georgia Republican Tom Price and co-sponsored by 114 other House members, is just two pages long and claims its purpose is to "prohibit the Secretary of the Treasury from enforcing the Patient Protection and Affordable Care Act and the Health Care and Education Reconciliation Act of 2010."Read more
Treasury secretary Jack Lew asked Steven Miller, the acting commissioner of the Internal Revenue Service, to resign his post in response to the reports that the IRS had unfairly singled out conservative non-profit groups for close scrutiny. Miller has resigned, President Barack Obama said in a speech Wednesday night. The New York Times has more:Read more
NBC's David Gregory suggested that the White House is blaming the growing IRS scandal on the Treasury Department for not "deal[ing] with this more quickly":
"David, it's a lot, especially when you begin with Benghazi, move on into the IRS, and now AP/FBI," said anchor Brian Williams. "I looked up in the cable coverage this afternoon, [it] was asking, is this the curse of a second term?"Read more
Jeff Sessions, the ranking Republican on the Senate Budget Committee, says he will oppose Barack Obama's nomination of Jacob Lew for Treasury secretary. " Sessions released a statement Thursday afternoon criticizing Lew's nomination. Here's an excerpt:
Jack Lew must never be Secretary of the Treasury. His testimony before the Senate Budget Committee less than two years ago was so outrageous and false that it alone disqualifies.Read more
In a stunning development on Thursday, the U.S. Treasury Department accused the Iranian government of sponsoring al Qaeda. Treasury designated six al Qaeda terrorists and reported that they are working for a network headquartered in Iran. This al Qaeda network is “headed by Ezedin Abdel Aziz Khalil, a prominent Iran-based al Qaeda facilitator, operating under an agreement between al Qaeda and the Iranian government.”Read more
The Obama administration made the correct decision earlier this week to impose sanctions on Belarusneft, a subsidiary of the Belarusian petrochemical company Belneftekhim, for doing business with Iran. But it’s small beer – Belarusneft is hardly a major player in Iran’s energy industry. And this latest announcement of sanctions suggests to some in Congress that the administration is not really that serious about enforcing sanctions on Iran after all.Read more
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