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Tag Archive for U.S. Department Of Treasury

U.S. Department Of Treasury: The Case For A Robust Attack On The Tax Gap

US Department Of Treasury

A well-functioning tax system requires that everyone pays the taxes they owe. Today, the “tax gap”—the difference between taxes that are owed and collected—totals around $600 billion annually and will mean approximately $7 trillion of lost tax revenue over the next decade. The sheer magnitude of lost revenue is striking: it is equal to 3 percent of GDP, or all the income taxes paid by the lowest earning 90 percent of taxpayers.

The tax gap can be a major source of inequity. Today’s tax code contains two sets of rules: one for regular wage and salary workers who report virtually all the income they earn; and another for wealthy taxpayers, who are often able to avoid a large share of the taxes they owe. As Table 1 demonstrates, estimates from academic researchers suggest that more than $160 billion lost annually is from taxes that top 1 percent choose not to pay.1

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Biden Administration’s FY2022 Budget Tax Proposals

Biden Administration's FY2022 Budget Tax Proposals

The U.S. Department of the Treasury released a key document that explains the Administration’s revenue proposals included in the Budget – the General Explanations of the Administration’s FY2022 Revenue Proposals, or “Greenbook.” The Greenbook further describes revenue measures previously announced by President Biden, including:

AMERICAN JOBS PLAN
Reform Corporate Taxation
  • Raise the Corporate Income Tax Rate to 28 Percent
  • Revise the Global Minimum Tax Regime, Disallow Deductions Attributable to Exempt Income, and Limit Inversions
  • Reform Taxation of Foreign Fossil Fuel Income
  • Repeal the Deduction for Foreign-Derived Intangible Income (FDII)
  • Replace the Base Erosion Anti-Abuse Tax (BEAT) with the Stopping Harmful Inversions and Ending Low-Tax Developments (SHIELD) Rule
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U.S. Department Of Treasury: FATCA Agreements With Other Countries

FATCA Agreements Around The World

FATCA requires foreign financial institutions (FFIs) to report to the IRS information about financial accounts held by U.S. taxpayers, or by foreign entities in which U.S. taxpayers hold a substantial ownership interest. FFIs are encouraged to either directly register with the IRS to comply with the FATCA regulations (and FFI agreement, if applicable) or comply with the FATCA Intergovernmental Agreements (IGA) treated as in effect in their jurisdictions.  For access to the FATCA regulations and administrative guidance related to FATCA and to learn about taxpayer obligations please visit the IRS on FATCA.

Scroll down below the Table of FATCA Agreements and Understandings in Effect by Jurisdiction to find a list of Model Intergovernmental Agreements and assorted additional statements related to FATCA and its implementation.

FATCA Agreements And Understandings In Effect By Jurisdiction

U.S. Department Of Treasury: Fiscal Data Is Your One-Stop Shop For Federal Financial Data

U.S. Department Of Treasury: Fiscal Data Is Your One-Stop Shop For Federal Financial Data
About Fiscal Data

Fiscal Data is your one-stop shop for federal financial data. The Department of the Treasury and the Bureau of the Fiscal Service created Fiscal Data to consolidate federal financial data into one easy-to-use website. Fiscal Data adheres to modern data practices and offers data in machine-readable formats via file downloads and application programming interfaces (APIs).

Mission

Our mission is to inspire trust in the government by providing access to federal financial data in one easy-to-use platform.

Who We Are

This site was created by the Office of the Chief Data Officer at the Bureau of the Fiscal Service (Fiscal Service), which is part of the Department of the Treasury. Fiscal Service is responsible for managing public debt, central payment systems, and government accounting. Our team is comprised of data analysts, developers, and UX designers who are passionate about putting trusted data in the hands of the people.

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U.S. Department Of The Treasury On Tax Expenditures And Exclusions From 2018 To 2028

US Department Of Treasury

TAX EXPENDITURES
The Congressional Budget Act of 1974 (Public Law 93–344) requires that a list of “tax expenditures’’ be included in the budget. Tax expenditures are defined in the law as “revenue losses attributable to provisions of the Federal tax laws which allow a special exclusion, exemption, or deduction from gross income or which provide a special credit, a preferential rate of tax, or a deferral of tax liability.’’ These exceptions may be viewed as alternatives to other policy instruments, such as spending or regulatory programs.

Identification and measurement of tax expenditures depends crucially on the baseline tax system against which the actual tax
system is compared. The tax expenditure estimates presented in this document are patterned on a comprehensive income tax,
which defines income as the sum of consumption and the change in net wealth in a given period of time.

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