WASHINGTON—The Treasury Department said Wednesday it would again boost the size of its debt auctions to meet funding needs caused by swelling budget deficits and a shrinking Federal Reserve portfolio. Debt levels are rising at the same time the Federal Reserve is raising interest rates—factors that have led bond yields to rise and prices to fall in recent months. Treasury issuance is testing investor appetite for U.S. government debt, and so far demand for the securities has held up.... … [Read more...] about Treasury Department to Increase Size of Debt Auctions
WASHINGTON—The Treasury Department said Wednesday it would introduce a new five-year security starting in 2019 and would continue to increase its debt auctions over the next two months, as swelling budget deficits and a shrinking Federal Reserve portfolio increase the government’s borrowing needs. Treasury said it would increase total TIPS issuance—Treasury inflation-protected securities—by $20 billion to $30 billion over 2019, with much of the increase focused on the new five-year security.... … [Read more...] about Treasury Department Will Introduce New Five-Year Security in 2019
A US Treasury Department worker has been charged with leaking secret government records to a reporter for stories about investigations of Paul Manafort, Rick Gates, Russian diplomats and alleged Russian agent Maria Butina. Natalie Mayflower Sours Edwards, 40, is accused of using a cellphone with an encryption app to send the unidentified journalist photos of federal “Suspicious Activity Reports,” which banks use to alert the feds to potentially illegal transactions. The SARs and other information allegedly provided by Edwards since October 2017 formed the basis of about a dozen stories, the most recent of which was published Monday, according to the Manhattan US Attorney’s Office. The feds didn’t name the news outlet, but headlines cited in court papers identify it as BuzzFeed. In January 2017, BuzzFeed also published a series of unverified memos alleging that Russia has damaging and salacious information about President Trump, who’s called it the … [Read more...] about Treasury Department worker leaked records on Manafort, Russian spy: feds
The Trump administration targeted several Democrat-led states on Thursday after the Internal Revenue Service and the Treasury Department moved to block efforts from states to help residents avoid the new limits on state and local tax deductions, according to The Los Angeles Times. The rule targets states like California and New Jersey who had legislation which would have allowed taxpayers to claim charitable deductions for state and local tax payments above the $10,000 limit which was established in the GOP-led tax cuts passed by Congress in 2017. The Treasury Department said the legislations being considered by the states were a tax dodge for wealthier Americans.“Congress limited the deduction for state and local taxes that predominantly benefited high-income earners to help pay for major tax cuts for American families,” Treasury Secretary Steven T. Mnuchin said on Thursday. “The proposed rule will uphold that limitation by preventing attempts to convert tax … [Read more...] about IRS_ Treasury Department Move To Block State Workarounds on Tax Deduction Caps
ASSOCIATED PRESS President Donald Trump waves to the cheering crowd as he arrives to speak at a rally at Olentangy Orange High School in Lewis Center, Ohio, Saturday. WASHINGTON >> A new 20 percent tax break included in last year’s $1.5 trillion tax overhaul could wind up benefiting President Donald Trump’s real estate empire given how the Treasury Department plans to implement the provision, several tax experts said. Today, the Treasury Department issued a sprawling regulation outlining the types of companies and professionals eligible to qualify as “pass-through” entities and get the 20 percent tax deduction. The widely anticipated rule has huge implications for law firms, real estate trusts, family farms and other companies that are structured so their profits are taxed as individual income for their owners. The 184-page rule probably means a windfall for authors and small banks, who appear eligible for the 20 percent deduction, but a … [Read more...] about Who gets a new 20% tax break? The Treasury Department speaks, and Trump may save.