The IRS wants to end another major tax loophole for the wealthy and raise $50 billion in the process
The Internal Revenue Service plans to end another major tax loophole that could raise more than $50 billion in revenue over the next decade.
US Treasury official visits Ukraine to discuss sanctions on Moscow and seizing Russian assets
A senior U.S. Treasury official has meet with Ukrainian officials in Kyiv to discuss U.S. financial support, enforcing sanctions on Russia and using frozen Russian assets for Ukraineโs benefit in the war with Moscow.
US sanctions Zimbabwe president Emmerson Mnangagwa over human rights abuses
The United States has sanctioned Zimbabweโs President Emmerson Mnangagwa, the First Lady and other government officials for their alleged involvement in corruption and human rights abuses.
US sanctions a United Arab Emirates shipping firm for allegedly violating Russian oil price cap
The U.S. hit a United Arab Emirates shipping firm and its 18 vessels with sanctions after it transported Russian crude oil above the $60 per barrel price cap.
New US rules, aimed at curbing China, could make it harder for EV buyers to claim a full tax credit
Americans could have a harder time finding electric vehicles that qualify for a full $7,500 federal tax credit under new rules being proposed.
US expands its effort to cut off funding for Hamas
The United States on Friday expanded its effort to cut off funding for Hamas, announcing a second round of sanctions against people and organizations linked to the group since it launched an attack on Israel that killed more than 1,400 people.
US announces sweeping action against Chinese fentanyl supply chain producers
The Biden administration is taking aim at the fentanyl trafficking threat, announcing a series of indictments and sanctions against Chinese companies and executives blamed for importing the chemicals used to make the deadly drug.
US government sanctions Russians on the board of Alfa Group in response to war in Ukraine
The U.S. Treasury Department has imposed financial sanctions against four Russians on the board of Alfa Group.
New US sanctions are aimed at choking off Russia's access to battlefield supplies and revenue
The United States has imposed sanctions on roughly 120 firms and people in an effort to choke off Moscowโs access to products, money and financial channels that support its continued invasion of Ukraine.
US sanctions South Sudanese officials over conflict-related rapes of hundreds of women and girls
The U.S. has imposed sanctions on a South Sudanese military officer and governor accused in connection with the rapes of hundreds of women and girls.
US says price caps on Russia's oil are cutting revenue nearly in half and weakening its economy
When the Group of Seven nations, the European Union and Australia last year announced a plan to cap the price of Russian oil, U.S. officials said it would deliver a most effective blow to Russiaโs economy, undermining its greatest revenue source.
Debt limit bill gives Republicans IRS cuts, but Democrats say they expect little near-term impact
Republicans are seeking to make good on campaign promises to reduce IRS funding through the proposed debt ceiling and budget cuts package passed by Congress.
Russian arms dealer, son and front firms hit with sanctions
A Russian arms dealer, his son and a group of front companies across Asia, Europe and the Middle East and their leadership have been targeted for U.S. sanctions in an effort to quell Russiaโs access to weapons to continue its invasion of Ukraine.
China casts long shadow over US-Africa Leaders Summit
With dozens of African leaders descending on Washington this week, the Biden administration is offering a not so subtle pitch in its economic competition with China on the continent: The U.S. offers a better option to African partners.
White House invites dozens of nations for ransomware summit
The White House is bringing together three dozen nations, the European Union and a slew of private-sector companies for a two-day summit that looks at how best to combat ransomware attacks.
US busts network providing technology to Russian military
The Biden administration has announced a round of criminal charges and sanctions related to a complicated scheme to procure military technologies from U.S. manufacturers and illegally supply them to Russia for its war in Ukraine.
IMF fees on war-torn countries closer to elimination
The International Monetary Fund is facing pressure to eliminate, or at least, reevaluate how it imposes fees on loans it disperses to needy countries like war-torn Ukraine โ which is one of the fundโs biggest borrowers.
US Treasury official to visit India amid Ukraine tensions
A high-ranking representative from the Biden administration is set next week to make his first official trip to India since the start of Russiaโs invasion of Ukraine.
Yacht of wealthiest Russian oligarch docked in haven Dubai
The man considered to be the wealthiest oligarch in Russia, who has been photographed playing ice hockey with President Vladimir Putin, has joined a growing list of those transferring โ or, sailing โ their prized assets to Dubai.
Yellen weighs costs of war on Russia's frozen assets
The mounting economic damage to Ukraine from Russiaโs ongoing bombardment has the U.S. and its allies speeding billions in aid to the beleaguered country โ and looking for other sources of cash, including Russia itself.
Finance heads urged to boost fight against food insecurity
Treasury Secretary Janet Yellen has urged world finance leaders to โget concreteโ as they look for ways to combat a looming crisis over food insecurity around the globe that Russiaโs war in Ukraine has made worse.
Yellen to see Ukraine PM, avoid Russians at global meetings
Treasury Secretary Janet Yellen plans to meet with Ukraine's prime minister during this weekโs spring meetings of the International Monetary Fund and World Bank in Washington.
Live Updates | Russia-Ukraine War
A U.N. task force is warning in a new report that Russiaโs war against Ukraine threatens to devastate the economies of many developing countries that are now facing even higher food and energy costs and increasingly difficult financial conditions.
US, allies aim to force Russia to shift money away from war
A Treasury Department official says the United States and its allies are pushing ahead with sanctions aimed at forcing Vladimir Putin to spend Russiaโs money propping up its economy rather than sustaining its โwar machineโ for the fight in Ukraine.
Treasury: Most COVID rental aid went to low-income residents
The U.S. Treasury Department has concluded that more than 80% of the billions of dollars in federal rental assistance during the pandemic went to low-income tenants.
Feds launch website for claiming part 2 of child tax credit
The White House and Treasury Department launched a revamped Child Tax Credit website meant to help people who were eligible for the expanded tax credit under last yearโs pandemic relief bill claim the second half of the payment they were due.
US sanctions Ukrainian officials accused of helping Russia
The U.S. Treasury Department says it's levying new sanctions against four Ukrainian officials, including two current members of parliament who administration officials say are part of a Russian influence effort to set the pretext for further invasion of Ukraine.
US issues sanctions, visa bans to mark Human Rights Day
The U.S. issued financial sanctions and visa bans on former and current government officials and entities in nine countries Friday โ including China, Myanmar and Russia โ as part of coordinated actions with Canada and the U.K. to coincide with International Human Rights Day.
Arizona won't stop using COVID money for anti-mask grants
Arizona Gov. Doug Ducey is defying a demand that he stop using federal coronavirus relief money to fund an education grant program that can only go to schools without mask mandates.
Treasury says it needs to modernize its economic sanctions
The Treasury Department says that the economic and financial sanctions the United States has employed over the past two decades to battle global terrorism, nuclear proliferation, drug cartels and other threats need to adapt to a rapidly changing financial world.
Arizona can't use COVID money for anti-mask grants, feds say
The Biden administration on Tuesday ordered Arizona Gov. Doug Ducey to stop using the stateโs federal pandemic funding on a pair of new education grants that can only be directed to schools without mask mandates.
Biden administration targets ransomware payment โenablersโ
The Biden administration is trying to choke the finances of criminal ransomware gangs by sanctioning a Russia-based virtual currency brokerage it says has been used by at least eight ransomware gangs to launder criminal proceeds.
Treasury Department creates office to oversee virus relief
The Treasury Department is creating a new office to supervise the disbursement of the billions of dollars in relief money passed by Congress to combat the coronavirus-related recession.
Biden names liberal econ team as pandemic threatens workers
Biden also selected Wally Adeyemo to be Yellenโs deputy, which would make him the first Black deputy treasury secretary. Rouse, Tanden and Adeyemo will all require Senate confirmation, and Tanden in particular is already drawing heavy Republican criticism. โTheyโre fairly conventional liberal economists and experts.โStill, the Biden administrationโs ambitious goals will face solid opposition from Republicans in Congress. She first made her mark in the Clinton orbit, and served as policy director for Hillary Clintonโs 2008 presidential race. Bernstein has also worked as a social worker and was an economist at the Economic Policy Institute, a labor-supported think tank.