Treasury DepartmentVerified account

Communities across the country -especially rural communities & communities of color- need quick access to capital & credit to keep building towards a strong recovery out of the pandemic. @TreasuryDepSec met with @ICBA yesterday to discuss. More here: https://home.treasury.gov/news/press-releases/jy0194 …

.@NewEco4Women is an econ development corporation created & operated by Latina women. @TreasuryDepSec received a tour of Tierra del Sol affordable housing community, located in the Canoga Park area of LA & met with tenants and landlords to discuss experiences participating in ERA

Treasury will continue to rapidly distribute ERA funds in the coming months to help keep families in their homes. If you need rental assistance or want more info, visit: https://home.treasury.gov/policy-issues/coronavirus/assistance-for-state-local-and-tribal-governments/emergency-rental-assistance-program ….

Almost 12 million Americans lack confidence they can make next month’s rent. Evictions can have long-lasting consequences for families—disrupting school, worsening health, displacing neighborhood networks of support, & making it difficult to find affordable housing in the future

A part of the #AmericanRescuePlan, this $21.6 billion ERA program was allocated to prevent evictions and ensure basic housing security for millions of Americans impacted by the affordable housing challenges exacerbated by COVID-19.

Nearly 7 million Americans reported being behind on rent in the 2nd half of April, & +40% of those renters worry that they could be evicted sometime soon. In response, Treasury has disbursed $6.1 billion through the Emergency Rental Assistance (ERA) program in less than 2 weeks.

Looking for rental assistance? Check out Treasury's new Emergency Rental Assistance hub and find information for tenants and landlords in most states, territories, and Tribal communities. https://home.treasury.gov/policy-issues/coronavirus/assistance-for-state-local-and-tribal-governments/emergency-rental-assistance-program/program-index …

"Achieving net zero emissions will require transformational investments in our energy sector & the broader economy, & the global financial sector will be a crucial player, helping channel capital into investments that green our society." Read more here: https://home.treasury.gov/news/press-releases/jy0190 …https://twitter.com/SecYellen/status/1395520116339662848 …

We must create an environment in which countries work together to maintain our tax bases and ensure the global tax system is equitable and equipped to meet the needs of the 21st century global economy. More about Treasury global min tax meetings today: https://home.treasury.gov/news/press-releases/jy0189 …

A global corporate minimum tax rate would ensure the global economy thrives based on a more level playing field in the taxation of multinational corporations. It would spur innovation, growth, & prosperity while improving fairness for middle class & working people.

Closing the tax gap is about fairness, leveling the playing field, and creating better opportunity for long-term investment in American families. Read the full American Families Plan’s Tax Compliance Agenda here: https://home.treasury.gov/news/press-releases/jy0188 …

These measures are part of @POTUS's recent proposals in the American Families Plan. Experts estimate that these compliance initiatives would raise $700 billion in additional tax revenue over the next decade, revenue that can be used to investment in American children & families.

Today, we released a report on tax compliance measures to improve efficiency, raise revenue, & build a more equitable tax system. The proposal prioritizes improving taxpayer service & the experience of Americans as they navigate the tax system, as well as stopping tax evasion.

A top cause of the tax gap is insufficient resources. Budget cuts over the past decade have cut IRS capacity to address sophisticated tax evasion efforts. Over this period, audit rates for taxpayers making over $1 million in income have fallen by almost 80%.

A recent study found that the top 1% failed to report 20% of their income and failed to pay nearly $175 billion in taxes owed annually. Unpaid taxes come at a cost to American households, compliant taxpayers, and our communities.

Nearly $600 billion of taxes went unpaid in 2019. The number will rise to about $7 trillion over the next decade if unaddressed—roughly equal to 15% of taxes owed. And we know that noncompliance is concentrated at the top of the wealth distribution.

Treasury is committed to ensuring these resources are disbursed as quickly as possible to eligible state, territorial, metropolitan city, county, and Tribal governments to assist communities as they recover from the pandemic.

These funds are being used to: Support public health expenditures Address negative economic impacts caused by the pandemic Aid the communities & populations hardest hit by the crisis Provide premium pay for essential workers Invest in water, sewer, & broadband & more!