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11846_2010-2014

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93 Funding Highlights: ã Supports the Administration’s new Financial Stability Plan, as well as fnancial regulatory reform efforts and the effective, transparent governance of the Troubled Assets Relief Program and its successors. ã Expands funding for effective Internal Revenue Service (IRS) enforcement and invests in high return-on-investment activities that generate improved compliance and fairness in the application of tax laws. ã Improves the responsiveness
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  93 Funding Highlights: ã Supports the Administration’s new Financial Stability Plan, as well as nancial regulatory reform efforts and the effective, transparent governance of the Troubled Assets Relief Program and its successors. ã Expands funding for effective Internal Revenue Service (IRS) enforcement and invests in high return-on-investment activities that generate improved compliance and fairness in the application of tax laws.ã Improves the responsiveness and efciency of taxpayer services to improve the accuracy of taxpayer ling and the quality of taxpayers’ experience when they interact with the IRS.ã Expands job-creating investments and access to credit in disadvantaged communities by doubling funding for the Community Development Financial Institutions Fund. The Department of the Treasury promotes the economic prosperity and financial security of the United States. Treasury operates 13 bu-reaus with a vast array of activities that are critical to the core functions of government, including collecting revenue and disbursing payments, managing Federal finances, and protecting the financial system from threats. Treasury also plays a key role in modernizing the American financial regulatory system and ensuring effective, transparent administration of programs designed to revive and strengthen the economy. Supports the New Financial Stabil-ity Plan and the Administration of the Troubled Assets Relief Program (TARP). The Budget supports the Administration’s new Financial Stability Plan as well as the management of the TARP, emphasizing effec-tive, transparent, and accountable program management. In addition, as discussed in the main text of this document, the President’s Budget includes a $250 billion contingent reserve for further efforts to stabilize the financial system. (The reserve, which reflects a net cost to the Gov-ernment, would support $750 billion in asset purchases.) The existence of this reserve in the Budget does not represent a specific request. Rather as events warrant, the Administration will work with the Congress to determine the appropriate size and shape of such efforts, and as more information becomes available the  Administration will define an estimate of po-tential costs. Collects Taxes Owed Here and Abroad. The scope, complexity, and sheer magnitude of the international financial system pose sig-nificant enforcement challenges for the IRS in carrying out its tax administration respon-sibilities. The 2010 Budget includes funding for a robust portfolio of IRS international tax DEPARTMENT OF THE TREASURY  2010  94  A NEW ERA OF RESPONSIBILITY compliance initiatives, and sustains and im-proves IRS efforts to narrow the annual tax gap of over $300 billion. Enhances IRS Services to Taxpayers. The Administration will pursue plans to im-prove the quality of taxpayers’ experience when they interact with the IRS. This strategy in-cludes improving relationships with critical third-party stakeholders, such as tax preparers,  volunteers and practitioners, as well as enhanc-ing electronic filing capabilities. The end goal envisions an IRS that correctly answers a tax-payer’s question the first time asked, through the most efficient and taxpayer-friendly means. Expands Lending in Disadvantaged Communities. The Budget expands lend-ing in underserved neighborhoods by doubling funding for the Community Development Fi-nancial Institutions (CDFI) Fund. Through merit-based grant programs, the CDFI Fund helps locally based financial institutions offer small business, consumer and home loans in communities and populations that lack access to affordable credit. 2006 2007 2008 2009 2010024681012141618 Actuals, including emergenciesProjections Discretionary budget authority in billions of dollars 11.4 11.512.213.312.7 Department of the Treasury In addition, the Recovery Act  includes $0.3 billion. 2010  113 The Department of the Treasury is a leader in the President’s efforts to promote the economic prosperity and financial security of the United States. Treasury operations are critical to the core functions of government, including collect-ing over $2.3 trillion in revenue and disbursing over $2.3 trillion in payments, managing Fed-eral finances, and protecting the financial sys-tem from threats. Treasury also plays a key role in modernizing the American financial regula-tory framework and ensuring effective, trans-parent administration of programs designed to strengthen the economy. Supports the Administration’s Reform of Financial Regulation and Consumer Protection. In June 2009, the Administration proposed comprehensive financial reform legis-lation designed to create a robust financial regu-latory system that could help prevent future eco-nomic crises. The proposal includes changes to improve the safety and soundness of the financial sector, especially large and interconnected firms, and creates a new Government entity respon-sible for monitoring financial businesses and practices that impact consumers directly. Funding Highlights: ã Includes resources to implement the Administration’s proposal to reform financial regulation including a new agency to protect consumers, and increases the security and convenience of Federal payment and collection transactions. ã Manages responsibly Troubled Asset Relief Program (TARP) investments to protect taxpayer interests while winding down extraordinary market interventions. ã Provides $250 million to expand job-creating investments and access to credit in disadvantaged communities through the Community Development Financial Institutions Fund. ã Invests over $8 billion in the Internal Revenue Service’s enforcement and modernization programs, while continuing to drive innovation and responsiveness in taxpayer services. The Budget supports significant new revenue-generating initiatives that will target critical areas of non-compliance, and enhances a multi-year modernization strategy that will deliver a vastly improved IRS within the next five years. ã Supports the capacity of the Department to respond to future economic challenges by expanding Treasury’s finance and tax policy resources. This increased analytical capability will also fund the Administration’s plan to strengthen oversight of financial institutions and markets so that the system is safer for consumers and investors. DEPARTMENT OF THE TREASURY  2011  114 DEPARTMENT OF THE TREASURY  Redirects TARP to Small Businesses and Homeowners . The Budget continues to sup-port activities authorized under the Emergency Economic Stability Act of 2008 and the Housing and Economic Recovery Act of 2008 that help sta-bilize the financial system and restart markets critical to financing American households and businesses, through new and existing investment agreements with financial institutions including banks, servicers, insurance companies, and the Government-Sponsored Enterprises Fannie Mae and Freddie Mac. New TARP agreements will be directed toward assisting homeowners threat-ened with foreclosure and small businesses need-ing access to affordable credit. The Budget em-phasizes effective, transparent, and accountable management of the TARP. Over the past year, financial markets have rebounded faster than ex-pected, and as a result the Budget reflects a sig-nificantly lower cost and volume of TARP asset purchases than previously estimated. Supports Lending in Low-Income Communities.  The Budget supports the avail-ability of affordable financing in low-income communities by providing targeted support to Community Development Financial Institu-tions throughout the Nation. The $250 million in financial support will help these local finan-cial institutions offer affordable loans to small businesses, consumers, nonprofit developers, and home buyers in communities that lack access to affordable credit. These resources will also be coordinated with resources in other agencies to support the Administration’s place-based initia-tives. New initiatives will expand financing for access to healthy foods and access to financial ser- vices in underserved communities. Supporting the Department’s efforts to improve protections for consumers of complicated financial products, Treasury will continue its work to improve finan-cial literacy, especially among youth and young adult populations. Treasury along with its part-ners, will work to improve access to financial ser- vices for America’s unbanked and underbanked, building upon findings from its multi-year com-munity financial access pilot, which concludes in 2010. Improves Services to Taxpayers. The Ad-ministration will improve the quality of IRS ser- vices to taxpayers, providing for a better tax fil-ing experience. The Budget provides additional resources for high-quality phone service so that taxpayers’ questions are answered quickly and correctly. A top priority of the IRS is to promptly and correctly answer a taxpayer’s question the first time asked, through the most efficient and taxpayer-friendly means. The IRS will also work to improve interactions between taxpayers and tax preparation service providers through a new targeted strategy, and will further enhance elec-tronic filing capabilities through increased avail-ability of electronic forms and improved informa-tion technology infrastructure. Streamlines Internal Processes to Deliver Tax Fairness while Targeting Waste and Fraud. The Budget supports the IRS’ continued progress in reducing the tax gap through fair, robust, and equal application of the tax laws—including new revenue-generating enforcement initiatives that will increase recovery of tax debts by nearly $2 billion a year once the initiatives are fully mature in 2013. This set of initiatives will be balanced with an increased focus on IRS mod-ernization, for which the Budget makes a signifi-cant commitment through nearly $200 million in targeted investments in the IRS’ new core tax-payer database and processing platform. Once complete, this modernized system will i mprove both the taxpayer experience through, for exam-ple, enhanced service capabilities such as more individualized self-service offerings, as well as the IRS’ operational effectiveness, creating a more responsive, nimble organization. The Bud-get also includes a set of innovative legislative proposals to improve the fairness, effectiveness and efficiency of tax administration, which will also narrow the tax gap.  Achieves New Savings Through Common-sense Reforms.  The Budget will increase col-lections of delinquent debt owed to the Federal Government, as well as child support payments through States, expand the use of electronic payment and collection transactions, and propose other cross-cutting initiatives that are expected 2011

11734_1980-1984

Jul 26, 2017

11843_1975-1979

Jul 26, 2017
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