U.S. Treasury

5:57am

Thu February 20, 2014
World

Why More Americans Are Renouncing U.S. Citizenship

Originally published on Thu February 20, 2014 6:32 am

A case against the Swiss bank UBS in 2008 led Congress to create more regulations for foreign banks holding American money. Rather than comply, many banks opted to stop serving American account-holders.
Fabrice Coffrini AFP/Getty Images

A few times a year, the Treasury Department publishes a long list of names announcing all of the Americans who have lately abandoned their U.S. citizenship.

According to the legal website International Tax Blog, the number hovered around 500 a decade ago. Last year, it hit a record high of nearly 3,000.

This was not a gradual change. It was a sudden spike. It's a story of dominoes falling, one after another, leading to an unexpected outcome.

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9:28am

Thu October 3, 2013
Politics

Treasury: New Debt Ceiling Fight Could Derail Economy

Originally published on Thu October 3, 2013 1:30 pm

Treasury Secretary Jacob Lew leaves the Capitol after a visit on Thursday.
Alex Wong Getty Images

The Treasury Department is issuing a warning of dire economic consequences that could rival the Great Recession if Congress is unable to agree on raising the debt ceiling and the nation defaults on its obligations.

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12:52pm

Thu August 29, 2013
The Two-Way

IRS Will Recognize All Legal Same-Sex Marriages

Originally published on Thu August 29, 2013 1:16 pm

The U.S. Department of the Treasury and the Internal Revenue Service announced on Thursday that when it comes to federal tax purposes, same-sex couples who have legally married will be treated the same as straight married couples, no matter what state they reside in now.

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11:36am

Sun July 28, 2013
The Two-Way

Treasury Secretary: Congress Must End Uncertainty On Debt

Originally published on Sun July 28, 2013 2:15 pm

Secretary of the Treasury Jack Lew speaks during a news conference at the U.S. Department of the Treasury earlier this month.
Brendan Smialowski AFP/Getty Images

Treasury Secretary Jack Lew says the debt ceiling needs to be raised, but without another economically damaging partisan fight.

In a series of interviews on the Sunday morning political talk shows, Lew said Congress needs to lift the "cloud of uncertainty" over the nation's finances and raise the limit before it fully expires on Sept. 30.

"The fight over the debt limit in 2011 hurt the economy, even though, in the end, we saw an extension of the debt limit," the secretary said on NBC's Meet The Press.

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12:44pm

Wed July 3, 2013
Shots - Health News

Delay For Insurance Mandate Pleases Businesses

Originally published on Wed July 3, 2013 2:07 pm

President Obama talked up the Affordable Care Act in San Jose, Calif., in June. Now, the administration has said a key provision affecting businesses won't take effect until 2015.
Evan Vucci AP

The Obama administration's decision late Tuesday to postpone the requirement for employers with 50 or more workers to offer health coverage or risk fines has satisfied some key members of the coalition that supported the law.

But the one-year reprieve also raises new questions about the administration's ability to get the huge health law up and running in an orderly fashion. The deadline for the new health exchanges to begin enrolling individuals is Oct. 1.

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