Treasury Department

States that pass tax cuts to conform with recent federal tax changes won’t run afoul of a rule that says states can’t use federal stimulus funding to pay for cuts.

The Treasury and the IRS have sent out roughly 156 million payments to people, totaling roughly $372 billion.

The Internal Revenue Service plans to begin issuing Economic Impact Payments to Social Security recipients and other federal beneficiaries this weekend after weeks of delay.

President Joe Biden’s Treasury Department is calling for a “more robust minimum tax” on profits earned by American corporations overseas to remove incentives for companies to shift earnings outside U.S. borders.

The government has so far sent about 127 million stimulus payments to individuals and households.

The Biden administration said in a response to concerns raised by Republicans that state governments accepting pandemic-relief money from Washington are allowed to cut taxes, but only if they don’t use the federal aid to offset those reductions.

The Treasury Department and Internal Revenue Service have distributed more than half of the $410 billion in stimulus payments to individuals that Congress approved earlier this month.

Estate planners are keeping a close eye on the department’s agenda, anticipating the possible revival of several regulatory projects shelved by the Trump administration.

In a court filing Wednesday, the Treasury Department and the Justice Department said they were still weighing how to respond to a subpoena by House Democrats.

Treasury Secretary Janet Yellen added an international tax policy expert to her staff as the U.S. reverses a Trump-era stance over digital taxation of technology companies.