#US Department of the Treasury

[nationallawreview]

Proposed Disregarded Payment Loss Rules Create Traps for the Unwary

Be wary: The US Department of the Treasury’s proposed disregarded payment loss (DPL) regulations lay surprising new traps for multinational taxpayers – and those ensnared are unlikely to see what’s coming. Under the proposed regulations, disregarded payments from a foreign disregarded entity to its domestic corporate parent can give rise to a US income inclusion without any offsetting…

[gracie-bird]

On the eye of her departure for Monaco to wed her Prince Rainier, Grace Kelly was presented with a silver medal and citation by the US Treasury Department for her work on behalf of the US Savings Bonds program in New York on March 30, 1956. She is shown with the medal, which was formally presented by John R. Buckley, director of the Treasury's Savings Bonds division.

*Photo by Frank Jurkoski via eBay and restored by @gracie-bird

[euginemicah]

US appeals court halts enforcement of anti-money laundering law

A U.S. appeals court has halted enforcement of an anti-money laundering law that requires corporate entities to disclose the identities of their real beneficial owners to the U.S. Treasury Department ahead of a deadline for most companies to do so. The New Orleans-based 5th U.S. Circuit Court of Appeals reinstated late Thursday a nationwide injunction that had been issued this month by a federal…

[intelligentchristianlady]

tl;dr:

“[T]ariffs can’t be inflationary because if the price of one thing goes up, unless you give people more money, then they have less money to spend on the other thing, so there is no inflation.

“The inflation comes through either increasing the money supply or increasing the government spending, and that’s what happened under Biden.”

Scott Bessent is a hedge fund manager who does not realize that "prices going up" is the definition of inflation.

[whatstheusgovernmentdoing]

11/13/24 and 11/14/24 - White House

President Biden met with President-elect Donald Trump yesterday and Press Secretary Karine Jean-Pierre held a press briefing. Today President Biden will be visiting Lima, the capital of the Republic of Peru

Department of the Treasury: The OFAC has sanctioned Abdel Rahman Joma'a Barakallah for role in the violence against civilians in Sudan, and the Al-Qatirji Company, a Syrian company generating money for the IRGC-QF.

Department of Justice: Ukrainian smuggler Stanislav Ramanyuk has been sentenced to 33 months in prison - Idaho hacker Robert Purbeck, who stole the information of 132,000 people, has been sentenced to 10 years in prison

Department of Agriculture: $1B put towards clean energy for rural America

Department of Commerce: The EDA's "Good Jobs Challenge" has gotten employment for over 12,000 Americans

[siliconpalms]

U.S. Treasury to Launch $46 Billion Buyback Program: Aiming for Enhanced Market Liquidity

In a significant move set to impact the financial markets, the U.S. Treasury is gearing up to launch a $46 billion buyback program for government securities starting tomorrow. This initiative, which will run through the end of October, aims to manage the supply of bonds in the market and enhance overall market liquidity. While this move is expected to stabilize market conditions, it also raises…

[chronomally]

If you want to go down a history rabbit hole Google "1933 double eagle coin" and "Weitzman Specimen"

[xtruss]

“Hegemonic, War Criminal, Conspirator and Genocidal US” Targets One-Third of All Countries on Earth with Some Form of Sanctions

Washington (Sputnik) — The United States is the all-round champion in the number of sanctions imposed on its adversaries and rivals, with one-third of all countries on Earth subject to some sort of restrictions, according to a new analysis by the Washington Post published on Thursday.

Starting in the 1990s, successive US administrations have made economic punitive measures and economic warfare the main instrument of their foreign policy, which all too often are ineffective and backfire, the analysis said.

Decades-long sanctions on North Korea for instance have failed to dissuade Pyongyang from advancing its weapons programs and developing intercontinental ballistic missile capabilities, the analysis said.

Jeffrey Sachs, Professor of Columbia University: US Sanctions Against Russia and China Destined to Fail!

Some Excerpts:

"When it comes to Russia, the idea that this would be some kind of a 'knockout blow' for the conflict in Ukraine was utterly naive and predictably a failure," Renowned Economist and Columbia University Professor Jeffrey Sachs told Sputnik. "But I think the Russian economy also was clearly vastly underestimated. And what the West gets wrong on all aspects of the Ukraine crisis is that the World is not united with the West. The West is just a small part of the world. Most of the World wants to stay clear of this crisis."

"Well, clearly, Russia has a lot of resilience because it has a vast food production base," Sachs said. "It has a vast mineral base, it has a vast industrial base. The assumption in the West was that it did not have a high-tech base. So as was said by the German foreign minister, I believe, Russia would be scrounging washing machines imported from Germany to get the chips for its military capacity. These kinds of absurdities were part of the mythology, and Russia's high-tech capacities were clearly constantly neglected and discounted. Russia obviously has a very sophisticated digital industry, and that's both for civilian and for military purposes."

"All of this is to say that there are two dimensions to this question about whether Western sanctions will destroy Russia's long-term growth. One is that it completely overestimates the US chokehold on cutting-edge technologies and underestimates Russia's indigenous capacities, as well as those of its partners. And second, it completely misjudges the scale of the so-called US-led alliance, which is now smaller than the group that Russia firmly belongs to, BRICS+. And even beyond BRICS+ most of the developing world and emerging market economies just are going to continue to have normal relations with Russia, though they will find the US secondary sanctions and threats and cajoling uncomfortable. But they don't want to succumb to a US determined and dominated order."

"Let me just say, if you've been around long enough as I have, you see this kind of, again, wish fulfillment writing come in waves," Sachs said. "In the 1990s, we had articles, for example, by Paul Krugman on The Myth of the East Asian Miracles, I think was the title, but basically saying, 'Look, there's nothing there to East Asia's rise, there's nothing there to China's rise. China's going to collapse, an authoritarian or totalitarian state can't succeed. It's all a house of cards. It's all going to crumble.' This comes in waves. What's funny for me this time is that last year was 'China's the great threat to the world, taking over the world!' Suddenly the narrative changed. 'China's in collapse!' And as soon as the narrative changed, every columnist, including many I'm sure there who have never been to China, started writing articles about the Chinese collapse and the Chinese failure and the end of the Chinese economy. It's all nonsense, basically. It's just nonsense."

Professor Jeffrey Sachs, Columbia University

"There is an active policy to break China's growth," Sachs said. "The US denies this. The US says, no, no, no, no, no. We just want to prevent a few technologies getting into the hands of the Chinese military. Nonsense. One reads, really, the US's approach and you can find it in many, many places. It is that 'China's a threat and we have to stop China's rise'. We have to find ways to create an international system that is unfavorable to China's continued rise. One part of that is the controls on technology exports to China, which we've discussed. Another part is basically more intensively closing down the US market to China's exports."

"So to sum it all up, the US is aiming to stop China's growth the same way that it aimed to crimp Japan's growth at the end of the 1980s, in the early 1990s, and the same way that it worked overtime to halt any kind of economic progress in the Soviet Union. China, of all of those cases, has both the internal capacities, orientation and the geopolitics to surmount the US challenge," Sachs underscored.

"Well, I think certainly there is a huge boomerang effect of these sanctions. Europe is the biggest loser of the sanctions, this is for sure, because Russia's low-cost production, both of primary energy certainly, but also of fertilizers and many other commodity-based manufactured goods going to Europe are now going to China and going to the rest of Asia. And Europe is in outright recession," said Sachs.

"And as Russia therefore turns to the broader BRICS world and the rest of the world, it's those countries that benefit from these linkages," the professor continued. "And it's Europe that is absolutely left behind. One of those beneficiaries is China. Clearly. Because China is a crowded, densely populated economy with natural resources, but on a per capita basis, relatively low. So it's very complementary with Russia. Add in the common shared high-tech element, and that's an added benefit of this increasingly strong relationship between China and Russia on the economic side, because there is a lot of technology transfer that can go in both directions. Add in the building of infrastructure across Eurasia, connecting Russia and China in a number of ways. That also is of great strength."

The US sanctions on Nicaragua and Cuba have proved completely ineffective in removing the respective administrations of Daniel Ortega and Fidel Castro (now Miguel Diaz-Canel).

While the United States at present imposes three times more sanctions than any other country or international body, the overuse of such restrictive measures is increasingly recognized at the highest levels of the US government, the analysis said.

The Biden administration has never been able to say "no" to the temptation of the power of sanctions and the apparent ease of their application, as Treasury Department staffers have had to shelve their drafts on the restructuring of the sanctions system and give way to new economically suffocating measures.

The thousands of sanctions have made lobbyists and former US officials richer due to the billions of dollars paid by foreign countries and oligarchs to help them safely navigate the changing geopolitical and economic environment, the analysis added.

Between February 2022 and January 2024 alone, the United States imposed sanctions on more than 16,000 individuals, over 9,000 companies, and more than 3,200 institutions from Russia, making the country the most sanctioned one in the World.

Russia Will Recover, ‘Not Disappear’ Due to Sanctions - US Investor Jim Rogers!, June 30, 2024

"Russia is not going to disappear. There have been sanctions against Russia in history, there will be again. There have been sanctions against everybody in history. Russia will recover," Rogers said.

"If any country has a lot of sanctions against it, they would hurt the country for a while. So, Russia is going to have to deal with the fact that there are many sanctions against it," Rogers said.

"Russia is finding a way to get around the sanctions. But this always happens whenever somebody imposes sanctions. Many people try to find a way to get around the sanctions and they do," Rogers said.

"I can remember when Americans wouldn't even talk to Russians. And the Russians wouldn't talk to Americans. That will change again," he said. "Russia is a huge country, America is too. Of course, there will be communication and trade again someday. There always has been and there always will be after the war."

[nationallawreview]

Application of New Mental Health Parity Rules to Provider Network Composition and Reimbursement: Perspective and Analysis

On September 23, 2024, the U.S. Departments of Labor, the Treasury, and Health and Human Services (collectively, the “Departments��) released final rules (the “Final Rules”) that implement requirements under the Mental Health Parity and Addiction Equity Act (MHPAEA). The primary focus of the Final Rules is to implement new statutory requirements under the Consolidated Appropriations Act of 2021,…

[harrelltut]

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[batboyblog]

Things Biden and the Democrats did, this week #24

June 21-28 2024

The US Surgeon General declared for the first time ever, firearm violence a public health crisis. The nation's top doctor recommended the banning of assault weapons and large-capacity magazines, the introduce universal background checks for purchasing guns, regulate the industry, pass laws that would restrict their use in public spaces and penalize people who fail to safely store their weapons. President Trump dismissed Surgeon General Dr. Vivek Murthy in 2017 in part for his criticism of guns before his time in government, he was renominated for his post by President Biden in 2021. While the Surgeon General's reconstructions aren't binding a similar report on the risks of smoking in 1964 was the start of a national shift toward regulation of tobacco.

Vice-President Harris announced the first grants to be awarded through a ground breaking program to remove barriers to building more housing. Under President Biden more housing units are under construction than at any time in the last 50 years. Vice President Harris was announcing 85 million dollars in grants giving to communities in 21 states through the  Pathways to Removing Obstacles to Housing (PRO) program. The administration plans another 100 million in PRO grants at the end of the summer and has requested 100 million more for next year. The Treasury also announced it'll moved 100 million of left over Covid funds toward housing. All of this is part of plans to build 2 million affordable housing units and invest $258 billion in housing overall.

President Biden pardoned all former US service members convicted under the US Military's ban on gay sex. The pardon is believed to cover 2,000 veterans convicted of "consensual sodomy". Consensual sodomy was banned and a felony offense under the Uniform Code of Justice from 1951 till 2013. The Pardon will wipe clean those felony records and allow veterans to apply to change their discharge status.

The Department of Transportation announced $1.8 Billion in new infrastructure building across all 50 states, 4 territories and Washington DC. The program focuses on smaller, often community-oriented projects that span jurisdictions. This award saw a number of projects focused on climate and energy, like $25 million to help repair damage caused by permafrost melting amid higher temperatures in Alaska, or $23 million to help electrify the Downeast bus fleet in Maine.

The Department of Energy announced $2.7 billion to support domestic sources of nuclear fuel. The Biden administration hopes to build up America's domestic nuclear fuel to allow for greater stability and lower costs. Currently Russia is the world's top exporter of enriched uranium, supplying 24% of US nuclear fuel.

The Department of Interior awarded $127 million to 6 states to help clean up legacy pollution from orphaned oil and gas wells. The funding will help cap 600 wells in Alaska, Arizona, Indiana, New York and Ohio. So far thanks to administration efforts over 7,000 orphaned wells across the country have been capped, reduced approximately 11,530 metric tons of carbon dioxide equivalent emissions

HUD announced $469 million to help remove dangerous lead from older homes. This program will focus on helping homeowners particularly low income ones remove lead paint and replace lead pipes in homes built before 1978. This represents one of the largest investments by the federal government to help private homeowners deal with a health and safety hazard.

Bonus: President Biden's efforts to forgive more student debt through his administration's SAVE plan hit a snag this week when federal courts in Kansas and Missouri blocked elements the Administration also suffered a set back at the Supreme Court as its efforts to regular smog causing pollution was rejected by the conservative majority in a 5-4 ruling that saw Amy Coney Barrett join the 3 liberals against the conservatives. This week's legal setbacks underline the importance of courts and the ability to nominate judges and Justices over the next 4 years.

[revdrjamesjshowersjr]

Thank you St. Jude Society

Thank you to the St. Jude Society for standing with me in Prayer. May the Almighty Creator, Guide, Direct, Protect, and illuminate the Pathway of the Claritans. Thank you as well to Father Brummell. Blessings to the Monks, Nuns and of course yourself. May the Almighty Grant overflowing blessings to you and the monastics.

Jamie

Rev. Dr. James Jacob Showers Jr.

[timesofocean]

Microsoft to pay $3.3M to resolve violations of US export controls, sanctions

New Post has been published on https://www.timesoftehran.com/microsoft-to-pay-3-3m-to-resolve-violations-of-us-sanctions/

Microsoft to pay $3.3M to resolve violations of US export controls, sanctions

New York (The Times Groupe)- U.S.-based multinational technology corporation Microsoft is imposed a total of $3.3 million in civil penalties for its alleged and apparent violations of US export controls and sanctions laws, Treasury and Commerce departments said Thursday in a joint statement. ofac bis

According to the statement, Microsoft self-disclosed the alleged violations to the Commerce Department’s Bureau of Industry and Security (BIS) and the Treasury Department’s Office of Foreign Assets Control (OFAC).

It added that the tech firm cooperated with the joint investigation conducted by BIS and OFAC, and took remedial measures after discovering the conduct at issue, which predated the export controls and sanctions imposed in connection with Russia’s ongoing war in Ukraine.

While BIS imposed an administrative penalty of more than $600,000 on Microsoft involving its subsidiary Microsoft Rus LLC, or Microsoft Russia, the company also settled with OFAC and agreed to an almost $3 million civil penalty to resolve 1,339 violations of sanctions regulations involving Ukraine/Russia, Cuba, Iran, and Syria.

Microsoft was given a $276,000 credit by BIS, contingent upon Microsoft fulfilling its requirements under the OFAC settlement agreement, according to the statement.

“U.S. companies will be held accountable for the activities of their foreign subsidiaries,” said Assistant Secretary for Export Enforcement Matthew S. Axelrod. “As this coordinated resolution demonstrates, BIS and OFAC will work together to ensure that U.S. export control and sanctions laws are enforced effectively, wherever in the world the underlying conduct occurs.”

Employees of Microsoft Russia caused another Microsoft subsidiary to enter into or sell software licensing agreements that would allow the transfer or access to software on seven occasions between December 2016, and December 2017, said the Treasury.

OFAC Director Andrea Gacki said Microsoft’s case underscores the risks technology companies may face when engaging through foreign subsidiaries, distributors, and resellers.

[follow-up-news]

The IRS plans to end a major tax loophole for wealthy taxpayers that could raise more than $50 billion in revenue over the next decade, the U.S. Treasury Department says. The proposed rule and guidance announced Monday includes plans to essentially stop “partnership basis shifting” — a process by which a business or person can move assets among a series of related parties to avoid paying taxes. Biden administration officials said after evaluating the practice that there are no economic grounds for these transactions, with Deputy Treasury Secretary Wally Adeyemo calling it “really just a shell game.” The officials said the additional IRS funding provided through the 2022 Inflation Reduction Act had enabled increased oversight and greater awareness of the practice. “These tax shelters allow wealthy taxpayers to avoid paying what they owe,” IRS commissioner Danny Werfel said. Due to previous years of underfunding, the IRS had cut back on the auditing of wealthy individuals and the shifting of assets among partnerships and companies became common. The IRS says filings for large pass-through businesses used for the type of tax avoidance in the guidance increased 70% from 174,100 in 2010 to 297,400 in 2019. However, audit rates for these businesses fell from 3.8% to 0.1% in the same time frame. Treasury said in a statement announcing the new guidance that there is an estimated $160 billion gap between what the top 1% of earners likely owe in taxes and what they pay.