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Annual Plan Fiscal Year 2020
Annual Plan Fiscal Year 2020 OIG-CA-20-008 Office of Inspector General Department of the Treasury Foreword This annual plan outlines the fiscal year (FY) 2020 Department of the Treasury (Treasury or the Department) Office of Inspector General (OIG) audit and investigative priorities. The planned work focuses on Treasury’s major initiatives and challenges, and takes into consideration OIG’s Strategic Plan for Fiscal Years 2018–2022. As this plan illustrates, we have prioritized our resources to provide oversight of the most significant and highest-risk Treasury programs and operations across our jurisdictional boundaries. For FY 2020, our oversight efforts will place top priority on: (1) operating in an uncertain environment; (2) cyber threats, (3) anti- money laundering/terrorist financing and Bank Secrecy Act enforcement, (4) efforts to promote spending transparency and to prevent and detect improper payments, and (5) information technology acquisition and project management. Areas of emphasis for FY 2020 include oversight mandated by law such as the Inspector General Act of 1978, as amended, the Government Management Reform Act of 1994, the Federal Information Security Modernization Act of 2014, the Federal Deposit Insurance Act, and the Improper Payments Elimination and Recovery Act of 2010. Additionally, we will continue to perform audit work related to Treasury’s responsibilities under the Digital Accountability and Transparency Act of 2014. The projects described in this plan address areas of known and emerging risk and vulnerabilities. As in the past, we encourage Department and bureau management to use this plan for areas of self-assessment. October 2019 Treasury Office of Inspector General Annual Plan—Fiscal Year 2020 i This page intentionally left blank. -
A Guide to Statistics on Historical Trends in Income Inequality by Chad Stone, Danilo Trisi, Arloc Sherman, and Jennifer Beltrán
Updated January 13, 2020 A Guide to Statistics on Historical Trends in Income Inequality By Chad Stone, Danilo Trisi, Arloc Sherman, and Jennifer Beltrán The broad facts of income inequality over the past seven decades are easily summarized: • The years from the end of World War II into the 1970s were ones of substantial economic growth and broadly shared prosperity. o Incomes grew rapidly and at roughly the same rate up and down the income ladder, roughly doubling in inflation-adjusted terms between the late 1940s and early 1970s. o The gap between those high up the income ladder and those on the middle and lower rungs — while substantial — did not change much during this period. • Beginning in the 1970s, economic growth slowed and the income gap widened. o Income growth for households in the middle and lower parts of the distribution slowed sharply, while incomes at the top continued to grow strongly. o The concentration of income at the very top of the distribution rose to levels last seen nearly a century ago, during the “Roaring Twenties.” • Wealth — the value of a household’s property and financial assets, minus the value of its debts — is much more highly concentrated than income. The best survey data show that the share of wealth held by the top 1 percent rose from 30 percent in 1989 to 39 percent in 2016, while the share held by the bottom 90 percent fell from 33 percent to 23 percent. Data from a variety of sources contribute to this broad picture of strong growth and shared prosperity for the early postwar period, followed by slower growth and growing inequality since the 1970s. -
Income, Expenditures, Poverty, and Wealth
Section 13 Income, Expenditures, Poverty, and Wealth This section presents data on gross periodically conducts the Survey of domestic product (GDP), gross national Consumer Finances, which presents finan- product (GNP), national and personal cial information on family assets and net income, saving and investment, money worth. The most recent survey is available income, poverty, and national and at <http://www.federalreserve.gov/pubs personal wealth. The data on income and /oss/oss2/scfindex.html>. Detailed infor- expenditures measure two aspects of the mation on personal wealth is published U.S. economy. One aspect relates to the periodically by the Internal Revenue National Income and Product Accounts Service (IRS) in SOI Bulletin. (NIPA), a summation reflecting the entire complex of the nation’s economic income National income and product— and output and the interaction of its GDP is the total output of goods and major components; the other relates to services produced by labor and prop- the distribution of money income to erty located in the United States, valued families and individuals or consumer at market prices. GDP can be viewed in income. terms of the expenditure categories that comprise its major components: The primary source for data on GDP, GNP, personal consumption expenditures, national and personal income, gross gross private domestic investment, net saving and investment, and fixed assets exports of goods and services, and gov- and consumer durables is the Survey of ernment consumption expenditures and Current Business, published monthly by gross investment. The goods and services the Bureau of Economic Analysis (BEA). included are largely those bought for final A comprehensive revision to the NIPA use (excluding illegal transactions) in the was released beginning in July 2009. -
DEPARTMENT of the TREASURY DEPARTMENTAL OFFICES 68.00 Spending Authority from Offsetting Collec- Tions—Nonfederal
DEPARTMENT OF THE TREASURY DEPARTMENTAL OFFICES 68.00 Spending authority from offsetting collec- tionsÐNonfederal ........................................ ................... 7,402 2,035 Federal Funds 68.90 Spending authority from offsetting collections (total) ........................................................... 41,581 37,011 10,173 General and special funds: SALARIES AND EXPENSES Relation of obligations to outlays: 71.00 Total obligations ............................................................ 151,107 149,736 130,581 For necessary expenses of the Departmental Offices including oper- Obligated balance, start of year: ation and maintenance of the Treasury Building and Annex; hire 72.10 Receivables from other government accounts .......... ±10,722 ±9,111 ±3,217 of passenger motor vehicles; maintenance, repairs, and improvements 72.40 Unpaid obligations: Treasury balance ...................... 17,508 24,011 24,011 of, and purchase of commercial insurance policies for, real properties Obligated balance, end of year: leased or owned overseas, when necessary for the performance of 74.10 Receivables from other government accounts .......... 9,111 3,217 919 74.40 Unpaid obligations: Treasury balance ...................... ±24,011 ±24,011 ±24,011 official business; not to exceed $2,900,000 for official travel expenses; 77.00 Adjustments in expired accounts .................................. ±744 ................... ................... not to exceed ø$3,101,000¿ $2,950,000 to remain available until øSep- 78.00 Adjustments in unexpired -
The State Nation's Housing 2018
JOINT CENTER FOR HOUSING STUDIES OF HARVARD UNIVERSITY THE STATE OF THE NATION’S HOUSING 2018 STATE OF THE NATION’S HOUSING REPORTS 1988–2018 CONTENTS Executive Summary 1 JOINT CENTER FOR HOUSING STUDIES The Joint Center for Housing Studies of Harvard University advances Housing Markets 7 OF HARVARD UNIVERSITY understanding of housing issues and informs policy. Through its research, education, and public outreach programs, the center helps leaders in government, business, and the civic sectors make decisions that effectively Demographic Drivers 13 HARVARD GRADUATE SCHOOL OF DESIGN address the needs of cities and communities. Through graduate and executive HARVARD KENNEDY SCHOOL courses, as well as fellowships and internship opportunities, the Joint Center Homeownership 19 also trains and inspires the next generation of housing leaders. Rental Housing 25 Principal funding for this report was provided by the Ford Foundation and the Policy Advisory Board of the Joint Center for Housing Studies. STAFF POSTDOCTORAL FELLOWS FELLOWS Additional support was provided by: Whitney Airgood-Obrycki Hyojung Lee Barbara Alexander Housing Challenges 30 Matthew Arck √ Kristin Perkins Frank Anton AARP Foundation Kermit Baker William Apgar Additional Resources 37 Federal Home Loan Banks STUDENTS James Chaknis Michael Berman Housing Assistance Council Katie Gourley Kerry Donahue Rachel Bratt MBA’s Research Institute for Housing America Jill Schmidt Angela Flynn Michael Carliner National Association of Home Builders Donald Taylor-Patterson Riordan Frost Kent -
Final Monthly Treasury Statement Receipts and Outlays of the United States Government for Fiscal Year 2020 Through September 30, 2020, and Other Periods
U.S. DEPARTMENT OF THE TREASURY | BUREAU OF THE FISCAL SERVICE Final Monthly Treasury Statement Receipts and Outlays of the United States Government For Fiscal Year 2020 Through September 30, 2020, and Other Periods Highlight This issue includes the final budget results for Fiscal Year 2020 and details a deficit of $3,132 billion, $2,147 billion (218%) higher than in FY 2019. For the first six-months of the fiscal year, the deficit was $52 billion (8%) higher than the comparable six-months in FY 2019. As a result of economic impacts of the COVID-19 pandemic and legislative and other actions taken in response to it, the deficit increased by $2,095 billion (715%) during the second half of the year. Contents Summary.................................................................................................................................................................... Page 5 Receipts...................................................................................................................................................................... Page 10 Outlays........................................................................................................................................................................ Page 11 Means of Financing.................................................................................................................................................... Page 25 Receipts/Outlays by Month........................................................................................................................................ -
IRS Statistics of Income, Census Current Population Survey, and BLS Consumer Expenditure Survey Eric L
A Comparison of Income Concepts: IRS Statistics of Income, Census Current Population Survey, and BLS Consumer Expenditure Survey Eric L. Henry and Charles D. Day, Internal Revenue Service everal Federal Government agencies produce tionnaire is administered at the household level, with statistics on individual and household income. information being collected for each person living in the SBecause of the differing purposes to which their household over age 15 [4]. data will be put, agencies use different definitions for income (income concepts), as well as different reporting BLS conducts the CE. It is the “basic source of data units, sample designs, collection modes, and process- for revising the items and weights in the market basket ing rules. Data users are faced with an array of choices, of consumer purchases to be priced for the Consumer often without much help to sort out which data series Price Index.” It consists of two components, a quarterly best meets their needs or much guidance to reconcile interview survey and a weekly diary survey. The CE results based on different sources of data. targets the entire noninstitutionalized population of the United States [5]. In order to help users, a number of papers have been written comparing the Census Bureau’s Current SOI Individual taxpayer data are an administrative Population Survey (CPS) Money Income and Survey of data set. The data are collected from a sample of Forms Income and Program Participation concepts, the Bureau 1040 filed by individual taxpayers [6]. The target popula- of Labor Statistics (BLS) Consumer Expenditure Survey tion is all individuals required to file a tax return. -
Monthly Treasury Statement Receipts and Outlays of the United States Government for Fiscal Year 2021 Through February 28, 2021, and Other Periods
U.S. DEPARTMENT OF THE TREASURY | BUREAU OF THE FISCAL SERVICE Monthly Treasury Statement Receipts and Outlays of the United States Government For Fiscal Year 2021 Through February 28, 2021, and Other Periods Highlight February has been a deficit month 55 times out of 67 fiscal years as February is the first full month of the annual individual tax filing season and generally contains elevated individual tax refund levels, while also not containing a major corporate or individual tax due date. Individual refunds were lower by $45 billion (-70%) this February as the tax season opened on February 12 this year compared with January 27 last year. Contents Summary.................................................................................................................................................................... Page 5 Receipts...................................................................................................................................................................... Page 10 Outlays........................................................................................................................................................................ Page 11 Means of Financing.................................................................................................................................................... Page 25 Receipts/Outlays by Month......................................................................................................................................... Page 35 Federal Trust -
Message from the Secretary of the Treasury Dear Member: in the Fiscal Year (FY) 2018 Budget Blueprint, the President Challenged
Message from the Secretary of the Treasury Dear Member: In the Fiscal Year (FY) 2018 Budget Blueprint, the President challenged every agency to realize greater efficiencies and savings in order to contribute to the priorities promised to the American people. I am proud to submit a budget that achieves this goal. The FY 2018 President's Budget requests $11.2 billion for Treasury's operating bureaus and $1.5 billion for our International Programs. Consistent with the Administration's priorities, Treasury's request prioritizes national security and cyber security programs while requiring nearly every other program to find savings through efficiencies. The Budget funds core tax administration functions at the Internal Revenue Service (IRS), and promotes modernizing and securing legacy systems and platforms for interacting with taxpayers. IRS will utilize technology, training, and internal efficiencies to achieve a two percent reduction. The Budget also eliminates funding for Community Development Financial Institutions (CDFI) Fund grants, a savings of $210 million from the FY 2017 continuing resolution level. The CDFI Fund was created more than 20 years ago to jump-start a now mature industry in which private institutions have ready access to the capital needed to extend credit and provide financial services to underserved communities. As directed in the Executive Order on Core Principles for Regulating the United States Financial System, I am conducting a thorough review of the extent to which existing laws, regulations, and other Government policies promote (or inhibit) the Administration's priorities for financial regulation. The President's Budget includes $35 billion in savings to be realized through reforms that protect taxpayers and reverse burdensome regulations that hinder financial innovation and reduce access to credit for hardworking American families. -
Department of the Treasury
DEPARTMENT OF THE TREASURY DEPARTMENTAL OFFICES Change in obligated balance: Unpaid obligations: Federal Funds 3000 Unpaid obligations, brought forward, Oct 1 .......................... 89 91 70 3010 New obligations, unexpired accounts .................................... 327 331 214 SALARIES AND EXPENSES 3011 Obligations ("upward adjustments"), expired accounts ........ 7 ................. ................. For necessary expenses of the Departmental Offices including operation and 3020 Outlays (gross) ...................................................................... –318 –352 –256 3040 Recoveries of prior year unpaid obligations, unexpired ......... –1 ................. ................. maintenance of the Treasury Building and Freedman's Bank Building; hire of pas- 3041 Recoveries of prior year unpaid obligations, expired ............. –13 ................. ................. senger motor vehicles; maintenance, repairs, and improvements of, and purchase of commercial insurance policies for, real properties leased or owned overseas, 3050 Unpaid obligations, end of year ................................................. 91 70 28 Uncollected payments: when necessary for the performance of official business; executive direction program 3060 Uncollected pymts, Fed sources, brought forward, Oct 1 ........ –35 –32 –32 activities; international affairs and economic policy activities; domestic finance and 3070 Change in uncollected pymts, Fed sources, unexpired .......... –21 ................. ................. tax policy activities, including -
Listing of Omb Agency/Bureau and Treasury Codes
APPENDIX C—LISTING OF OMB AGENCY/BUREAU AND TREASURY CODES APPENDIX C—LISTING OF OMB AGENCY/BUREAU AND TREASURY CODES In the MAX system, OMB assigns and uses agency and bureau codes, which are associated with agency and bureau titles that are published in the Budget. The following table lists these codes in budget order. It also provides the corresponding 2-digit Treasury agency and the 3-digit Common Government-wide Accounting Classification (CGAC) agency codes assigned by Treasury. The CGAC codes allow Treasury and agencies to use a unique code for each agency. With the long-standing 2-digit codes, there were many cases (see Treasury agency codes 48 and 95) where numerous agencies shared the same 2-digit agency code. In some instances, a different Treasury agency code may be used for some accounts in an agency; a complete listing can be found in the Master Accounts Title (MAT) file on the budget season reports page. (See section 79.2 for additional information on account identification codes.) OMB Codes Treasury CGAC Agency Agency Bureau Agency Agency Codes Code1 Legislative Branch Senate ................................................................................................... 001 05 00 000 House of Representatives ..................................................................... 001 10 00 000 Joint Items ............................................................................................ 001 11 00 000 Capitol Police ....................................................................................... 001 13 -
2013 Federal Program Inventory
United States Department of the Treasury Fiscal Year 2013 Federal Program Inventory May 2013 This page was intentionally left blank 1 Table of Contents Introduction ......................................................................................................................................6 Approach ...........................................................................................................................................6 1. Departmental Offices ..............................................................................................................7 1.1. Executive Direction ....................................................................................................................... 7 1.2. International Affairs and Economic Policy .................................................................................... 7 1.3. Domestic Finance and Tax Policy .................................................................................................. 7 1.4. Terrorism and Financial ................................................................................................................ 7 1.5. Treasury-wide Management and Programs ................................................................................. 8 1.6. Treasury Forfeiture Fund .............................................................................................................. 8 1.7. Terrorism Risk Insurance Program ................................................................................................ 8 1.8.