The Role of the US Department of Treasury

US Department of Treasury pic

US Department of Treasury
Image: treasury.gov

Michael Mundaca brings years of experience in tax policy to his current position as codirector of the national tax department and America’s tax center at Ernst & Young LLP. In addition to his experience with EY, Michael Mundaca spent several years working within the United States Department of Treasury at the appointment of President Obama as the assistant treasury secretary for tax policy, reporting to Treasury Secretary Timothy Geithner.

The United States Department of Treasury is the executive agency responsible for promoting economic stability and ensuring the financial security of the United States. It is responsible for a wide range of activities such as advising the President on economic and financial issues and encouraging sustainable economic growth.

The Department operates and maintains systems that are critical to the nation’s financial infrastructure, such as the production of coin and currency, the disbursement of payments to the American public, revenue collection, and the borrowing of funds necessary to run the federal government. Its duties include advising on national and international financial, tax, and trade policies, collecting taxes, and investigating and prosecuting tax evaders.

The head of the department is the United States Secretary of the Treasury. The secretary is appointed by the president with the advise and consent of the senate.

Recommended Amendments to Section 143

US Department of the Treasury Image: en.wikipedia.org

US Department of the Treasury
Image: en.wikipedia.org

 

Michael Mundaca serves as co-leader of the National Tax Department and the Americas Tax Center at EY. Prior to his current position, Michael Mundaca honed his expertise at the US Department of the Treasury, where he was the assistant treasury secretary for tax policy.

Each year, the US Department of the Treasury publishes the Greenbook, a supplementary document to the Administration’s budget revenue proposals. The 2017 Greenbook offers a general explanation of the business tax reform, middle class and pro-work updates, retirement and health benefit plans amendments, upper-income tax benefits changes, and loophole closers. Additionally, the document addresses simplification of the tax system.