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U.S. Department of Treasury By Jasmine Bates Brief History The U.S. Department of Treasury was created in 1789. Alexander Hamilton was the first secretary of Treasury; he was sworn in on September 11, 1789. Dept. of Treasury’s responsibilities Their responsibility is to collect taxes and pay the countries bills. It borrows and repays money for federal government. They also print coins, money, make the postal stamps, and manage the national banks. Investigate and prosecute all counterfeiters, tax evaders, forgers, & smugglers. Advising on domestic and international financial, monetary, economic, trade & tax policy- fiscal policy. Departments within the Treasury The Department of Treasury consists of many major departments such as the following: U.S. Customs Service U.S. Secret Service Alcohol and Tax Trade Bureau (TTB) Bureau of Engraving and Printing (BEP) Bureau of the Public Debt Financial Crimes Enforcement Network (FinCEN) Financial Management Service (FMS) Internal Revenue Service (IRS) Office of the Comptroller of the Currency (OCC) Office of Thrift Supervision (OTS) The break down Current secretary: John W. Snow Budget: $11.1 billion (debt financing and tax credits account for another $357.7 billion) (2003) Employees: 116,675 (2003) Problem Taxes What has Bush done? In 2001 & 2003 President Bush released a tax relief that fueled economic growth and reduced tax rates in all classes. If he wouldn’t of done that Americans would have paid $1.3 trillion in taxes. If congress lets his relief expire in 2010 we will pay $280 billion more each year. Obama’s plan President elect Barack Obama plans on giving 95% of the working middle class and small businesses a tax cut. He wants to rebuild the economy from the bottom up. For people making over $250,000 they’ll have to give back some of their tax cuts so we can restore fairness and fix the fiscal responsibility. Health Care tax credit- making affordable health care for all Americans. Sources http//.academickids.com/encyclopedia/u/u n/united_states_department_of_the_treas ury.html Text Book www.google.com/images http://www.whitehouse.gov/president/ http://www.barackobama.com/issues/
"U.S. Department of Treasury"