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The Latest Breaking News from Treasury Department

Tesla hikes price of Model Y after US alters tax credit rule

Tesla has raised prices on its Model Y in the U.S., apparently due to rising demand and changes in U.S. government rules that make more versions of the small SUV eligible for tax credits

The Independent UK

What counts as an SUV? Treasury shifts definition for EV tax credits after carmaker complaints

WASHINGTON — The U.S. Treasury is changing how it defines a sport utility vehicle Friday after car companies lodged complaints that some vehicles were wrongfully being boxed out of new electric vehicle tax credits.

Tribune News Service

Treasury makes more electric SUVs eligible for tax credits

The Treasury Department said Friday it is making more electric vehicles — including SUVs made by Tesla, Ford and General Motors — eligible for tax credits of up to $7,500 under new vehicle classification definitions

The Independent UK

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U.S. sanctions board of directors of Iranian drone maker

The United States on Friday imposed sanctions on the board of directors of Iranian drone maker Paravar Pars, the U.S. Treasury Department said, adding Iranian drones were being used by Russia to attack Ukraine's critical infrastructure.

Reuters

Biden Promotes a Hummer That Doesn't Even Qualify for His Electric Vehicle Tax Credits

Biden sat in a truck that costs as much as $120,000 to promote a tax credit that only applies to electric vehicles retailing for up to $80,000.

Reason

McCarthy, Biden to meet in hopes of avoiding debt limit debacle - Roll Call

Speaker Kevin McCarthy and President Joe Biden could actually have a chance to avoid a fiscal crisis this summer.

Roll Call

Treasury to increase borrowing amid debt ceiling standoff

The Treasury Department has announced plans to increase its borrowing during the first three months of 2023

The Independent UK

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Trump used Freedom of Information Act request to slow IRS release of his taxes

Mr Trump had the authority to ask for the records during his presidency but instead used the Freedom of Information Act

The Independent UK

A federal EV program can save you thousands. How does it work and how do you apply?

Electric vehicles are typically seen as expensive cars to own. But an updated, federal tax program designed to make them more affordable could credit you up to $7,500 for purchasing a new clean vehicle.

Tribune News Service

US Sanctions Paraguay VP, Former President for Links to Hezbollah

The United States issued sanctions against Paraguay’s former President Horacio Cartes Jara and current Vice President Hugo Velázquez Moreno on Thursday, unveiling explosive accusations that they participated in widespread schemes of corruption and have ties to members of a terrorist organization. Cartes and Velázquez have been involved “in systemic corruption…

Asharq Al-Awsat

US Treasury denies Republicans’ request for Hunter Biden records

WASHINGTON — The U.S. Treasury Department refused Wednesday to provide House Republicans any suspicious activity reports it may have on foreign banking and other business transactions by Hunter Biden and other members of President Joe Biden’s family.

Tribune News Service

Manchin bill would delay tax credits for electric vehicles

Democratic Sen. Joe Manchin is moving to delay new tax credits for electric vehicles, a key feature of President Joe Biden’s landmark climate law

The Independent UK

Senator Manchin Bill Aims To Enforce $7,500 EV Tax Credit Battery Rules

Manchin was integral in getting the revamped US EV tax credit passed, and he's not happy it's being taken advantage of amid the Treasury Department's delays.

InsideEVs

US Sanctions Lebanon Money Exchanger for Alleged Ties to Hezbollah

The US Treasury said on Tuesday it was placing sanctions on Lebanese money exchanger Hassan Moukalled and his business for alleged financial ties to blacklisted group Hezbollah. Its announcement said Moukalled was a financial adviser to Iranian-backed Hezbollah, which is also designated by the United States, and carried out financial…

Asharq Al-Awsat

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Fortune

The Trillion Dollar Coin is really a thing. What you need to know about the off-the-wall solution to America's debt crisis.

As the U.S. rushes towards default, some say the Federal Reserve can use a trillion dollar (platinum or digital) coin to avert financial catastrophe. Could this work?

Al Jazeera

US joins Europe with fresh sanctions over Iran protest crackdown

US measures, taken in coordination with the EU and UK, target Iranian officials accused of suppressing demonstrations.

Tribune News Service

Treasury begins special measures to avoid breaching US debt limit

The Treasury Department is beginning the use of special measures to avoid a U.S. payments default, after the federal debt limit was reached Thursday.

Tribune News Service

Treasury taps retirement funds to avoid breaching US debt limit

The Treasury Department is beginning the use of special measures to avoid a US payments default, after the federal debt limit was reached Thursday.

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The Independent UK

Countdown in the offing for political fight over debt

The countdown toward a possible U.S. government default is in the offing

Tribune News Service

Tesla slashes prices up to 20% in broad bid to boost sales

Tesla Inc. cut prices across its lineup in the US and major European markets in the carmaker’s latest effort to stoke demand after several quarters of disappointing deliveries.

Al Jazeera

US House Republicans announce investigation into President Biden

The new Republican majority in the US House of Representatives have requested information from Twitter, Treasury Dept.

The Independent UK

Federal COVID aid OK'd to pay for roads, natural disasters

States and local governments soon will have new flexibility to spend billions of dollars of federal coronavirus relief funds on some things not directly related to the pandemic

Reuters

U.S., Turkey target financial network linked to Islamic State

The U.S. Treasury Department said on Thursday it was taking joint action with Turkey against a network it said played a key role in money management, transfer and distribution for the Islamic State militant group operating in Iraq and Syria.

Chicago Sun-Times

Releasing Trump’s tax returns sets a dangerous precedent

The decision threatens the privacy of Democrats as well as Republicans.

Reason

Democrats May Regret Compromising Taxpayer Privacy To Get Trump

The release of the former president’s tax returns sets a dangerous precedent.

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