Department of Treasury

What is the Department of Treasury?

The Department of Treasury is an executive department under the federal government of the United States, responsible for collecting taxes and paying bills, and enforcing finance and tax laws. 

It also manages currencies, government accounts, and public debts.

Back to: GOVERNMENT, THE LEGAL SYSTEM, &ADMINISTRATIVE LAW

What are the Agencies in the Department of Treasury?

The department was created in1789. 

A few of the most important agencies of the federal government are operated under this department including: 

• the Internal Revenue Service, 
• the U.S. Mint, 
• the Bureau of the Public Debt, and 
• the Alcohol and Tobacco Tax Bureau. 

The Secretary of the department monitors the international monetary and financial policy that includes foreign exchange intervention. 

The secretary is appointed by the U.S president upon the approval of the Senate. 

The department works for fostering economic prosperity and security in the country. 

It is responsible for the production of currency and disbursing them. 

It also collects money and obtains loans for running the federal government.

What is the Internal Revenue Service (IRS)?

The IRS is a bureau of the Department of Treasury and is responsible for collecting federal taxes. 

It also administers and enforces the U.S. federal tax laws. 

The IRS provides tax assistance to the taxpayers and pursues and resolves the cases of fraudulent and erroneous tax filings.

What are Treasury Bills and Bonds?

The U.S. Treasury issues bills and bonds for borrowing money for operating the federal government. 

Bills are for short-term while bonds are for a longer period. 

These bonds are a popular investment by governments, companies, and individuals across the world as these are guaranteed by the full faith and credit of the U.S. government.

References for the Department of the Treasury

• https://www.investopedia.com/terms/u/ustreasury.asp
• https://en.wikipedia.org/wiki/Internal_Revenue_Service
• http://www.businessdictionary.com/definition/Department-of-the-Treasury.html

Academic Research on the Department of Treasury

• Family businesses’ contribution to theUSeconomy: A closer look, Astrachan, J. H., & Shanker, M. C. (2003). Family business review,16(3), 211-219. According to this study, a research which led to the conclusion that a larger percentage of existing data which belongs to the family businesses economic contribution towards the development of the economy was not established on the result gotten from this empirical research. The definition used to differentiate the family business from other businesses/enterprises was termed as nonexistence and ambiguous in this paper. A paper which provides a background for studying the economic impact of family business across three important ranges and which also was defined by the rate at which family involvement influence the business was studied.
• Myths and realities: Family businesses’ contribution to theUSeconomyA framework for assessing family business statistics, Shanker, M. C., & Astrachan, J. H. (1996).family business review,9(2), 107-123. This paper gives an insight into the most acceptable family business statistics on the basis of the method adopted in defining the family business. Adopting the existing research as regards family business from diverse sources and fields, a range of figure is deduced as the sum total of all family business in the United States, employment rate and their contribution to the Gross Domestic Product (GDP). Hence, this paper studies the realities and myth as regards the family businesses contribution to the United States economy which is a case study for accessing family business statistics. 
• Do taxpayers really respond to changes in tax rates? Evidence from the 1993 tax act, Carroll, R. (1998). Office of Tax Analysis Working Paper,79. According to this paper, a question was asked and it goes thus; Do taxpayers really respond to changes in tax rates? This paper takes its question from the evidence found according to the 1993 tax act to explain the family business statistics as well as their correlation with tax policies.
• The effect of tax laws and tax administration on tax compliance: The case of theUSindividual income tax, Witte, A. D., & Woodbury, D. F. (1985). National Tax Journal, 1-13. In this paper, a model was developed to estimate the rate of tax compliance which primary aim is to specifically extrapolate the important aspect of the United States federal income tax laws which includes the multiple penalties of the non-compliance to tax policies which is defined by the amount of tax paid or owed and the progressive tax structure. However, another important aspect of this model which pertains to the economy in general and one of these important features is that the model suggests that an increase in the probability of audit as an increase in the level of information reporting and tax with-holding will likely increase compliance. Also, the effect of tax administration and compliance was also studied in this paper. 
• Determinants of bureaucratic turnover intention: Evidence from theDepartmentof theTreasury, Bertelli, A. M. (2006).Journal of Public Administration Research and Theory,17(2), 235-258. This paper uses a novels statistical strategy to test the determinant of the scope of turnover in government service. In other to statistically measure the main determinant of turnover via a functional preference, the first step according to this paper is to estimate the ordinal item response model by making use of the data gotten from the Federal Human Capital Survey. It should be noted that the inferential models of turnover aim at revealing friendship and functional solidary preference among others which are basically the important determinants of the turnover intentions but the increased accountability is connected with an increased turnover among subordinates. 
• Financial literacy explicated: The case for a clearer definition in an increasingly complex economy, Remund, D. L. (2010). Journal of consumer affairs,44(2), 276-295. This paper explains the scope of financial literacy which is one of the most important economic tools. Although this phrase financial literacy has been used by most experts such as policy officials, scholars, analysts and consumer advocates in a loosed manner to explain the concept of skills, knowledge, the motivation I other to maintain money and confidence. However, this paper explains the differing definition of financial literacy, its definitions, and measures and beseeches researchers to arrive at a common ground. Also, this paper suggests that a clearer definition which would help improve future research should be provided and asuch it will help most consumers adapt and understand life events better.
• The role of location-related factors inUSbanking involvement abroad: an empirical examination, Nigh, D., Cho, K. R., & Krishnan, S. (1986). Journal of International Business Studies,17(3), 59-72. This paper studies the role of the location-specific advantages in the banking branch involvement of the United States banks. This paper explains this process by making use of the polled time series, cross-sectional regression analysis model, it hypothesized that the United States influence on the business activities in foreign countries has a strong and positive effect on the United States branch banking activities in that country. Contrary to this belief, the local market, however, appears to have no effect whatsoever. The result gotten from this model is general hence; it applies to all countries as well as the five basic subsets. This paper also explains that the effect is rampant in less developed countries especially those in Asia. 
• USequity investment in emerging stock markets, Tesar, L. L., & Werner, I. M. (1995). The World Bank Economic Review,9(1), 109-129. This paper studies the United States equity flows to attaining stock market from 1978 to 1991 and explains three main conclusions from this concept. The first is that irrespective of the recent rise in the United States equity investment in emerging the stock market, the United States portfolio remains totally predisposed towards domestic equity. The second conclusion is that the fraction of the United States portfolio assigned to foreign equity investment and the share allocated to the emerging stock market is roughly relative to the share of the emerging stock market in the market capitalization globally. The third conclusion according to this paper explains the market volatility. Hence the United States equity investment was dissected in this paper. 
• The Rise ofUSAntidumping Activity in Historical Perspective, Irwin, D. A. (2005). World Economy,28(5), 651-668. This paper studies the recent United States antidumping experience in time past and place emphasis on the determinants of annual case filling for the past 50 years. According to this research paper, the cause of this increased number of cases in recent years shows petitions that target a number of sourced countries which explains the fall in the number of imported products since the mid-1980s. According to this paper, the number of antidumping scenarios is as a result of the rate of unemployment, import penetration as a result of the decrease in average tariffs, the exchange rate and the changes in the antidumping law in the early 1980s.
• Corporate tax integration: a view from thetreasury department, Hubbard, R. G. (1993). Journal of Economic Perspectives,7(1), 115-132. This paper explains the integration of corporate tax from a view of the treasury department. The integration of the individual and corporate income taxes is defined as any plan in which the corporate income is levied only once instead of being taxed when earned and when distributed to the shareholders as dividends. According to this study, a consensus which was explained as emerging from ongoing research both outside and within the treasury department that such integration is termed desirable was also explained in this paper.
• The determinants ofUSbanking activity abroad, Goldberg, L. G., & Johnson, D. (1990). Journal of International Money and Finance,9(2), 123-137. In this paper, the banking industry was said to provide an excellent example of the internationalization of the world economic and business interdependencies across countries. According to the analysis carried out in this paper, the past growth of the international banking operations has said to be useful to banks that are interested in supplementing their current business or banks trying to expand or their international strength as well as banks anticipating future competition from liked competitors. Hence, this paper provides the most suitable and comprehensive study of the development of the United States bank branches in other countries.