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Makes Key Investments to Spur Economic Development,
Strengthen Federal Financial Accountability, and Protect National
Treasury Proposes Increases to Tax Enforcement and
Compliance and Identifies $382 Million in FY2014 Savings
“The President’s Budget puts our nation on a fiscally
responsible path by shrinking our deficits in a balanced way and making targeted
investments to grow our economy that are fully paid for. As part of that
comprehensive strategy, Treasury is carrying out its mission more efficiently
and at a lower cost to the taxpayer, while taking critical steps to strengthen
the recovery, restore confidence in the financial system, bolster the housing
market and meet our international obligations,” said Treasury Secretary Jacob J.
WASHINGTON – Today, Treasury Secretary
Jacob J. Lew highlighted key components of the Treasury Department’s Fiscal Year
2014 Budget that will help support the Obama Administration’s comprehensive
efforts to strengthen economic growth, create new jobs, and make government more
efficient and accountable.
Investing in Economic Development and Job Creation
Treasury Budget request makes key investments that will help spur economic
growth and job creation.
FY2014 Budget provides $225 million for the Community Development Financial
Institutions (CDFI) Fund, which promotes economic development investments in
underserved and distressed communities. Of the total request, $35 million for
the Healthy Food Financing Initiative will support increased availability of
affordable, healthy food alternatives in underserved communities.
Budget includes $10 million to ensure proper oversight and administration of the
Gulf Coast Restoration Trust Fund and related RESTORE Act
President’s Budget also seeks to boost near-term growth; incentivize investment
in infrastructure; provide permanent middle-class tax relief; add balance to
deficit reduction by asking the most fortunate Americans to contribute; level
the playing field through revenue-neutral business tax reform; encourage onshore
investments in manufacturing and insourced jobs; cut taxes for small businesses;
and limit incentives for shifting income and assets overseas. Additional details
on these growth policies are available in the Treasury “Greenbook”.
Improving Efficiency, Reducing Taxpayer Costs,
Treasury’s request includes substantial investments in
improved taxpayer service, enforcement, and in technology at IRS, which will
drive efficiencies now and in the future. The tax enforcement and compliance
increases which will yield $32.7 billion in net revenue to reduce the deficit
over the next 10 years are proposed to be funded through a multi-year program
integrity cap adjustment.
Overall, the Treasury Budget request proposes operating
efficiencies, such as space consolidation and infrastructure savings, as well as
program reductions that would reduce taxpayer costs by $382 million in FY2014
and produce additional ongoing savings in future years.
savings build on a number of steps that the Department has taken during the last
three years to improve efficiency and reduce taxpayer costs,
IRS proposes $255 million in savings by reducing staff due to the increase usage
of e-File, streamlining IT operational requirements, optimizing leased space,
and achieving administrative efficiencies.
budget proposes $49 million in savings from ongoing efforts to reduce costs
through moving to paperless transactions and consolidating functions such as
information technology management in the Fiscal Service.
Treasury Departmental Office proposes $14 million in savings by improving
efficiencies and reducing positions.
Beginning in FY 2011, Treasury is saving $500 million
over a five-year period as a result of paperless initiatives, including greater
use of electronic payments, collections, and bond issuance. Switching these
programs to on-line platforms increase convenience, security, reliability, and
accuracy as well as reducing government costs.
FY2014 Budget request for Treasury’s operating bureaus – excluding the Internal
Revenue Service (IRS) and the Treasury Forfeiture Fund (TEOAF) – is 2.3 percent
below the FY 2012 enacted level and 8 percent below the FY 2009 enacted budget.
Additionally, Treasury’s request includes funding for
initiatives that are critical to full and effective IRS implementation of the
Affordable Care Act, which is projected to lower the deficit by more than $1
trillion over the next two decades.
Protecting our National Security
FY2014 Budget requests $2.9 billion for Treasury’s International Programs, which
provide a cost effective means to strengthen our national security, support the
next generation of export markets, and address key global challenges like
environmental degradation and food insecurity, while fostering private sector
development and entrepreneurship. These funds will also help preserve U.S.
leadership in international financial institutions.
Budget also includes a proposal to fulfill the United States commitment to
implementing the 2010 IMF quota reform, agreed to by the G20 leaders in Seoul.
Implementing the quota reform will enable the U.S. to preserve its leadership in
the IMF without a new financial commitment to the IMF.