• April 21, 2015 at 1:57 PM

    U.S. Chief Technology Officer Megan Smith sends a message to the White House email list, highlighting the first-ever White House Demo Day.

    Megan Smith, Doug Rand

    This morning, U.S. Chief Technology Officer Megan Smith sent out the following message to the White House email list. The message highlights the first-ever White House Demo Day, where we're inviting a diverse group of entrepreneurs to the White House to share their ideas and stories of their individual innovation journeys.

    If you didn't get the email, make sure to sign up for email updates here. And if you want to apply to be a part of the Demo Day, or nominate someone you know, you can do that here.


    Right now, across America, people are working on big ideas. Game-changing ideas. Ideas that might sound unbelievable right now, but could become an indispensable product or service in a matter of years.

    But they might not ever get a chance to make that idea into a reality. Here's why:

    So many Americans have the grit and creativity of a world-class entrepreneur, but they lack the resources -- mentorship, networking, funding, training -- to bring their big ideas to fruition.

    We've got to change that reality. As we work to keep our lead as the best place on the planet to start and scale big, innovative ideas, we've got to make sure more startup hotbeds emerge in every corner of America, and that those underrepresented in entrepreneurship are being tapped to fully contribute their entrepreneurial talents.

    So we're looking to spur some big changes. Last week, for instance, we hosted the first-ever Tech Meetup at the White House to bring together community organizations and innovators who host weekly and monthly local innovation gatherings.

    That's why we're so excited about the first-ever White House Demo Day, focused on inclusive entrepreneurship.

    At a typical "Demo Day," entrepreneurs make pitches to prospective funders. Ours is a little different. We're inviting a diverse group of entrepreneurs from all across the country -- including those underrepresented in entrepreneurship like women and people of color -- to come here and talk about their big ideas and share the stories of their individual innovation journeys to date. These are the folks whose stories show exactly why we need to grow the pie to make sure there's opportunity for everyone in our innovation economy.

    We hope you will be one of them.

    Apply to be a part of our first-ever Demo Day here at the White House, or nominate someone you know to come participate. But do it soon, because the deadline for submissions is April 24.

    Our teams are combing through the incredible submissions so far as we speak. We can't wait to hear your story, and we hope to see you here soon.

    Thanks,

    Megan Smith and Doug Rand
    Office of Science and Technology Policy
    The White House

    Economy, Service, Social Innovation, State of the Union, Taxes, Technology
    dhudson

    This morning, U.S. Chief Technology Officer Megan Smith sent out the following message to the White House email list. The message highlights the first-ever White House Demo Day, where we're inviting a diverse group of entrepreneurs to the White House to share their ideas and stories of their individual innovation journeys.

    If you didn't get the email, make sure to sign up for email updates here. And if you want to apply to be a part of the Demo Day, or nominate someone you know, you can do that here.


    Right now, across America, people are working on big ideas. Game-changing ideas. Ideas that might sound unbelievable right now, but could become an indispensable product or service in a matter of years.

    But they might not ever get a chance to make that idea into a reality. Here's why:

    So many Americans have the grit and creativity of a world-class entrepreneur, but they lack the resources -- mentorship, networking, funding, training -- to bring their big ideas to fruition.

    We've got to change that reality. As we work to keep our lead as the best place on the planet to start and scale big, innovative ideas, we've got to make sure more startup hotbeds emerge in every corner of America, and that those underrepresented in entrepreneurship are being tapped to fully contribute their entrepreneurial talents.

    So we're looking to spur some big changes. Last week, for instance, we hosted the first-ever Tech Meetup at the White House to bring together community organizations and innovators who host weekly and monthly local innovation gatherings.

    That's why we're so excited about the first-ever White House Demo Day, focused on inclusive entrepreneurship.

  • April 15, 2015 at 10:10 AM

    Enter a few pieces of information, and the Taxpayer Receipt gives you a breakdown of how your taxes are spent on America’s priorities, like education, veteran benefits, and health care.

    atsmith

    Want to know how your federal taxes are spent?

    President Obama is keeping his promise to make sure you can easily see where your taxes are going.

    Here’s how it works: Enter a few key pieces of information, and the Taxpayer Receipt gives you a breakdown of how your taxes are spent on America’s priorities, like education, veteran benefits, and health care. This year, the tool is designed to work across devices, so you can use the tool on your phone or tablet as well as your laptop or desktop computer.

    The 2014 Taxpayer Receipt

    Enter your income tax; the total amount of federal income taxes for 2014. This amount should be on your income tax return, line 11 of Form 1040EZ or line 55 of Form 1040.


    Want more tax and budget info?

    Interested in embedding the tax receipt in your site, blog, or other platform? Select the "< / >" symbol in the tool to grab the iframe code.

    Are you a citizen developer interested in using government data or tools? Visit WhiteHouse.gov/Developers.

    And for regular updates on other exciting happenings on WhiteHouse.gov, follow us on Twitter: @WHWeb.

    Middle-Class Tax Cuts, Economy, Taxes
    atsmith

    Want to know how your federal taxes are spent?

    President Obama is keeping his promise to make sure you can easily see where your taxes are going.

    Here’s how it works: Enter a few key pieces of information, and the Taxpayer Receipt gives you a breakdown of how your taxes are spent on America’s priorities, like education, veteran benefits, and health care. This year, the tool is designed to work across devices, so you can use the tool on your phone or tablet as well as your laptop or desktop computer.

    The 2014 Taxpayer Receipt

    Taxes
  • April 10, 2015 at 3:00 PM

    The President and Vice President release their 2014 federal income tax returns.

    Josh Earnest

    Today, the President released his 2014 federal income tax returns. He and the First Lady filed their income tax returns jointly and reported adjusted gross income of $477,383. The Obamas paid $93,362 in total tax.

    The President and First Lady also reported donating $70,712 – or about 14.8 percent of their adjusted gross income – to 33 different charities. The largest reported gift to charity was $22,012 to the Fisher House Foundation. The President’s effective federal income tax rate is 19.6 percent.

    In January 2013, the President signed into law legislation that extended tax cuts to middle-class and working families and helped improve the country’s fiscal health by asking the wealthiest Americans to pay their fair share. In 2014, as a result of his policies, the President was subject to limitations in tax preferences for high-income earners, as well as additional Medicare and investment income taxes.

    While we’ve made progress in ensuring that the wealthiest Americans pay their fair share by raising their tax rate to the level it was under President Clinton, there is more work to do. We need to close special tax loopholes for millionaires and billionaires, and invest in the middle class. The tax policies proposed in the President’s Budget would make paychecks go further in covering the cost of child care, college, and a secure retirement, and would create and expand tax credits that support and reward work.

    The President and First Lady also released their Illinois income tax return and reported paying $22,640 in state income tax.

    Download the Obamas' tax returns here.

    The Vice President and Dr. Jill Biden also released their 2014 federal income tax returns, as well as state income tax returns for both Delaware and Virginia. The Bidens filed joint federal and combined Delaware income tax returns. Dr. Biden filed a separate non-resident Virginia tax return. Together, they reported adjusted gross income of $388,844. The Bidens paid $90,506 in total federal tax for 2014, amounting to an effective tax rate of 23.3%. They also paid $13,661 in Delaware income tax and Dr. Biden paid $3,777 in Virginia income tax. The Bidens contributed $7,380 to charity in 2014, including contributing the royalties received from Dr. Biden’s children’s book, net of taxes, to the United Service Organizations, Inc. (USO).

    Download the Bidens' tax returns here.

    Taxes
    dhudson

    Today, the President released his 2014 federal income tax returns. He and the First Lady filed their income tax returns jointly and reported adjusted gross income of $477,383. The Obamas paid $93,362 in total tax.

    The President and First Lady also reported donating $70,712 – or about 14.8 percent of their adjusted gross income – to 33 different charities. The largest reported gift to charity was $22,012 to the Fisher House Foundation. The President’s effective federal income tax rate is 19.6 percent.

    In January 2013, the President signed into law legislation that extended tax cuts to middle-class and working families and helped improve the country’s fiscal health by asking the wealthiest Americans to pay their fair share. In 2014, as a result of his policies, the President was subject to limitations in tax preferences for high-income earners, as well as additional Medicare and investment income taxes.

    While we’ve made progress in ensuring that the wealthiest Americans pay their fair share by raising their tax rate to the level it was under President Clinton, there is more work to do. We need to close special tax loopholes for millionaires and billionaires, and invest in the middle class. The tax policies proposed in the President’s Budget would make paychecks go further in covering the cost of child care, college, and a secure retirement, and would create and expand tax credits that support and reward work.

    The President and First Lady also released their Illinois income tax return and reported paying $22,640 in state income tax.

    Download the Obamas' tax returns here.

    The Vice President and Dr. Jill Biden also released their 2014 federal income tax returns, as well as state income tax returns for both Delaware and Virginia. The Bidens filed joint federal and combined Delaware income tax returns. Dr. Biden filed a separate non-resident Virginia tax return. Together, they reported adjusted gross income of $388,844. The Bidens paid $90,506 in total federal tax for 2014, amounting to an effective tax rate of 23.3%. They also paid $13,661 in Delaware income tax and Dr. Biden paid $3,777 in Virginia income tax. The Bidens contributed $7,380 to charity in 2014, including contributing the royalties received from Dr. Biden’s children’s book, net of taxes, to the United Service Organizations, Inc. (USO).

    Download the Bidens' tax returns here.

  • February 1, 2015 at 6:05 PM

    For the FY 2016 budget, we're releasing all of the budget data in an easy, machine-readable format on GitHub, a website for hosting open-source projects.

    Nathaniel Lubin
    nlubin

    Each year, after the President's State of the Union address, the Office of Management and Budget releases the Administration's Fiscal Year budget, offering proposals on key priorities and newly announced initiatives. This year, we did things a little differently, from our expanded and enhanced State of the Union coverage to our interview with YouTube creators -- and we wanted to do the same with the budget.

    That's why we're releasing all of the data included in this year's budget in an easy, machine-readable format on GitHub, a website for hosting open-source projects. The budget process should be a reflection of our values as a country, and we think it's important that members of the public have as many tools as possible at their disposal to review the President's proposals -- and to have an opportunity to give feedback. And, if you're motivated to create your own visualizations or products from the data, you can do that too.


    Explore the budget in a new way:

    Budget, Economy, Fiscal Responsibility, Open Government, Taxes, Technology
    astone

    Each year, after the President's State of the Union address, the Office of Management and Budget releases the Administration's Fiscal Year budget, offering proposals on key priorities and newly announced initiatives. This year, we did things a little differently, from our expanded and enhanced State of the Union coverage to our interview with YouTube creators -- and we wanted to do the same with the budget.

    That's why we're releasing all of the data included in this year's budget in an easy, machine-readable format on GitHub, a website for hosting open-source projects. The budget process should be a reflection of our values as a country, and we think it's important that members of the public have as many tools as possible at their disposal to review the President's proposals -- and to have an opportunity to give feedback. And, if you're motivated to create your own visualizations or products from the data, you can do that too.

    Economy
  • January 18, 2015 at 3:51 PM

    President Obama announced his plan to eliminate loopholes that let the wealthiest and big corporations avoid paying their fair share in taxes, and to invest those savings to help middle-class families strengthen their standing in the 21st-century economy.

    Tanya Somanader

    At the heart of America's economic resurgence stands the grit and resilience of America's middle class. It's what has fueled our economic comeback and will help ensure that all Americans -- not just a fortunate few -- benefit from the progress we've made since the Great Recession. 

    Thanks to the hard work of the American people and the policies that President Obama has pursued, we have rebuilt our economy on a foundation of what works: middle-class economics. 

    A key pillar of this foundation is ensuring a simpler, fairer tax code that invests in middle-class families. So, ahead of the State of the Union address on January 20, President Obama announced his plan to eliminate loopholes that let the wealthiest and big corporations avoid paying their fair share in taxes and invest those savings to help middle-class families strengthen their standing in the 21st-century economy.

    Here's what the President will reform: 

    • The Trust Fund Loophole: The single-largest capital gains loophole, the Trust Fund loophole lets hundreds of billions of dollars escape taxation each year. The President wants to close this loophole to ensure the wealthiest Americans pay their fair share on inherited assets.
    • The Top Capital Gains Rate: The President will return the top capital gains rate -- or the rate at which the value of a capital asset like an investment or real estate property is taxed -- back to 28 percent, the rate under President Ronald Reagan.
    • Fair Share from the Biggest Financial Firms: The President will continue to reform the way the largest financial firms do business by proposing a fee on the biggest financial firms, making it more costly for them to borrow heavily.

    Here's what the President will do with the savings from these reforms:

    • Help Working Families: The President will lay out a new $500 second-earner credit to help cover the additional costs faced by 24 million families where both spouses work.
    • Address the Cost of Child Care: The President is proposing to triple the child care tax credit to $3,000 per child under 5, which would help 5.1 million families cover child care costs for 6.7 million children.
    • Make College Accessible and Affordable: The President's plan reforms the education tax system by consolidating six overlapping education provisions into just two, and providing students up to $2,500 a year toward completing a college degree. His proposal cuts taxes for 8.5 million families and students, and simplifies taxes for the more than 25 million families and students that claim education tax benefits.
    • Help Americans Save for Retirement: The President's plan makes it easy and automatic for workers to save for retirement -- giving 30 million more workers the opportunity to easily save for retirement through their employer.

    Learn more about President Obama's plan to create a fairer tax code for working families here.

    Economy, State of the Union, Taxes, Working Families
    tsomanader

    At the heart of America's economic resurgence stands the grit and resilience of America's middle class. It's what has fueled our economic comeback and will help ensure that all Americans -- not just a fortunate few -- benefit from the progress we've made since the Great Recession. 

    Thanks to the hard work of the American people and the policies that President Obama has pursued, we have rebuilt our economy on a foundation of what works: middle-class economics. 

    A key pillar of this foundation is ensuring a simpler, fairer tax code that invests in middle-class families. So, ahead of the State of the Union address on January 20, President Obama announced his plan to eliminate loopholes that let the wealthiest and big corporations avoid paying their fair share in taxes and invest those savings to help middle-class families strengthen their standing in the 21st-century economy.

    Here's what the President will reform: 

  • December 19, 2014 at 12:34 PM

    Today, Dan Pfeiffer joined the popular blogging platform Medium, posting an op-ed that reflected on 2014 as a year of great progress for President Obama and the progressive agenda -- no matter what the critics have said.

    Lindsay Holst

    Today, Senior Advisor Dan Pfeiffer joined the new publishing platform Medium -- authoring a post that reflects on the incredible amount of progress made in 2014 despite some claims that the President had "the worst year in Washington." Moving forward, he will continue to post important highlights, insights, and reflections on the President's agenda.

    (For more posts from across the Administration, be sure to also follow President Obama and the White House on Medium, as well.)

    In today's post, he reflects on 2014 as a year of real and meaningful progress for President Obama and the progressive agenda -- no matter what the critics have said. He goes on to note a few meaningful progress points from the year:

    1. 2014 has been the strongest year of job growth since the 1990s.

    2. America's uninsured rate dropped to near-historic lows in 2014 -- In spite of the fact that this time a year ago, politicians and the press were predicting the demise of the Affordable Care Act.

    3. The President made historic progress across the board on the central global challenge of the next century: Climate change and environmental protection.

    4. President Obama's Executive Action to fix our immigration system is the most meaningful effort in decades to make the system fairer, more transparent, and more predictable.

    5. In his six years in office, the President has reshaped the federal judiciary to include more women, minorities, gays, and lesbians, so it might resemble more closely the nation it serves.

    Read the full post on Medium -- and then share it with anyone you know who might need a reminder of exactly how much got done in 2014.

    Higher Education, Jobs, College Affordability, Manufacturing, Reach Higher, Skills, Small Business, Economy, Housing, Education, Energy and Environment, Equal Pay, Foreign Policy, Health Care, Homeland Security, Immigration, Inside the White House, Middle Class Security, Taxes, Technology, Veterans, Women, Working Families
    lholst

    Today, Senior Advisor Dan Pfeiffer joined the new publishing platform Medium -- authoring a post that reflects on the incredible amount of progress made in 2014 despite some claims that the President had "the worst year in Washington." Moving forward, he will continue to post important highlights, insights, and reflections on the President's agenda.

    (For more posts from across the Administration, be sure to also follow President Obama and the White House on Medium, as well.)

    In today's post, he reflects on 2014 as a year of real and meaningful progress for President Obama and the progressive agenda -- no matter what the critics have said. He goes on to note a few meaningful progress points from the year:

    1. 2014 has been the strongest year of job growth since the 1990s.

    2. America's uninsured rate dropped to near-historic lows in 2014 -- In spite of the fact that this time a year ago, politicians and the press were predicting the demise of the Affordable Care Act.

    3. The President made historic progress across the board on the central global challenge of the next century: Climate change and environmental protection.

    4. President Obama's Executive Action to fix our immigration system is the most meaningful effort in decades to make the system fairer, more transparent, and more predictable.

    5. In his six years in office, the President has reshaped the federal judiciary to include more women, minorities, gays, and lesbians, so it might resemble more closely the nation it serves.

    Read the full post on Medium -- and then share it with anyone you know who might need a reminder of exactly how much got done in 2014.

  • December 3, 2014 at 7:52 PM

    President Obama speaks with Business Roundtable, a group of CEOs of some of the country's leading companies, at an event in Washington, D.C.

    Ezra Mechaber
    President Obama Speaks at Business Roundtable in Washington, DC (2014)

    President Barack Obama delivers remarks and participates in a Q&A during the quarterly meeting of the Business Roundtable at the Business Roundtable Headquarters in Washington, D.C., Dec. 3, 2014. (Official White House Photo by Pete Souza)

    Earlier today, President Obama spoke with Business Roundtable, a group of CEOs of some of the country's leading companies, at an event in Washington, D.C.

    The President discussed where our economy and our country stand, as well as the challenges and opportunities ahead:

    Around this time six years ago, America’s businesses were shedding about 800,000 jobs per month. Today, our businesses, including some of the most important businesses in the world that are represented here today, have created over 10.6 million new jobs; 56 months of uninterrupted job growth, which is the longest private sector job growth in our history. We just saw the best six-month period of economic growth in over a decade. For the first time in six years, the unemployment rate is under 6 percent.

    All told, the United States of America, over the last six years, has put more people back to work than Europe, Japan, and the rest of the advanced world combined. And that's a record for us to build on.

    President Obama addressed the progress still to come, identifying common-sense things we should be doing but aren't, largely because of politics or ideological gridlock — issues including infrastructure investment, tax reform, trade, and immigration reform. "I've already spoken to Speaker Boehner and Senator Mitch McConnell, and what I've said to them is that I am prepared to work with them on areas where we agree, recognizing there are going to be some areas where we just don't agree," he said.

    Before taking questions, the President also identified an area of deep concern to him domestically: "Although corporate profits are at the highest levels in 60 years, the stock market is up 150 percent, wages and incomes still haven’t gone up significantly, and certainly have not picked up the way they did in earlier generations."

    Jobs, Trade and Exports, Economy, Taxes
    emechaber
    President Obama Speaks at Business Roundtable in Washington, DC (2014)

    President Barack Obama delivers remarks and participates in a Q&A during the quarterly meeting of the Business Roundtable at the Business Roundtable Headquarters in Washington, D.C., Dec. 3, 2014. (Official White House Photo by Pete Souza)

    Earlier today, President Obama spoke with Business Roundtable, a group of CEOs of some of the country's leading companies, at an event in Washington, D.C.

    The President discussed where our economy and our country stand, as well as the challenges and opportunities ahead:

    Around this time six years ago, America’s businesses were shedding about 800,000 jobs per month. Today, our businesses, including some of the most important businesses in the world that are represented here today, have created over 10.6 million new jobs; 56 months of uninterrupted job growth, which is the longest private sector job growth in our history. We just saw the best six-month period of economic growth in over a decade. For the first time in six years, the unemployment rate is under 6 percent.

    All told, the United States of America, over the last six years, has put more people back to work than Europe, Japan, and the rest of the advanced world combined. And that's a record for us to build on.

  • November 12, 2014 at 11:23 AM

    The Internal Revenue Service's new "Get Transcript" tool allows taxpayers improved access to their own personal tax data. This innovative information service is the latest in a series of "My Data Initiatives": Federal efforts to empower Americans with easy, secure, and useful access to their personal data.

    Nick Sinai and Rajive Mathur

    “Today, I’m announcing that we’re making even more government data available, and we’re making it easier for people to find and to use. And that’s going to help launch more start-ups. It’s going to help launch more businesses… It’s going to help more entrepreneurs come up with products and services that we haven’t even imagined yet.”

    – President Obama, May 9, 2013

    Over the past few years, the Obama Administration has launched a series of Open Data Initiatives, which, for the first time in history, have released troves of valuable data that were previously hard to access in areas such as health, energy, climate, education, public safety, finance, and global development. Entrepreneurs and businesses across the Nation are using open government data to build new products and services, launch new industries, and create jobs.

    In addition to open data efforts to make public information digital and easier to find and use, the Administration has also been working to make it easier for Americans to gain access to their own data. Beginning in 2010, the Obama Administration launched a series of My Data Initiatives to empower Americans with easy, secure, and useful access to their personal data -- and to increase citizens’ access to private-sector applications and services that can be used to analyze it. As discussed in the 2014 Big Data report, the My Data Initiatives help establish a strong model for personal data accessibility that the Administration hopes will become widely adopted in the private and public sectors. The ability to access one’s personal information will be increasingly important in the future, when more aspects of life will involve data transactions between individuals, companies, and institutions.

    One of the newest My Data efforts is the IRS tool, Get Transcript. Launched in 2014, Get Transcript allows taxpayers to securely view, print, and download a PDF record of the last three years of their IRS tax account. Get Transcript has produced over 17 million so-called tax transcripts, reducing phone, mail, or in-person requests by approximately 40% from last year. Secure access to your own tax data makes it easier to demonstrate your income with prospective lenders and employers, or help with tax preparation. What was a paper-based transcript process which took multiple days has been made instantaneous and easy for the American taxpayer.

    The IRS is an agency that serves virtually every American, and runs one of the nation’s largest customer service operations. To give an idea of the size and scope of responsibilities, the Internal Revenue Service:

    • receives over 80 million phone calls per year, mostly from people eager to hear the status of their refund, understand a notice, make a payment, or update their account;
    • sends out nearly 200 million paper notices annually; and
    • receives over 50 million unique visitors to its website each month during filing season.

    Meeting this demand from citizens is a challenge with limited staff and resources. Nonetheless, the IRS is committed to improving service to citizens across all of its channels – whether it’s by phone, walk-ins, or especially its digital services.

    Building on the initial success of Get Transcript, there are more exciting improvements to IRS services in the pipeline. For instance, millions of taxpayers contact the IRS every year to ask about their tax status, whether their filing was received, if their refund was processed, or if their payment posted. In the future, taxpayers will be able to answer these types of questions independently by signing in to a mobile-friendly, personalized online account to conduct transactions and see all of their tax information in one place. Users will be able to view account history and balance, make payments or see payment status, or even authorize their tax preparer to view or make changes to their tax return. This will also include the ability to download personal tax information in an easy to use and machine-readable format so that taxpayers can share with trusted recipients if desired.

    The secure and convenient data accessibility and portability envisioned by the IRS is a goal of all of the My Data Initiatives. Other My Data Initiatives include:

    • Blue Button: The Blue Button initiative has enabled more than 150 million Americans co to securely access their health information to better manage their health care and finances. In 2010, the U.S. Department of Veterans Affairs launched the Blue Button to give veterans the ability to download their health records. Since then, more than 5.4 million veterans have used the Blue Button tool to access their personal health information.
    • Green Button: The Administration partnered with electric utilities in 2012 to create the Green Button, which provides families and business with easy access to their energy usage information in a consumer-friendly and computer-friendly format. Today, 48 utilities and electricity suppliers serving more than 59 million homes and businesses have committed to giving their customers “Green Button” access to help them save energy.
    • MyStudentData: The Department of Education launched a MyStudentData Download button to make it possible for students and borrowers to download their Federal student loan balances, grant information, or Free Application for Student Aid (FAFSA) data and use that information with third-party tools to better understand their choices when paying off student debt or choosing where to attend school. Nearly 9.4 million students and parents successfully accessed the IRS Data Retrieval Tool for the 13-14 FAFSA application cycle reducing errors and making the process simpler and easier for students and their families.

    Nick Sinai is U.S. Deputy Chief Technology Officer

    Rajive Mathur is Director, Online Services at the Internal Revenue Service

    Open Government, Taxes
    hsafford

    “Today, I’m announcing that we’re making even more government data available, and we’re making it easier for people to find and to use. And that’s going to help launch more start-ups. It’s going to help launch more businesses… It’s going to help more entrepreneurs come up with products and services that we haven’t even imagined yet.”

    – President Obama, May 9, 2013

    Over the past few years, the Obama Administration has launched a series of Open Data Initiatives, which, for the first time in history, have released troves of valuable data that were previously hard to access in areas such as health, energy, climate, education, public safety, finance, and global development. Entrepreneurs and businesses across the Nation are using open government data to build new products and services, launch new industries, and create jobs.

    In addition to open data efforts to make public information digital and easier to find and use, the Administration has also been working to make it easier for Americans to gain access to their own data. Beginning in 2010, the Obama Administration launched a series of My Data Initiatives to empower Americans with easy, secure, and useful access to their personal data -- and to increase citizens’ access to private-sector applications and services that can be used to analyze it. As discussed in the 2014 Big Data report, the My Data Initiatives help establish a strong model for personal data accessibility that the Administration hopes will become widely adopted in the private and public sectors. The ability to access one’s personal information will be increasingly important in the future, when more aspects of life will involve data transactions between individuals, companies, and institutions.

    One of the newest My Data efforts is the IRS tool, Get Transcript. Launched in 2014, Get Transcript allows taxpayers to securely view, print, and download a PDF record of the last three years of their IRS tax account. Get Transcript has produced over 17 million so-called tax transcripts, reducing phone, mail, or in-person requests by approximately 40% from last year. Secure access to your own tax data makes it easier to demonstrate your income with prospective lenders and employers, or help with tax preparation. What was a paper-based transcript process which took multiple days has been made instantaneous and easy for the American taxpayer.

    Open Government
  • September 26, 2014 at 1:00 PM

    You don’t get to pick your tax rate, and neither should corporations.

    Tanya Somanader

    A good way to build a stronger economy is to create a fairer and more efficient tax code -- one that promotes business investment and job creation in the United States. That is why the President has proposed business tax reform that will simplify the tax code by lowering the corporate tax rate and closing wasteful loopholes.

    Congress has yet to act on the President’s proposal, and in the meantime, some companies continue to exploit unfair tax loopholes. One such loophole allows U.S. corporations to undertake an "inversion," whereby a company relocates their tax residence overseas, while changing very little else about its operations or business, in order to avoid paying taxes. With a simple change of paperwork, these companies can dramatically reduce their taxes, leaving other businesses and middle-class taxpayers to pick up the tab.

    Dozens of U.S. corporations have taken advantage of the inversions loophole in recent years, and more are looking to follow suit. By renouncing their U.S. citizenship, these companies will cost our country nearly $20 billion over the next decade -- critical dollars that could be used to grow and expand the middle class.

    The Treasury Department is using its authority to take initial, targeted steps to discourage American companies from inverting by limiting the benefits they would receive from such action. You don’t get to pick your tax rate, and neither should corporations.

    Take a look at why the President has called on Congress to close the inversion tax loophole:

     

    Middle-Class Tax Cuts, Economy, Taxes
    tsomanader

    A good way to build a stronger economy is to create a fairer and more efficient tax code -- one that promotes business investment and job creation in the United States. That is why the President has proposed business tax reform that will simplify the tax code by lowering the corporate tax rate and closing wasteful loopholes.

    Congress has yet to act on the President’s proposal, and in the meantime, some companies continue to exploit unfair tax loopholes. One such loophole allows U.S. corporations to undertake an "inversion," whereby a company relocates their tax residence overseas, while changing very little else about its operations or business, in order to avoid paying taxes. With a simple change of paperwork, these companies can dramatically reduce their taxes, leaving other businesses and middle-class taxpayers to pick up the tab.

    Dozens of U.S. corporations have taken advantage of the inversions loophole in recent years, and more are looking to follow suit. By renouncing their U.S. citizenship, these companies will cost our country nearly $20 billion over the next decade -- critical dollars that could be used to grow and expand the middle class.

    The Treasury Department is using its authority to take initial, targeted steps to discourage American companies from inverting by limiting the benefits they would receive from such action. You don’t get to pick your tax rate, and neither should corporations.

    Take a look at why the President has called on Congress to close the inversion tax loophole:

     

  • September 22, 2014 at 6:43 PM

    The Treasury Department is taking action to discourage companies from taking advantage of corporate inversions – moving their tax residence overseas on paper to avoid paying their fair share in taxes here at home.

    Lindsay Holst

    Today, the Treasury Department announced that it's taking action to reduce the tax benefits of -- and, where possible, stop -- corporate tax inversions from happening.

    What's an inversion again? In short, it's a type of corporate tax deal wherein a U.S.-based multinational with operations in other countries moves the tax residence of the parent company overseas -- moving into a low-tax jurisdiction to avoid paying U.S. taxes. (Want more details? We break it down pretty thoroughly in this post.)

    The President issued the following statement today about the Treasury's action.


    America’s businesses have created 10 million jobs over the last 54 months -- the longest stretch of uninterrupted private sector job growth in our nation’s history -- and we should do everything we can as a country to build on that progress. That’s why I’ve called on Congress to lower our corporate tax rate, close wasteful loopholes, and simplify the tax code for everyone.

    While there’s no substitute for Congressional action, my Administration will act wherever we can to protect the progress the American people have worked so hard to bring about. As part of this effort, Secretary Lew briefed me today on the first steps the Treasury Department is taking to discourage companies from taking advantage of corporate inversions -- moving their tax residence overseas on paper to avoid paying their fair share in taxes here at home.


    We’ve recently seen a few large corporations announce plans to exploit this loophole, undercutting businesses that act responsibly and leaving the middle class to pay the bill, and I’m glad that Secretary Lew is exploring additional actions to help reverse this trend.


    I believe America does better when hard work pays off, responsibility is rewarded, and everyone plays by the same set of rules. In the weeks and months ahead we should do even more to bring fairness to our tax code, help our businesses create more American jobs, and expand opportunity for all.

    Small Business, Economy, Middle Class Security, Taxes, Working Families
    lholst

    Today, the Treasury Department announced that it's taking action to reduce the tax benefits of -- and, where possible, stop -- corporate tax inversions from happening.

    What's an inversion again? In short, it's a type of corporate tax deal wherein a U.S.-based multinational with operations in other countries moves the tax residence of the parent company overseas -- moving into a low-tax jurisdiction to avoid paying U.S. taxes. (Want more details? We break it down pretty thoroughly in this post.)

    The President issued the following statement today about the Treasury's action.