Last quote by Jack Lew
Jack Lew quotes
I think when the rule is studied, it will be clear that this is meant to get at egregious tax behavior, not at normal business practices.
In the absence of congressional action, however, it is Treasury's responsibility to use our authority to protect the tax base.
We have taken a series of actions to make it harder for large foreign multinational companies to avoid paying U.S. taxes and reduce the incentives for U.S. companies to shift income and operations overseas. Such tax avoidance practices are wrong and should be stopped.
We must not close ourselves off to the world, but rather redouble our commitment to ensuring shared growth.
In general, we've seen exchange rates behaving in a stable way globally responding to macro-economic movements.
There are more tools that could be used to help stimulate global growth.
Based on our own experience, it takes some time to find out why such movements occur.
From China to Canada ... we are seeing more willingness.
I continued to press for all tools to sustain growth.
We have been clear that Europe has not done as much as the U.S. and sometimes doing more is better.
We need to use all the policies that we have.
Being part of the SDR basket at the IMF is quite a ways away from being a global reserve currency.
To accelerate the process of sharing tax data on Argentine residents in the United States, Treasury and Argentina?s tax agency will immediately begin assessing Argentina?s preparedness to receive such information and to explore steps to expedite the process.
We're not seeing problems arising in the market where funding needs can't be met.
We have been monitoring the flow of funds and I don't think the impact we've seen is as dramatic as what you're describing.
The pattern of behavior that we've seen here is something that needs to stop. It is not acceptable to do things that are designed to increase either individual or firm bottom lines by deceiving customers or passing along charges that are either invisible or they don't know about.
I have not dissected any of the campaign proposals. I'm not doing politics in my current life.
This ought to be a moment where people stop and remember how dangerous the system is when you don't have the proper protections in place. This is a wake-up call and should remind all of us that culture and compensation make a difference. How you reward people, how you motivate people and what values you hold people to matters.
How that flows through in terms of next consequences is going to depend on the facts of the case.
The TPP on its face should be a clear plus. And we're going to continue making that case.
We have to show that the benefits of growth get to working people, globally.
The combination of the relatively high U.S. corporate rate, our complicated system for taxing multinational businesses, and our aging infrastructure has encouraged and facilitated the erosion of our tax base and made America a less attractive place to do business.
North Korea is an enormous challenge and we will do everything we can to keep the pressure on them. We will continue to sharpen financial tools as we can. The goal is to change the (North Korean nuclear weapons) policy.
I think sanctions have effectively cut North Korea off from the global economy.
We've seen no sign of a change in policy.
He saw Europe's effort as "an attempt to reach in to the U.S. tax base to tax income that ought to be taxed by the United States.
There are very real concerns about globalization and technology, but the answer cannot be to close ourselves off.
We think that it undermines the environment in Europe for international business because it creates uncertainty that ultimately will not be good for the European economy.
Overall, the general sense was that the outlook remains uncertain. There is now broad consensus that what the global economy needs is growth – not austerity – and the discussions here have focused on how best to achieve that outcome.
I don't think this is a moment that calls for the kind of coordinated action that occurred during the Great Recession in 2008 and 2009. It really is a moment where we each need to do what we can to ensure that where growth is soft it gets stronger and that prospects for the medium- and long-term are improved.
The fact that we are sitting here now in July and the world is not worried about an immediate crisis in Greece is a good thing. But it does not mean that the issue is once and for all resolved and that is what the discussion in the coming months I think will need to be about.
The council will remove a designation when that company no longer poses risks to U.S. financial stability. When it identifies a company that could threaten financial stability, it acts; when those risks change, the council also acts.
The fact that this works and it gives Puerto Rico the ability to move forward is just an overwhelming reason to pass this in a timeframe that prevents the descent into chaos.
Any separate negotiation with the U.K. will have to take a course in part determined by what happens between the U.K. and EU. So it is, I think, very much in the interest of all parties to maintain open trade relationships. The U.S. and the UK have a special, deep relationship that will continue.
There's no question that this is an additional headwind, but I think that it is something that we can manage through and Europe and the UK can manage through.
We have resilience built into our economy, but we're not cut off from the world.
It's been an orderly impact so far.
The U.S. and the U.K. have a special, deep relationship that will continue. I think TPP is profoundly in the interest of American workers and the U.S. economy. It would promote a level playing field. I think it would be a big mistake [now] to step away from the world.
We respect the decision of the voters in the U.K. and will work closely with London, Brussels and our international partners to ensure continued economic stability, security and prosperity in Europe and globally.
The ability to do RMB transactions in the United States will be a real advantage, to small firms in particular and to large businesses that are not financial businesses. It will make it easier, it will make it cheaper.
Our two governments have a responsibility to foster conditions that facilitate continued and increased investment, trade, and commercial cooperation.
Excess capacity has a distorting and damaging effect on global markets. Implementing policies to substantially reduce production in a range of sectors suffering from overcapacity, including steel and aluminum, is critical to the function and stability of international markets.
The United States stands ready to advance the ongoing bilateral investment treaty negotiations provided that China is prepared to move forward in negotiating a high-standard and mutually beneficial agreement.
Excess capacity ultimately is corrosive of an economy's efficiency. It means you have misallocation of resources, it means that ultimately, the only way to clear the market is to sell things at a price that is below what the world market price would otherwise be.
China's intervention in the last year has not been to devalue but it's been largely to support the RMB. I think the test of whether China's moved decisively in an orderly way to a more market-oriented exchange rate is whether they're willing to tolerate movement in both directions.
Over the past few days, I have emphasized the importance of reaffirming our exchange rate commitments, including our agreement to consult closely with one another and to refrain from competitive devaluation.
Obviously Japan has to make its own judgment on the course to take. But the critical consideration has to be not to put drag on the economy.
That doesn't mean all debt is equal. We've never said the pensions should be made senior to all debt, but there does have to be a balancing and at the end of the day you're going to have to have a functioning economy. That's why an oversight board ought to have the discretion to make the trade-off decisions.
There has been progress. This is a good-faith effort to try and resolve the differences. There are pressures on Congress that every time they move in the right direction, pull it back a bit. This is not going to be a solution that anyone thinks is perfect.
This is the alternative to a bailout. We have been very clear that it's not one size fits all. We understand that there is constitutional protected debt, we understand there are secured and unsecured creditors. We understand where pensions fit in the hierarchy without any legislation.
We did this the old fashioned way, we said we were going to listen to the American people and we did. We heard a lot of commentary that a woman should be on the $20, not the $10.
We need to act to deal with tax shelters and the problem of international tax system permitting havens to develop.
Japan should deploy a flexible fiscal policy in the near term that provides a supportive fiscal impulse, while accelerating the implementation of structural reforms, including labour market reforms and opening the service sector to increased competition.
Tax evasion and tax avoidance hurt government budgets, reduce the equity of our tax systems and hinder global growth.
In addition, we are about to propose a regulation that would require the beneficial owners of single-member limited liability companies to identify themselves to the Internal Revenue Service, thus closing a loophole that some have been able to exploit.
They are viewed even by some of our closest allies as extra-territorial attempts to apply U.S. foreign policy to the rest of the world.
Today's steps build on the actions of the last 15 months as we continue to break down economic barriers, empower the Cuban people and advance their financial freedoms, and chart a new course in US-Cuba relations.
In order to assist the 3.5 million Americans living in Puerto Rico, Congress must pass legislation for the president to sign into law by the end of March.
I want to be clear: I am not seeking a hand-out for Puerto Rico, but rather a hand-up. I am not asking for special treatment, but rather for equitable treatment.
Today's announcement takes us one step closer to replacing out-of-date policies that were not working and puts in place a policy that helps promote political and economic freedom for the Cuban people.
The purpose is to make it clear to Russia that they need to step back.
This important chapter in our nation's history is now closed.
We also need to continue to work together to reduce barriers to trade and investment between our two countries, because greater trade and investment will be good for both of our economies.