(dot) Gov: The Treasury, The IRS, And America's Money

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4.4 • 4.3K Ratings

🗓️ 14 January 2025

⏱️ 35 minutes

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Summary

It's the country's least favorite federal agency. Especially around this time of year.

The Internal Revenue Service is responsible for collecting America's taxes and administering tax laws. Which means it draws a lot of ire from our nation's citizens. But the work it does is vital to funding federal agencies, services, programs, and much more.

In the same vein, the Department of the Treasury is responsible for managing federal finances. The public probably best knows it for its influence on interest rates.

We discuss how the agencies work together and how their employees work for the country.

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Transcript

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0:00.0	The Indicator is a podcast where Daily Economic News is about what matters to you.
0:04.5	Workers have been feeling the sting of inflation.
0:06.5	So as a new administration promises action on the cost of living, taxes, and home prices,
0:11.3	the S&P 500 biggest post-election day spike ever,
0:14.5	follow all the big changes and what they mean for you.
0:17.1	Make America affordable again.
0:20.4	Listen to The Indicator, the Daily Economics podcast from NPR.
0:27.8	The work of the Treasury and its largest agency, the Internal Revenue Service, are essential
0:36.2	to the functioning of the U.S. government,
0:38.4	so much so that the Treasury was one of the original three departments created by the founding
0:42.6	fathers, alongside what we now know as the Departments of State and Defense.
0:47.0	The Treasury is tasked with collecting taxes and managing the federal government's finances.
0:51.8	Without it, none of the other agencies could run.
0:55.5	But President-elect Donald Trump has promised to, quote, dismantle government bureaucracy by slashing the federal
1:00.5	workforce. His advisor on that work, Elon Musk, has suggested deleting the IRS, as has Trump's
1:06.7	nominee to run the agency, former Republican Congressman Billy Long. So what does it all mean,
1:12.4	not just for federal workers, but for the work they do for the country? I'm Jen White. You're listening
1:17.5	to the 1A podcast where we get to the heart of the story. Today as part of our series.gov, we're
1:23.4	exploring those questions and more. Stay with us. We've got a lot to get into.
1:37.1	What's in store for the music, TV, and film industries for 2025? We don't know,
1:42.7	but we're making some fun, bold predictions for the new year. Listen now to the Pop Culture Happy Hour podcast from NPR.
1:47.0	Let's meet our Treasury experts. Joining us in studio in Washington, D.C. is Richard
	...

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