TREASURY EQUITY PLAN REPORTS PROGRESS

Treasury equity plan reports progress. Even though the tax filing season is over, Treasury and the IRS will continue gathering feedback as part of efforts over the past year to make the tax system more equitable and fair, according to Treasury’s Equity Action Plan: One Year Progress Report. The report documents the department’s participation in the Biden administration’s policy initiative outlined in January 2021 by an Executive Order on Advancing Racial Equity and Support for Underserved Communities through Federal Government. Each federal department and agency was ordered to recognize and work to redress inequalities in its policies and programs that hinder equal opportunity. The order called for reports from each agency in one year, with plans to address barriers to full and equal participation in government programs and agency procurement and contracting. Treasury equity plan reports progress.

The executive order also calls for more and better data o federal programs operation and effects in terms of race, ethnicity, gender, and other characteristics, which the Treasury report specifically identifies as a goal. Treasury reported on five areas of equity action under its purview, of which one was to ensure the tax system promotes a fair economy and that all Americans receive benefits for which they are eligible. In discussing potential barriers to equity in taxation, Treasury said its Office of Policy has been working on developing reliable models for gathering taxpayer demographic data and analyzing its implications for tax policy and administration. “Because data on race and ethnicity are not collected as part of the tax system, OTP is working with agencies across the Federal Government to pursue several approaches simultaneously”, the report stated.

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