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Senate Leaders Speak After Government Shuts Down

Recent Episodes in U.S. & Politics U.S. & Politics 2:05 Senate Leaders Speak After Government Shuts Down U.S. & Politics 0:53 Trump Talks About the Wall During the Campaign U.S. & Politics 2:00 Aziz Ansari and the #MeToo Debate Donald Trump 2:15 Kirstjen Nielsen Grilled on Trump’s Words Donald Trump 0:17 President Trump: ‘I’m Not a Racist’ Donald Trump 1:45 Racist or Not? How TV News Reacted to Trump’s Comment U.S. […]

Asia and Australia Edition: North Korea, California, Kodak: Your Thursday Briefing

NYT

Read the rest here: Asia and Australia Edition: North Korea, California, Kodak: Your Thursday Briefing

A Boat. A Rickshaw. A Funeral. Four Days With a Rohingya Family in Exile.

Recent Episodes in Times Documentaries Times Documentaries 13:17 A Boat. A Rickshaw. A Funeral […]

Glowing Auras and ‘Black Money’: The Pentagon’s Mysterious U.F.O. Program

Officials with the program have also studied videos of encounters between unknown objects and American military aircraft — including one released in August of a whitish oval object, about the size of a commercial plane, chased by two Navy F/A-18F fighter jets from the aircraft carrier Nimitz off the coast of San Diego in 2004.Mr. Reid, who retired from Congress this year, said he was proud of the program. “I’m not embarrassed or ashamed or sorry I got this thing going,” Mr. Reid said in a recent interview in Nevada. “I think it’s one of the good things I did in my congressional service […]

Asia and Australia Edition: Jerusalem, Winter Olympics, Yemen: Your Wednesday Briefing

#briefing-market-module.interactive-embedded .interactive-caption { display: none; } Market Snapshot View Full Overview In the News Photo Credit Ventura County Fire Department, via European Pressphoto Agency • An “out-of-control” wildfire in Southern California destroyed 150 structures, many of them homes, and forced tens of thousands of people to evacuate. [The New York Times] • The top U.N. human rights official said Myanmar’s security forces may be guilty of genocide against the Rohingya minority. [The New York Times] Continue reading the main story • Airline crews reported seeing what appeared to be the North Korean missile launched last week […]

The Paradise Papers: After a Tax Crackdown, Apple Found a New Shelter for Its Profits

Seeking ‘the Holy Grail’Since the mid-1990s, multinationals based in the United States have increasingly shifted profits into offshore tax havens. Indeed, a tiny handful of jurisdictions — mostly Bermuda, Ireland, Luxembourg and the Netherlands — now account for 63 percent of all profits that American multinational companies claim to earn overseas, according to an analysis by Gabriel Zucman, an assistant professor of economics at the University of California, Berkeley. Those destinations hold far less than 1 percent of the world’s population.Continue reading the main storyCriticism of such profit shifting was largely ignored until government finances around the globe came under pressure in the years following the 2008 financial crisis, when the practice led to government inquiries, tax inspector raids, media scrutiny and promises of reform.In May 2013, the Senate’s investigative subcommittee released a 142-page report on Apple’s tax avoidance, finding that the company was attributing billions of dollars in profits each year to three Irish subsidiaries that declared “tax residency” nowhere in the world.Under Irish law, if a company can convince Irish tax authorities that it is “managed and controlled” abroad, it can largely escape Irish income tax. By seeming to run its Irish subsidiaries from its world headquarters in California, Apple ensured that Irish tax residency was avoided.At the same time, American law dictated that the subsidiaries were only tax residents in the United States if incorporated there. The federal government permits taxes on any income generated by foreign units to be deferred indefinitely, as long as the company says those profits stay offshore.U.S. Profits Made in Offshore Tax Havens IncreaseThe share of U.S. companies’ foreign profits attributed to a handful of tax havens has more than doubled in past 20 years.%604020063%2000200520102015“Apple has sought the holy grail of tax avoidance: offshore corporations that it argues are not, for tax purposes, resident anywhere in any nation,” then-Senator Carl Levin, Democrat of Michigan, who was the subcommittee chairman, said at the 2013 hearing.Ireland’s finance minister at the time, Michael Noonan, at first defended his country’s policies: “I do not want to be the whipping boy for some misunderstanding in a hearing in the U.S. Congress.” Ireland had long pursued business-friendly tax policies, which helped lure jobs to the country, primarily for technology and pharmaceutical companies. […]

The Paradise Papers: After a Tax Crackdown, Apple Found a New Shelter for Its Profits

Seeking ‘the Holy Grail’Since the mid-1990s, multinationals based in the United States have increasingly shifted profits into offshore tax havens. Indeed, a tiny handful of jurisdictions — mostly Bermuda, Ireland, Luxembourg and the Netherlands — now account for 63 percent of all profits that American multinational companies claim to earn overseas, according to an analysis by Gabriel Zucman, an assistant professor of economics at the University of California, Berkeley. Those destinations hold far less than 1 percent of the world’s population.Continue reading the main storyCriticism of such profit shifting was largely ignored until government finances around the globe came under pressure in the years following the 2008 financial crisis, when the practice led to government inquiries, tax inspector raids, media scrutiny and promises of reform.In May 2013, the Senate’s investigative subcommittee released a 142-page report on Apple’s tax avoidance, finding that the company was attributing billions of dollars in profits each year to three Irish subsidiaries that declared “tax residency” nowhere in the world.Under Irish law, if a company can convince Irish tax authorities that it is “managed and controlled” abroad, it can largely escape Irish income tax. By seeming to run its Irish subsidiaries from its world headquarters in California, Apple ensured that Irish tax residency was avoided.At the same time, American law dictated that the subsidiaries were only tax residents in the United States if incorporated there. The federal government permits taxes on any income generated by foreign units to be deferred indefinitely, as long as the company says those profits stay offshore.U.S. Profits Made in Offshore Tax Havens IncreaseThe share of U.S. companies’ foreign profits attributed to a handful of tax havens has more than doubled in past 20 years.%604020063%2000200520102015“Apple has sought the holy grail of tax avoidance: offshore corporations that it argues are not, for tax purposes, resident anywhere in any nation,” then-Senator Carl Levin, Democrat of Michigan, who was the subcommittee chairman, said at the 2013 hearing.Ireland’s finance minister at the time, Michael Noonan, at first defended his country’s policies: “I do not want to be the whipping boy for some misunderstanding in a hearing in the U.S. Congress.” Ireland had long pursued business-friendly tax policies, which helped lure jobs to the country, primarily for technology and pharmaceutical companies. Apple now has about 6,000 employees in Ireland, including customer service and administrative jobs.But by October 2013, in response to growing international pressure, Mr […]