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trump presidency: State of the Union Fact-Check

SubscribeLog In SubscribeLog InAdvertisementPoliticstrump presidencyState of the Union Fact-CheckImagePresident Trump at The State of the Union on Tuesday night.CreditGabriella Demczuk for The New York TimesBy Linda Qiu Jan. 30, 2018Reporters from The New York Times checked the facts, falsehoods and statements in need of context from President Trump’s first State of the Union address. Watch a replay along with real time analysis here and an annotated transcript of the speech.economy“Since the election, we have created 2.4 million new jobs, including 200,000 new jobs in manufacturing alone.”The math is correct, but context matters.The economy has added about 169,000 jobs a month since the 2016 election, but that is somewhat slower than the 185,000 jobs per month that the economy added over the previous seven years.—Binyamin Appelbaumeconomy“African-American unemployment stands at the lowest rate ever recorded.”True, but needs context.It’s true that the black unemployment was the lowest recorded, 6.8 percent in December. But also the culmination of a longer-term trend. Moreover, it’s an open question how much credit a president, especially in his first year, can take for the economy.—Linda Qiueconomy”After years of wage stagnation, we are finally seeing rising wages.”False.Wages are, in fact, rising — but at a slower rate than they were at the end of President Obama’s second term.— Jim Tankersleyhealth care“We eliminated an especially cruel tax that fell mostly on Americans making less than $50,000 a year — forcing them to pay tremendous penalties simply because they couldn’t afford government-ordered health plans. We repealed the core of disastrous Obamacare — the individual mandate is now gone.’’True, but needs context.In the newly-passed tax law, Congress eliminated penalties for people who go without health insurance, starting in 2019. An estimated 4.5 percent of taxpayers paid the penalty in 2015, and nearly 60 percent of those who did earned less than $50,000 in 2015 — though the Kaiser Family Foundation found that a sizable amount of low-income Americans paying the penalty could find coverage for less.People could, in many cases, obtain exemptions from the penalties that were indeed a major element of the Affordable Care Act. Other elements of the health care law remain intact.—Robert Peareconomy”Apple has just announced its plans to invest a total of $350 billion in America, and hire another 20,000 workers.”This needs context […]

Paradise Papers Shine Light on Where the Elite Keep Their Money

The Times’s Coverage So FarPhotoYuri Milner, a Russian billionaire whose holdings have included major stakes in Facebook and Twitter.Credit Patrick T. Fallon/Bloomberg, via Getty Images• Behind one of Silicon Valley’s most prominent investors, Yuri Milner, was hundreds of millions of dollars in Kremlin funding. […]

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 […]

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. […]

Microsoft C.E.O. Says Tech’s Progress on Gender Equality Is ‘Not Sufficient’

Mr. Nadella, who joined Microsoft in 1992, touched on a range of topics during the talk in Manhattan, discussing privacy, gaming, immigration and the effect of artificial intelligence on jobs.Mr. Nadella said that immigrants — and not just those with highly valued skills — help improve competition. […]

Asia and Australia Edition: North Korea, Rohingya, United Nations: Your Thursday Briefing

#briefing-market-module.interactive-embedded .interactive-caption { display: none; } Market Snapshot View Full Overview In the News Photo Credit Kendrick Brinson for The New York Times • It was the largest defamation payout ever ordered by an Australian court: The magazine publisher Bauer Media must pay the actress Rebel Wilson more than $4.5 million in damages for stories portraying her as a serial liar. [The New York Times] • More than 80 disarmament experts urged President Trump to reconsider any thought of unraveling the international nuclear agreement with Iran […]

California Today: California Today: Outpouring Over an Aggrieved Hot Dog Vendor

Supported byU.S.California Today: Outpouring Over an Aggrieved Hot Dog VendorPhotoA video showing a U.C. Berkeley police officer taking money from a hot dog vendor was shared widely online.Credit Martin FloresGood morning.(Want to get California Today by email? Here’s the sign-up.)A stunned look fell over the hot dog vendor’s face as a police officer, ticketing him for lacking a permit, reached into the man’s wallet and pulled out $60.The vendor and a passer-by recording the exchange protested […]