Will banks be required to disclose all transactions exceeding $600 to the IRS as part of the Biden proposal?
Announced in April 2021, U.S. President Joe Bidens American Families Plan is an ambitious proposal that aims to expand Americans' access to childcare and education and increase the number of women in the workforce. The plan is to fund all of this through more taxes on higher-income earners and increased reporting requirements of banks that could potentially yield more tax revenue. These reporting requirements have caught the ire of a number of banks that took issue with this less widely known section of the plan. Announced reporting A Facebook post by FNB Community Bank claimed: The Biden administration has proposed requiring all community banks and other financial institutions to report to the IRS on all deposits and withdrawals through business and personal accounts worth more than $600 regardless of tax liability. This indiscriminate, comprehensive bank account reporting to the [Internal Revenue Service (IRS)] can soon be enacted in Congress and will create an unacceptable invasion of privacy for our customers. Facebook post   Another screenshot shared by our readers expressed similar concerns:   The Independent Community Bankers of America (ICBA) even began a campaign, calling on communities to send a letter to Biden to prevent this so-called intrusive proposal": began a campaign, Tell Congress: Don't Let IRS Invade My Privacy The Biden administration is proposing requiring financial institutions report to the IRS all transactions of all business and personal accounts worth more than $600. This is an unprecedented invasion of privacy. In order to knock down this intrusive proposal, please send this letter to your representative and senators immediately. We looked up the proposal itself, and it does require more robust reporting of transactions across business and personal accounts. The proposal, which aims to go into effect after Dec. 31, 2022, states: proposal This proposal would create a comprehensive financial account information reporting regime. Financial institutions would report data on financial accounts in an information return. The annual return will report gross inflows and outflows with a breakdown for physical cash, transactions with a foreign account, and transfers to and from another account with the same owner. This requirement would apply to all business and personal accounts from financial institutions, including bank, loan, and investment accounts, with the exception of accounts below a low de minimis gross flow threshold of $600 or fair market value of $600. We begin by explaining some of the more technical terms in this proposal. A "de minimis threshold" is broadly defined as the amount of a transaction that has such a small value that accounting for it would be unreasonable. We spoke to Visiting Assistant Professor of Tax Law at New York University, Nyamagaga Gondwe, who explained, "It is the amount below which the [IRS] would argue isn't worth investigating. It's the difference between your company giving you a $5 card to Subway, versus traveling on a private jet on your company's dime. [The latter] is worth reporting." In this case, "gross flow" refers to the aggregate inflows and outflows of cash from bank accounts. In sum, the current proposal stipulates that an aggregate amount of less than $600 worth of cash flowing into and out of accounts is not worth reporting.  defined gross flow The "fair market value" refers to the amount people are willing to pay for an asset in the open market. In this case, Gondwe argued, the use of the term could possibly refer to the changing market value of transactions more than $600 that may occur in foreign currency transactions.  refers to The ICBA claims that the proposal will make banks report "all transactions" above the limit, but this is misleading. While it is true that the IRS will have more information on cashflows above $600, that doesnt mean they will have all the information pertaining to all transactions. The Center for American Progress (CAP) points out that banks will only be providing aggregate numbers to the IRS after each year  gross inflow and gross outflow  and not individualized transaction information. This reporting requirement would also extend to peer-to-peer payment services like Venmo, but wouldnt require people to report any additional information to the government. According to The Wall Street Journal, financial institutions must already report interest, dividends, and investment incomes to the IRS, and the IRS can get other information through audits. Center for American Progress extend Wall Street Journal audits According to Marie Sapirie of Tax Notes, a publication focused on tax news, a parenthetical to the proposal indicates that there is some flexibility on raising the minimum account balance/inflow/outflow above $600. Tax Notes parenthetical The Tax Notes report also states that the treasury department estimated this form of reporting would raise $463 billion over the 10-year budget window, making it the third largest revenue raiser proposed in the budget. The aim is to target businesses outside of large corporations that carry out gross underreporting of their income in the amount of $166 billion per year. According to the proposal: Requiring comprehensive information reporting on the inflows and outflows of financial accounts will increase the visibility of gross receipts and deductible expenses to the IRS. Increased visibility of business income will enhance the effectiveness of IRS enforcement measures and encourage voluntary compliance. Tax Notes aim Banks claim this would be an invasion of consumer privacy, with the ICBA saying it would allow the government to monitor account information. However, CAP analysts Seth Hanlon and Galen Hendricks argue, Only the prior years total inflow and total outflow would be reported on annual forms. No one would say that the IRS monitors you on your job because it receives a W-2 from your employer with your total wages every January. saying argue Another challenge not mentioned in the ICBAs consumer alert is the higher costs this reporting proposal may place on banks. In May 2021, a coalition of banking associations wrote a letter to the U.S. Senate Committee on Finance, arguing that they already give a lot of data to the IRS, and that this would impose additional costs on their systems: consumer alert wrote a letter The costs and other burdens imposed to collect and report account flow information would surpass the potential benefits from such a reporting scheme. New reporting would appear to require material development costs and process additions for financial institutions, as well as significant reconciliation and compliance burden on impacted taxpayers. For example, reporting total gross receipts and disbursements would require a new reporting paradigm for depository institutions, which necessitates system changes to collect the information. On the flipside, Sapirie wrote for Tax Notes, the benefits of such a reporting proposal may be difficult to come by: Tax Notes Increasing the amount of information flowing into the IRS would not in itself lead to increased enforcement, and it might come with added challenges. [Former IRS Commissioner Charles O.] Rossotti acknowledged that the IRS today cannot use all the information it already receives, and significant areas of noncompliance are barely addressed, so more reporting alone will not solve the problem. It would almost certainly have a deterrent effect for taxpayers contemplating evasion, but the extent of that effect is unclear, and it might be insufficient to justify the costs to financial institutions and the federal government of implementing such a large new reporting regime. But CAPs analysis argues that this will help prevent tax evasion, while also providing more funding to enhance data security for consumers: CAPs analysis Additional funding would go to enhancing data security. Even at present, the IRS data security is already much better than the financial industry, with only very rare and limited breaches compared to the exponentially bigger data breaches from financial institutions. Second, the reporting of information flows only from financial institutions to the IRS and not in the other direction, as some earlier proposals had called for.  [...] The Biden administrations bank reporting proposal is a critical element of the Build Back Better agenda. It gives the IRS some visibility into opaque forms of income that disproportionately accrue to high-income individuals. Despite fearmongering from bank lobbies, the proposal protects taxpayers privacy while simply requiring banks to provide basic, aggregated information about flows. That enables the IRS to select audits in a more efficient and equitable way so that the vast majority of taxpayers will be less likely to be audited. And by deterring and helping catch tax cheats, the proposal raises substantial revenue for the Build Back Better agenda, which provides critical investments to increase economic opportunities for American families and communities. On Oct. 12, 2021, Speaker Nancy Pelosi defended the proposal in response to a question from a reporter, who said, "[Banks] are concerned about the tracking of transactions that are greater than $600, Americans are starting to get worried about this. Do you think [this] is going to stay in the Reconciliation Bill?"  defended "With all due respect, the plural of anecdote is not data," Pelosi said. "Yes, there are concerns that some people have. But if people are breaking the law and not paying their taxes, one way to track them is through the banking measure. I think $600  that's a negotiation that will go on as to what the amount is. But yes."     Whatever the impact of this proposal is, it does require additional reporting of certain bank transactions, just not in the way the above banks are portraying it. As such, we rate this claim a Mixture. A Scorecard for Reconciliation, Round 2. Tax Analysts, https://www.taxnotes.com/featured-analysis/scorecard-reconciliation-round-2/2021/09/10/783l0?highlight=biden. Accessed 15 Sept. 2021. Community Banks Must Engage Customers on New IRS Reporting Mandates. ICBA, https://www.icba.org/newsroom/blogs/main-street-matters---advocacy/2021/08/19/community-banks-must-engage-customers-on-new-irs-reporting-mandates. Accessed 15 Sept. 2021. Consumer Alert from ICBA. ICBA, https://www.icba.org/bank-locally/consumer-alert-from-icba. Accessed 15 Sept. 2021.Digging Into the Bank Info Reporting Plan. Tax Analysts, https://www.taxnotes.com/tax-notes-today-global/information-reporting/digging-bank-info-reporting-plan/2021/08/30/777dx. Accessed 15 Sept. 2021. Fair Market Value (FMV). Investopedia, https://www.investopedia.com/terms/f/fairmarketvalue.asp. Accessed 16 Sept. 2021. "General Explanations of the Administrations Fiscal Year 2022 Revenue Proposals." Department of the Treasury, May 2021, https://home.treasury.gov/system/files/131/General-Explanations-FY2022.pdf. Accessed 15 Sept. 2021. Gross Cash Flow Definition. Law Insider, https://www.lawinsider.com/dictionary/gross-cash-flow. Accessed 16 Sept. 2021. Hanlon, Seth, and Galen Hendricks. Bank Tax Reporting Is a Critical Component of Bidens Build Back Better Agenda. Center for American Progress, 14 Sept. 2021, https://www.americanprogress.org/issues/economy/news/2021/09/14/503821/bank-tax-reporting-critical-component-bidens-build-back-better-agenda/. Accessed 15 Sept. 2021. ICBA Urges House Panel to Reject IRS Monitoring Plan. Default, https://www.icba.org/newsroom/news-and-articles/2021/09/09/icba-urges-house-panel-to-reject-irs-monitoring-plan. Accessed 15 Sept. 2021. Jagoda, Naomi. Pelosi Defends IRS Bank-Reporting Proposal, Says Specifics Open to Negotiation. The Hill, 12 Oct. 2021, https://thehill.com/policy/finance/576362-pelosi-defends-irs-bank-reporting-proposal. Joint Trades Statement for the Record: Senate Subcommittee on Taxation and IRS Oversight Hearing Entitled: Closing the Tax Gap: Lost Revenue from Noncompliance and the Role of Offshore Tax Evasion." 10 May 2021, https://bpi.com/wp-content/uploads/2021/06/Joint-SfR-Senate-Finance-Subcommitte-Hearing-on-Closing-the-Tax-Gap-051021.pdf. Accessed 15 Sept. 2021. Rubin, Orla McCaffrey and Richard. Biden Tax Plan Leans on Banks to Help Find Unreported Income. Wall Street Journal, 29 Apr. 2021. www.wsj.com, https://www.wsj.com/articles/biden-tax-plan-leans-on-banks-to-help-find-unreported-income-11619701380. Accessed 15 Sept. 2021. Tankersley, Jim, and Dana Goldstein. Biden Details $1.8 Trillion Plan for Workers, Students and Families. The New York Times, 28 Apr. 2021. NYTimes.com, https://www.nytimes.com/2021/04/28/us/politics/biden-american-families-plan.html. Accessed 15 Sept. 2021. "When Is a Minimal Fringe Benefit Not So Minimal?" https://www.wolterskluwer.com/en/expert-insights/when-is-a-minimal-fringe-benefit-not-so-minimal. Accessed 16 Sept. 2021. Oct. 14, 2021: Added Pelosi's comments on the proposal.
Claim:  Tourists who have taken rocks from Hawaiian beaches have returned them in hopes of ending streaks of bad luck.  Example:  [Collected on the Internet, 2001] Hawaiian legend: anyone that removes a piece of rock from the Hawaiian Volcanoes National Park will incur the wrath of the Godess Pele. Supposedly terrible curses follow those that do prompting them to soon abandon the rock(s) in interest of self-preservation.   Origins:  Can a souvenir casually pocketed on a Hawaiian beach bring misfortune? Though the more skeptical will scoffingly dismiss the notion as pure hooey,   thousands have come to believe that yes, volcanic rocks taken from Hawaii fetch with them a curse of impressive proportions. And the only way to undo the jinx is to return the purloined items whence they came.  Legend has it that Pele, goddess of fire and volcanoes, is so angered when the rocks (which she sees as her children) are taken from her that she exacts a terrible revenge on the thief. She is especially protective of volcanic rock and sand, two items tourists almost unthinkingly pocket as mementos of their vacations. After all, who would miss a rock? Pele, apparently. Hawaii Volcanoes National Park and far too many hotels to name receive a never-ending stream of packages containing sand, shells, and rocks from guilty-minded vacationers who are intent upon reversing their sudden downpours of bad luck. Many of these returns are accompanied by notes begging forgiveness of the goddess or detailing litanies of calamities that have befallen these casual purloiners: Please take this sand and put it back somewhere on your island. I have had very bad luck since it came into my life and I am very sorry I took it. Please forgive me and I pray that once I send it back where it comes from, my bad luck will go away.  Please return to soil. I have been having bad luck.  Ever since we have taken items, we have had nothing but back luck and medical problems. We apologize for taking items, so we are returning same to Hawaii.  We placed the rock last fall on a cast iron chair in our garden, this spring the chair's leg had fallen off. This is the least of the problems we have had since we have taken the rock. Pele's supposed curse is not a mild-mannered one. Those allegedly afflicted by it don't misplace their car keys or develop runs in their stockings  their bad luck is of the grievous variety. Pets die. Jobs are lost. Houses burn down. Sudden and devastating illness strikes loved ones. Marriages break apart. The Los Angeles Times reported on the sad case of Timothy Murray, a 32-year-old who scooped some of the unusual black sand from Hawaii Volcanoes National Park into a bottle and brought it back with him to Florida. Everything in his life immediately went into a nosedive: his pet died, his five-year relationship  with a gal he was to marry ended, and the FBI arrested him in a computer copyright infringement case.  The native Hawaiian view of taking such souvenirs is that it's tantamount to stealing from Pele while visiting her home. Only the return of the stolen items appeases her wrath.  Some believe the curse is the invention of park rangers who became fed up with visitors making off with little bits of the island. Whether the curse has an ancient origin or a modern one, many have come to respect it thanks to the cascade of bad luck that descends upon those who take volcanic keepsakes.  Barbara "rock steadied" Mikkelson Additional Information:     Rock Return Service  (Volcano Gallery)  Last updated:  16 May 2013    Honolulu Advertiser.  28 January 2003.   Cart, Julie.  "Hard Luck Blamed on Hot Rocks."   Los Angeles Times.  7 May 2001.   Chalfant, Anne.   "Returned Lava Rocks Fill a Garden to Appease a Goddess in Hawaii."   The Salt Lake Tribune.   12 January 2003.    Cart, Julie.  "Hard Luck Blamed on Hot Rocks."   Los Angeles Times.  7 May 2001.   Chalfant, Anne.   "Returned Lava Rocks Fill a Garden to Appease a Goddess in Hawaii."   The Salt Lake Tribune.   12 January 2003.    Los Angeles Times.  7 May 2001.   Chalfant, Anne.   "Returned Lava Rocks Fill a Garden to Appease a Goddess in Hawaii."   The Salt Lake Tribune.   12 January 2003.    Chalfant, Anne.   "Returned Lava Rocks Fill a Garden to Appease a Goddess in Hawaii."   The Salt Lake Tribune.   12 January 2003.    The Salt Lake Tribune.   12 January 2003. In a town hall in St. Petersburg, Fla., an audience member challenged Obama about speaking out on issues affecting the black community, including the subprime mortgage crisis, among other issues. Why is it that you have not had the ability to not one time speak to the interests and even speak on behalf of the oppressed and exploited African community or the black community in this country? the man asked. Not true, Obama replied. I think you're misinformed about when you say not one time. Every issue you've spoken about, I actually did speak out on, Obama said. I have repeatedly said that many of the predatory loans that were made in the mortgage system did target African-American and Latino communities, Obama said. He went on to defend his record on other civil rights issues. We wondered if Obama's statement on the subprime mortgage was true, so we looked through press releases, transcripts and news stories to find out. Most notably, on Oct. 18, 2007, Obama wrote a letter to the Federal Trade Commission asking it to investigate subprime lenders to determine whether minority borrowers have been victims of discrimination. Obama wrote in his leter that there was already substantial evidence to indicate this was so. Black families are paying more for home loans than similarly situated white families. Effective action to address this disparity is long overdue, Obama wrote. On the campaign trail, Obama has also discussed the same issue several times, though we found most of our examples of him discussing it before Hispanic audiences. On June 28, 2008, Obama told the National Association of Latino Elected and Appointed Officials, We have to stabilize the housing market. And the Latino community as well as the African-American community was particularly hard hit when it comes to foreclosures. On Feb. 19, 2008, Obama was at a campaign event in San Antonio, Texas, and discussed the need for people having mortgage problems to receive help negotiating with their lenders. My suspicion is that it's very important we have Spanish-speaking counselors because I know that both the African-American community and Hispanic community have been disproportionately targeted by some of these practices. It's not a campaign theme he hits over and over again, but Obama has made the statement several times, and the 2007 letter is particularly strong evidence to bolster Obama's argument. We rule his statement True. Voting in the 2020 U.S. Election may be over, but the misinformation keeps on ticking. Never stop fact-checking. Follow our post-election coverage here. here In September 2020, social media users began circulating a text meme charting the decrease in abortion rates in the U.S. during previous presidential administrations, attributing the greater drop in those rates during Democratic administrations to a difference in approach (i.e., making it illegal vs. making it unnecessary):     As we noted in an earlier article on a similar topic, following the 1973 Roe v. Wade Supreme Court decision that protected a pregnant woman's liberty to choose to have an abortion without excessive government restriction, the abortion rate rose immediately afterward until it peaked in the 1980s, and it has fairly consistently declined since that peak through presidential administrations of both parties: article Following nationwide legalization of abortion in 1973, the total number, rate (number of abortions per 1,000 women aged 1544 years), and ratio (number of abortions per 1,000 live births) of reported abortions increased rapidly, reaching the highest levels in the 1980s before decreasing at a slow yet steady pace.     Although it is true that the abortion rate has experienced greater declines during Democratic administrations than Republican ones, we can't draw any definitive conclusion that, as the meme tries to suggest, this difference is primarily due to varying approaches by the two main political parties. The simple idea presented by the meme has a number of flaws, chief among them that political factors that might influence the abortion rate (e.g., policies, legislation, judicial appointments and rulings) do not neatly conform to presidential terms of office -- what takes place during one administration generally continues to have an effect throughout subsequent administrations. As well, events occurring at state and local levels (not necessarily directly tied to federal actions) can have a substantial impact on the availability and prevalence of abortions. More important, though, is that we cannot definitively determine to what extent political factors influence the abortion rate. As the Guttmacher Institute (a pro-abortion-rights research organization) observed, recent declines in the abortion rate appear to have been driven not primarily by abortion restrictions but by a broader decline in pregnancies: observed Abortion restrictions target either individuals ability to access the procedure (such as by imposing coercive waiting periods and counseling requirements) or providers ability to offer it (such as through unnecessary and intentionally burdensome regulations). Any one of these restrictions could result in some people being forced to continue pregnancies they were seeking to end; this could, in theory, lower the abortion rate. With the available evidence, it is impossible to pinpoint exactly which factors drove recent declines, and to what degree. However, previous Guttmacher analyses have documented that abortion restrictions, while incredibly harmful at an individual level, were not the main driver of national declines in the abortion rate ... Rather, the decline in abortions appears to be part of a broader decline in pregnancies, as evidenced by fewer births over the same period. What's driving that decline in pregnancies, then? We don't know that for sure, either, but likely a combination of social, cultural, economic, medical, and political factors: combination Experts say the decline isnt due to a single cause, but rather a combination of several factors, including changing economics, delays in childbirth by women pursuing jobs and education, the greater availability of contraception, and a decline in teen pregnancies. The trend seen in the United States is also seen in much of the developed world, including Western Europe, said Dr. John Rowe, a professor at Columbia Universitys Mailman School of Public Health. One important factor driving this is the changing roles of women in society, Rowe said. In general women are getting married later in life, he explained. They are leaving the home and launching their families later. [Dr. Helen Kim, an associate professor at Northwestern Universitys Feinberg School of Medicine] said the concept of the ideal family size may be changing. There are shifts where having smaller families is a trend, she added. I cant speak on this as a sociologist, but this is what Ive seen among my peers and colleagues. One of the biggest factors is the decline in teen pregnancies, Rowe said. Thats good news ... And that makes a huge difference to their lives. The Guttmacher Institute posited a similar mix of factors to explain the decline in the abortion rate: Because both abortions and births [have] declined, it is clear that there were fewer pregnancies overall in the United States ... The big question is why. One possible contributing factor is contraceptive access and use. Since 2011, contraception has become more accessible, as most private health insurance plans are now required by the Affordable Care Act (ACA) to cover contraceptives without out-of-pocket costs. In addition, thanks to expansions in Medicaid and private insurance coverage under the ACA, the proportion of women aged 1544 nationwide who were uninsured dropped more than 40% between 2013 and 2017. There is evidence that use of long-acting reversible contraceptive methods -- specifically IUDs and implants -- increased through at least 2014, especially among women in their early 20s, a population that accounts for a significant proportion of all abortions Another possible contributing factor might be a decline in sexual activity. Findings from one national survey suggest a long-term increase in the number of people in the United States -- mostly younger men -- reporting not having sex in the past year. Yet another possibility is that infertility is increasing in the United States, thereby reducing the chances of getting pregnant and subsequently seeking to obtain an abortion. More generally, there are a host of other potential factors that could be driving declines in pregnancy rates, from individuals evolving desires about whether and when to become parents to peoples changing economic and social circumstances. Finally, it is possible that ... there could have been an increase in self-managed abortions happening outside of medical facilities, which the census would be unable to capture. The Centers for Disease Control and Prevention (CDC) also offered a combination of potential explanations for lower abortion rates: combination Multiple factors influence the incidence of abortion including the availability of abortion providers; state regulations, such as mandatory waiting periods, parental involvement laws, and legal restrictions on abortion providers; increasing acceptance of nonmarital childbearing; shifts in the racial/ethnic composition of the U.S. population; and changes in the economy and the resulting impact on fertility preferences and access to health care services, including contraception. As we stated four years ago, "causation between the presidency and abortion rates [is] difficult to demonstrate in any case, because it is hard to draw a straight line between federal government policy (let alone presidential policy) and abortion procurement." That observation remains true today. Carroll, Linda and Shamard Charles, M.D.  "Americans Aren't Making Enough Babies to Replace Ourselves."
  NBC News.  13 January 2019. Nash, Elizabeth and Joerg Dreweke.  "The U.S. Abortion Rate Continues to Drop: Once Again, State Abortion Restrictions Are Not the Main Driver."
  Guttmacher Institute.  18 September 2019. Kasprak, Alex.  "Abortion Rates Fall During Democratic Administrations and Rise During Republican Ones."
  Snopes.com.  11 November 2016. In efforts to lure Amazon to the Midwest, Missouri officials sent three proposals to the tech-giant by Oct. 19 to be considered for the location of its second headquarters. Kansas City and St. Louis officials threw their hats into the ring, and state officials proposed an innovation corridor along I-70, which would link the two metro areas. Missouris brochurereleased on theMakeMOHQ2Home websiteclaims the state ranked third in average yearly growth of high-tech industries. When you think of a high-tech state, California and New York may be the first states to come to mind, but not Missouri. We wanted to find out how high-tech Missouri really is, and how it ranks in the country. We spoke with the researchers behind the data and economic experts who all agreed that rate of growth can be misleading. The Bureau of Labor Statistics notes that defining high-tech is a moving target. Generally, though, it considers jobs with lots of workers in science, technology, engineering and math fields to be part of the high-tech industry. Missouri officials used a2016 Milken Institute studyin their claim.The Milken Instituteis a nonprofit and nonpartisan think tank. The Milken Institute has a free-market slant, said Michael Leeds, chair of the economics department at Temple University, but (is) a credible group of scholars. Minoli Ratnatunga, director of regional economics research at the institutes Center for Regional Economics, was a researcher in the study. Ratnatunga said the group considered 19 industries it thought were high-tech. A few of these industries include: pharmaceutical and medicine manufacturing, commercial and service industry machinery manufacturing, medical equipment and supplies manufacturing, telecommunications and computer systems design. The Milken Institutes2016 State Technology and Science Indexshows that Missouri ranked third in average yearly growth of high-tech industries from 2010 to 2015. However, this is just one component that makes up Missouris overall placement. In 2016, Missouri ranked 28 out of 50. Two years prior, Missouri ranked 34 out of 50. In 2012, Missouri ranked 29 out of 50. These scores are based on several factors: human capital investment, research and development, risk capital, technology and science workforce, and technology concentration. Massachusetts, Colorado and Maryland were ranked the top three states overall in 2016. Kansas, Tennessee and Oklahoma ranked behind Missouri, with West Virginia rated last. That tells us where Missouri ranks relative to its peers, Ratnatunga said. Its improving, and things like (high-tech) growth is one aspect thats impacted its overall ranking, but its not in the top tier. Ratnatunga said its easy for Missouris high-tech industry to look as if its grown exponentially. If you have a relatively small sector, its easier to get a higher growth rate, Ratnatunga said. The same 500 jobs added in California would be a smaller growth rate. Leeds also said the rate of growth can be deceiving. If you have a very small base, twice a very small number is 100 percent growth, but it can be a very small number, he said. Ratnatunga said companies like Amazon need to look at the index overall when considering a states economy. This means recognizing qualities like overall growth in the economy, the quality of the workforce, universities, capital investments and research and development inputs. If it doesnt meet Amazons requirements, it might be a great choice for other companies that are looking to grow in high-tech, Ratnatunga said. Missouri officials claimed Missouri ranked 3rd (in) average yearly growth of high-tech industries. While Missouri high-tech industries may have seen growth, the size of base matters. Missouri has seen a growth in high-tech jobs, but the claim can be misleading when you dont consider the size of the base. Overall, Missouri is about average in the rankings. We rate this Mostly True. A viral alert proliferating on Facebook since February 2018 warns users to avoid clicking on links that promote entertainment apps or web sites offering them a glimpse of what they might look like as a bald person or as a member of the opposite sex. This is the full text of the alert, according to which these apps are controlled by "extreme hackers" out to invade your privacy: WARNING FACEBOOK There is a website link traveling around Facebook at an extraordinary rate which allows you "to see what you would look like as the opposite sex" and also one that lets you see what you look like "as a bald person". DO NOT enter these links, they are controlled by extreme hackers who are now gaining control of people's personal information and selling it on the black market. As soon as you have clicked share to Facebook it gives these hackers instant access to your own personal details and puts your family and friends personal details at risk. PLEASE SHARE TO MAKE YOUR FRIENDS AWARE As is typical of such alerts, certain features of actual Facebook apps that access personal information in users' profiles have been misconstrued as illegal and the security threat they pose is exaggerated. A number of apps of this kind are constantly promoted on Facebook. This example poses the question, "What would you look like as a bald person?":   Clicking on the link opens an external web page that instructs the user to log in with Facebook to see the results:   This disclaimer appears in fine print at the bottom of the page: This app uses data and contents only if they are publicly available or with the consent of the users. We kindly ask you to use the app only, if other users will not be affected adversely. *Only users who have reached the age of 16 may use this free function. You agree that your picture will be transmitted to the provider FaceApp (St. Petersburg, RU) for the sole purpose of its editing and will be deleted afterwards (data protection and objection notice). Users who log in are then presented with a dialogue box informing them that certain information (typically their Facebook profile data, photos, and e-mail address) will automatically be shared with the web site if they continue (although this particular one doesn't, some apps also request permission to post on the user's Facebook page). If they choose to continue, users are then presented with a selection of photos from their Facebook page and invited to choose one for the demonstration. The app displays the chosen photo side-by-side with an altered version depicting the subject without hair, and invites the user to like the app. It is all relatively harmless, but Facebook users should take seriously all notifications to the effect that they by using the app they are granting the company that provided it access to some of their personal data. We also advise reading the Terms of Service and Privacy notifications provided by such apps (usually via links somewhere on the associated web page) for a detailed description of what you're agreeing to. By granting access to your e-mail address, for example, you're agreeing to receive marketing e-mails and/or newsletters from that company. These pages are also where you would be notified if the company plans on sharing your data with third parties. Terms of Service Privacy Facebook provides this general overview of what types of information games and apps are allowed to collect when you install them: provides Keep in mind when you install an app, you give it permission to access your public profile, which includes your name, profile pictures, username, user ID (account number), networks and any info you choose to make publicly available. You also give the app other info to personalize your experience, including your friends list, gender, age range and locale. other info In short, the companies that offer apps like these aren't typically "hackers" (much less "extreme hackers," which sounds exciting, but we're not sure how one goes from being a mere hacker to an extreme one), nor do they sell your private data on the "black market." However, when you use such apps you do grant them access to personal information in your Facebook profile, which may also be shared with third parties. The moral of the story is: Use Facebook apps cautiously, but don't buy into fear-mongering warnings about them. On Nov. 11, 2020, Bloomberg reported that strategists at Deutsche Bank, one of the largest financial institutions in the world, recommended levying a tax against people who plan to continue working from home, arguing that "remote workers should pay a tax for the privilege. At least on Twitter, this was a poorly received take. One particularly viral response alleged that the bank "funded Auschwitz, Donald Trump, Jeffrey Epstein and ISIS." reported response     As we show below, the tweet is a largely accurate recounting of history, though the assertion that the bank funded ISIS overstates what is publicly known at this time. In 1999, during negotiations to merge with the New York-based Bankers Trust, the Germany-based Deutsche Bank disclosed that it had helped finance the construction of the Nazi death camp Auschwitz. As reported by Reuters at the time, Deutsche Bank's historian, Manfred Pohl, described the bank's loans to companies involved in multiple aspects of Auschwitz, including loans for construction of the camp and its incineration units, as well as to a company involved in the production of the deadly Zyklon-B gas, which the Nazis used to murder millions: reported Manfred Pohl, head of Deutsche Banks historical institute, said newly uncovered documents showed the bank had links with firms that built the camp in Poland. It also had credit links to one company that made incineration units and funded another whose subsidiary made the Zyklon-B gas used in the camp. On examination of credit records, we determined that branches . . . had credit links to local companies which were active at the construction site . . . in Auschwitz, Pohl said at a media briefing in Frankfurt. Pohl told reporters that the existence of these loans would have been known to high-ranking managers of the bank. "It is clear that this was known as high up at the main office in Katowice. It is not certain whether it was known in Berlin," Pohl said, though he added these loans would have had to be approved in Berlin to go ahead. Deutsche Bank has had a relationship with U.S. President Donald Trump since 1998. As reported in The New York Times, "Over the course of two decades, the bank lent him more than $2 billion  so much that by the time he was elected, Deutsche Bank was by far his biggest creditor." Speaking to Reuters in November 2020, one bank official said that the Trump Organization currently has around $340 million in outstanding debt from the bank: reported Reuters Deutsche Bank has about $340 million in loans outstanding to the Trump Organization, the presidents umbrella group that is currently overseen by his two sons, according to filings made by Trump to the U.S. Office of Government Ethics in July and a senior source within the bank. The three loans, which are against Trump properties and start coming due in two years, are current on payments and personally guaranteed by the president, according to two bank officials. According to that Reuters report, the bank is looking to distance itself from the president moving forward. Their relationship with Trump "cemented Deutsche Banks reputation as a reckless institution willing to do business with clients nobody else would touch," they wrote. "It has made the company a magnet for prosecutors, regulators and lawmakers hoping to penetrate the presidents opaque financial affairs." Regardless, Trump's history with Deutsche Bank is factual and well known. Reuters According to a 2019 report by the New York State Department of Financial Services, "the relationship between Deutsche Bank and Mr. Epstein officially began on August 19, 2013" and eventually involved his opening and funding "more than 40 accounts at the Bank." 2019 report Controversially, they entered into business with Epstein after his 2008 arrest for the solicitation of a minor and after other media revelations about Epstein's alleged trafficking of underage women for sex. Some of these Deutsche Bank accounts were involved in suspicious transactions including, according to The New York Times, "suspiciously large cash withdrawals and 120 wire transfers totaling $2.65 million to women with Eastern European surnames and people who had been publicly identified as Mr. Epsteins co-conspirators." according In July 2020, Deutsche Bank agreed to pay $150 million to the New York State Department of Financial Services "to settle allegations that it maintained weak internal controls, including processing hundreds of transactions for Jeffrey Epstein despite the billionaires troubled history." The bank has since apologized for its association with Epstein. apologized In the banking world, Suspicious Activity Reports (SARs) are notifications made by financial institutions to the United States government about potentially suspicious or illegal activity. A transaction labeled suspicious in these reports does not necessarily indicate illegal activity, however. SARs issued about transactions involving Deutsche Bank have been used to link them to ISIS in multiple investigations. made In December 2017, BuzzFeed News reported on SARs showing that Deutsche Bank had been engaged in business with a corrupt Cyprus bank named FBME that "served as a major conduit to terrorism, organized crime, and chemical weapons." The SARs revealed that "Deutsche processed hundreds of millions of dollars of suspicious transactions for FBME clients  including a Kremlin-linked network of Russian slush funds funneling money to financiers of the Syrian regime and a businessman trading oil with ISIS." The reports do not indicate, however, that Deutsche Bank knowingly participated in illegal activity. reported In September 2020, the existence of an even larger trove of SARs obtained by BuzzFeed News and shared with the International Consortium of Investigative Journalists (ICIJ) was announced. The collaboration  a project named the FinCEN files  led to hundreds of stories in newsrooms across the world. One story, published by Arab Reporters for Investigative Journalism (ARIJ), identified further transactions that could point to a potential involvement of Deutsche Bank in the movement of funds to, from, and within ISIS held territory. FinCEN files story The files, ARIJ said, "reveal suspicious money transfers of at least $4 billion flagged by Deutsche Banks US branches and Bank of America to a number of Iraqi banks between June 15, 2014 and June 30, 2015." Though the files do not indicate which bank branches were used, they reported, "the transactions were sent and received during the height of the Islamic States reign and its control over several Iraqi bank branches." The report notes that "many of the banks in northern Iraq were in areas of IS [Islamic State] influence, and such transfers could be the proceeds of the illicit oil and gas trade that the organisation largely relied on in its areas of control." said While suggestive of an at least unwitting role for Deutsche Bank in ISIS related finances, these reports are not strong enough evidence to support the statement that Deutsche Bank "funds" ISIS. Because there is some truth to the ISIS claim, and because the other assertions are true, we rank the overall claim made in the viral tweet as "true." In a tweet that preceded West Virginias buck firearm season, West Virginia Gov. Jim Justice encouraged West Virginians to purchase a hunting license. In the tweet, he offered an economic rationale -- that hunting is an economic engine for the state. In theNov. 5 tweet, Justice wrote, I've said it before and I'll say it again, hunting is really something that can help our economy grow! Hunters contribute more than $500 million to our state each year and help support a lot of jobs. Get a license today athttp://wvhunt.com.#WV#WVHunt. I've said it before and I'll say it again, hunting is really something that can help our economy grow! Hunters contribute more than $500 million to our state each year and help support a lot of jobs. Get a license today athttps://t.co/burilhQECG.#WV#WVHuntpic.twitter.com/btBNdz4TR6 State offices have thrown around the figure more than once. The West Virginia Division of Natural Resources sent atweeton Nov. 24 that used the same dollar figure, adding that deer hunters in particular spend an estimated $230 million in West Virginia, much of it in the rural areas of the state. We wondered: Do bucks, and other game, really bring the state 500 million bucks? When we contacted Justices office, Jordan Damron, the governors assistant legal counsel and digital director, cited it to the West Virginia Division of Natural Resources. A Nov. 14press releasefrom the division includes the $500 million figure and said that hunting is estimated to be responsible for 5,400 jobs and $35 million in sales taxes on goods and services spent in West Virginia. The news release said the numbers came from Southwick Associates, a research firm focusing on outdoor markets. TheSouthwick Associates reportsaid that there had been $421,819,113 in retail sales in West Virginia, with a multiplier effect raising that amount to $552,085,233. The multiplier was used  to estimate the total amount of spending that occurs in the economy as a result of hunters spending. The report also said that 5,377 jobs were created through hunting and $35,544,522 in state and local taxes were gathered due to hunting. The amount spent on deer hunting alone was $291,972,745. So the numbers cited by Justice exist. But well offer a few caveats. First, the report is from 2012 and the data is from 2011. Though Justice offered a specific-sounding figure, the actual figure might have grown or shrunk in the subsequent seven-plus years. Second, multiplier effects are estimates and are highly dependent on the assumptions used. Different assumptions will lead to different results. Using the retail sales figure without the multiplier adjustment might have been a more defensible approach. Finally, the report says it was funded by the National Shooting Sports Foundation (NSSF) and produced in partnership with the Association of Fish and Wildlife Agencies. The association represents government officials who oversee hunting, but the National Shooting Sports Foundationbills itselfas the firearms industry trade association. This means that the NSSF is an advocacy group that has a vested interest in promoting hunting. As with any advocacy group, its data should be understood in this context. Justice said that hunters contribute more than $500 million to West Virginia. This statistic comes from a comprehensive, 50-state report, but its worth noting that the data is more than seven years old, that it uses an estimate of economic impact beyond just retail sales, and that the report was funded by an industry trade group. We rate the statement Mostly True. Editor's Note: On Dec. 22, 2021, Charles Lieber was convicted of making false statements to federal authorities about his involvement with the Chinese government and for failing to report foreign financial accounts to the IRS. You can read more about Lieber's case here. The original story continues below.  read more about Lieber's case here On Jan. 28, 2020, Harvard professor Charles Lieber was arrested and charged with making a materially false statement to federal authorities about receiving funding from China. arrested Lieber's arrest was big news in academic circles; but after internet users noticed that the alleged funding was coming from a university in Wuhan, China, the center of an outbreak of a new coronavirus, wild speculation went viral and unfounded connections were drawn between Lieber and a conspiracy theory that the coronavirus was a lab-made bioweapon.  wild speculation unfounded connections         A viral Facebook post took it further, relaying more details about Lieber's arrest and making use of some conveniently placed scare quotes: post In case you missed it, today, Federal Agents arrested Dr. Charles Lieber, chair of Harvard University's Department of Chemistry and Chemical Biology, with lying to the Department of Defense about secret monthly payments of $50,000.00 paid by China and receipt of millions more to help set up a chemical/biological Research laboratory in China. Also arrested were two Chinese Students working as research assistants, one of whom was actually a lieutenant in the Chinese Army, the other captured at Logan Airport as he tried to catch a flight to China - smuggling 21 vials of "Sensitive Biological Samples" according to the FBI. Oh, almost forgot. The research lab the good professor had helped set up? Its located at the Wuhan University of Technology. Wuhan China is ground zero to the potentially global pandemic known as the Coronaviruswhich is both spreading rapidly and killing people. This is Stephen Coonts international spy novel stuff happening in real life - and it has barely made the news. The claims made in this Facebook post are generally true. Lieber was truly arrested in January 2020 for lying to federal agents about funding he had allegedly received from China. However, Lieber's arrest was not connected to the coronavirus and there's no evidence to support claims that this disease was a human-made bioweapon. Let's take a closer look and separate the facts from the rumors in this case. In short: Lieber was arrested for lying to authorities about his involvement with a Chinese government program to recruit and cultivate scientific talent.  Lieber was the Chair of the Department of Chemistry and Chemical Biology at Harvard University and the Principal Investigator of the Lieber Research Group. Because this group had received grant funding from National Institutes of Health (NIH) and Department of Defense (DOD), Lieber was required to disclose any funding he received from foreign governments or entities that could lead to a conflict of interest.  The Department of Justice (DOJ) alleges in its complaint that Lieber became a "strategic scientist" at Wuhan University in 2011 and that he was a contractual participant in China's Thousand Talents Plan, a government program aimed at recruiting and cultivating high-level scientific talent. The DOJ says that Lieber was arrested for lying to investigators about his involvement in this program and his affiliations with WUT: DOJ Chinas Thousand Talents Plan is one of the most prominent Chinese Talent recruit plans that are designed to attract, recruit, and cultivate high-level scientific talent in furtherance of Chinas scientific development, economic prosperity and national security. These talent programs seek to lure Chinese overseas talent and foreign experts to bring their knowledge and experience to China and reward individuals for stealing proprietary information. Under the terms of Liebers three-year Thousand Talents contract, WUT paid Lieber $50,000 USD per month, living expenses of up to 1,000,000 Chinese Yuan (approximately $158,000 USD at the time) and awarded him more than $1.5 million to establish a research lab at WUT. In return, Lieber was obligated to work for WUT "not less than nine months a year" by "declaring international cooperation projects, cultivating young teachers and Ph.D. students, organizing international conference[s], applying for patents and publishing articles in the name of" WUT. The complaint alleges that in 2018 and 2019, Lieber lied about his involvement in the Thousand Talents Plan and affiliation with WUT. On or about, April 24, 2018, during an interview with investigators, Lieber stated that he was never asked to participate in the Thousand Talents Program, but he wasnt sure how China categorized him. In November 2018, NIH inquired of Harvard whether Lieber had failed to disclose his then-suspected relationship with WUT and Chinas Thousand Talents Plan. Lieber caused Harvard to falsely tell NIH that Lieber had no formal association with WUT after 2012, that WUT continued to falsely exaggerate his involvement with WUT in subsequent years, and that Lieber is not and has never been a participant in Chinas Thousand Talents Plan. In short: The DOJ announced three separate arrests in January 2020. The first was Lieber. The second involved Yanqing Ye, a lieutenant in the Chinese army accused of stealing U.S. research. And third was Zaosong Zheng, who stole 21 vials of biological research. While these three arrests all involve people lying about their ties to China, they took place at different universities and are not related.  On Jan. 28, 2020, the DOJ announced the arrests of three different individuals in three separate cases related to China.  announced Dr. Charles Lieber, 60, Chair of the Department of Chemistry and Chemical Biology at Harvard University, was arrested this morning and charged by criminal complaint with one count of making a materially false, fictitious and fraudulent statement. Lieber will appear this afternoon before Magistrate Judge Marianne B. Bowler in federal court in Boston, Massachusetts. Yanqing Ye, 29, a Chinese national, was charged in an indictment today with one count each of visa fraud, making false statements, acting as an agent of a foreign government and conspiracy. Ye is currently in China. Zaosong Zheng, 30, a Chinese national, was arrested on Dec. 10, 2019, at Bostons Logan International Airport and charged by criminal complaint with attempting to smuggle 21 vials of biological research to China. On Jan. 21, 2020, Zheng was indicted on one count of smuggling goods from the United States and one count of making false, fictitious or fraudulent statements. He has been detained since Dec. 30, 2019. Yanqinq Ye, a lieutenant of the Peoples Liberation Army (PLA), the armed forces of the Peoples Republic of China and member of the Chinese Communist Party (CCP), reportedly lied about being a "student" on her visa in order to attend Boston University. The DOJ alleges that Ye conducted research and assessed military websites while studying at BU's Department of Physics, Chemistry and Biomedical Engineering and sent U.S. documents and information to China. Zaosong Zheng was arrested at Logan Airport as he was attempting to smuggle 21 vials of biological research that he allegedly stole from Beth Israel Deaconess Medical Center in Boston.  In short: Cancer cells.  As news of Zheng's arrest circulated on social media, some made the unfounded claim that these vials of "biological research" were somehow connected to the coronavirus. According to The New York Times, however, these vials contained cancer cells: The New York Times Inside his checked luggage, wrapped in a plastic bag and then inserted into a sock, the officers found what they were looking for: 21 vials of brown liquid  cancer cells  that the authorities say Mr. Zheng, 29, a cancer researcher, took from a laboratory at Beth Israel Deaconess Medical Center. While some conspiracy theorists assumed that Zheng's plan involved a bio-weapon, Zheng told authorities that he planned on using the samples to further his career: Under questioning, court documents say, Mr. Zheng acknowledged that he had stolen eight of the samples and had replicated 11 more based on a colleagues research. When he returned to China, he said, he would take the samples to Sun Yat-sen Memorial Hospital and turbocharge his career by publishing the results in China, under his own name. In short: There is no evidence that coronavirus was human-made and several leading researchers have debunked this notion.  While this conspiracy theory has started to receive some mainstream attention (it was even pushed by Republican Sen. Tom Cotton), there is no evidence to support this claim.  In fact, several researchers have debunked this claim, calling it illogical and noting that the current evidence indicates that the coronavirus mutated naturally. debunked Trevor Bedford of the Fred Hutchinson Cancer Research Center in Seattle stated at the American Association for the Advancement of Science meeting in Seattle that There is no evidence whatsoever of genetic engineering that we can find. The evidence we have is that the mutations [in the virus] are completely consistent with natural evolution. stated Two more researchers gave statements to The Washington Post: The Washington Post Theres absolutely nothing in the genome sequence of this virus that indicates the virus was engineered, said Richard Ebright, a professor of chemical biology at Rutgers University. The possibility this was a deliberately released bioweapon can be firmly excluded. Vipin Narang, an associate professor at the Massachusetts Institute of Technology, said it is highly unlikely the general population was exposed to a virus through an accident at a lab. We dont have any evidence for that, said Narang, a political science professor with a background in chemical engineering. Its a skip in logic to say its a bioweapon that the Chinese developed and intentionally deployed, or even unintentionally deployed, Narang said In short: No. Lieber's arrest (as well as the two other cases) was related to economic and academic espionage. There's no indication that Lieber's research, arrest, or connection to China was related to the spread of the coronavirus. Lieber was arrested in January 2020 for allegedly working with a university in China to further the country's recruitment and development of scientific talent. While Lieber was reportedly working with a lab in Wuhan, China (it should be noted that Lieber allegedly started working with the Wuhan University of Technology 9 years before there would be an outbreak of coronavirus in the area), there's no evidence to suggest that this is anything more than a coincidence.  Lieber's arrest, as well as the two other cases brought by the DOJ in January 2020, dealt with an academic battle between the U.S. and China. Lieber was allegedly working with a Chinese recruitment program, Ye was allegedly attempting to steal United States research and documents, and Zheng's was attempting to steal biological samples. FBI Boston Division Special Agent in Charge Joseph R. Bonavolonta said in a statement that all three of these cases dealt with "economic espionage" and China's attempts to steal trade secrets: statement Chinas goal, simply put, is to replace the United States as the worlds leading superpower, and theyre breaking the law to get there. Massachusetts is a target-rich environment with world-class academic institutions, research facilities, hospitals, cleared defense contractors, and start-ups. And each and every one of them are in danger of having their research, development, and investments stolen right out from under them. The ruling Communist Party of the PRC wants what we have so they can get the upper hand on us. And while we are still confronted with traditional spies seeking our state secrets, often working under diplomatic cover, or posing as everyday citizens, I can tell you China is also using what we call non-traditional collectors such as professors, researchers, hackers and front companies. All three individuals charged today are manifestations of the China threat ... Make no mistake, the ruling Communist Party of the Peoples Republic of China is highly strategic in their approach, and we are deeply concerned about American innovation, research, and cutting-edge technologies ending up in the wrong hands ... Economic espionage and the theft of trade secrets significantly hurts our academic institutions, businesses, jobs, and consumers, resulting in hundreds of billions of dollars in losses every year. While some may find these arrests to be suspect, the Department of Justice made no mention of coronavirus or biological warfare in their complaints. Cookson, Clive.  "Coronavirus Was Not Genetically Engineered in a Wuhan lab, Says Expert."
  Financial Times.  13 February 2020. Stevenson, Alexandra.  "Senator Tom Cotton Repeats Fringe Theory of Coronavirus Origins."
  The New York Times.  17 February 2020. U.S. Department of Justice.  "Harvard University Professor and Two Chinese Nationals Charged in Three Separate China Related Cases."
  28 January 2020. Shaw, Jonathan.  "Stolen Research: Chinese Scientist Is Accused of Smuggling Lab Samples."
  Harvard Magazine.  28 January 2020. Barry, Ellen.  "Stolen Research: Chinese Scientist Is Accused of Smuggling Lab Samples."
  The New York Times.  31 December 2020. Barry, Ellen.  "U.S. Accuses Harvard Scientist of Concealing Chinese Funding."
  The New York Times.  28 January 2020. Updated [22 December 2021]: Editor's note added after Lieber was convicted of making false statements to federal authorities about his involvement with the Chinese government and for failing to report foreign financial accounts to the IRS. In late 2015, as Donald Trump's presidential run began reaching a fever pitch, a few enterprising programmers created apps, pages, or browser extensionsfor peoplewho wanted to minimize their exposure to Trump, his fans, or both. exposure fans One such browser extension is called "Trump Filter." It was created by Rob Spectre,a self-described"Internet Mathemagician," who created the software with three settings ("Mild," "Aggressive," and "Vindictive") which the user could adjustbased on how strong his or her dislike of Trump might be. extension "I picked Trump for this extension in order to improve the signal-to-noise ratio in the media coverage around this election," Spectre told us. Even at this early stage with this wide field of candidates in the American presidential campaign, there is some research that suggests Trump is dominating 46% of all the headlines devoted to the election. Trump is dominating 46% of all the headlines Even finding other ideas behind the ridiculous notion of banning 1.6 billion people from entering the United States can be difficult to do on the Internet right now. I needed a way to turn the reality TV candidacy off  that's what I hope the Trump Filter does. For the rest of the field, that's really up to the developer community. I did publish the source code with a permissive license on Github  it is free for anyone to modify. It looks like a few developers are using it to create their own filters for other presidential candidates, some other politicians in other countries and, importantly the entire Kardashian family. publish the source code with a permissive license on Github a few developers are using it to create their own filters In the interest of science, we installed the extension, set it to "Mild," and tried it out on a recent articleabout Donald Trump: article   The filter worked exactly as advertised:   Spectrecreateda similar filter in 2011 to removementions of Derek Jeter from the user's internet. filter