President Obama Signs SNAP Fairness Act of 2014 Into Law
Claim:  Food stamps can now be used to purchase alcohol and tobacco products.   Example:  [Collected via e-mail, December 2014] Is the following true? I am pretty sure it isn't, but can't find any other information other than this website. "President Obama signs SNAP Fairness Act of 2014 Into Law: Alcohol & Tobacco Products No Longer Prohibited from Food Stamps."   Origins:  On 7 December 2014, the Salty Badger web site published an article claiming President Obama had signed legislation called "The SNAP Fairness Act of 2014" into law, making it legal to purchase alcohol and tobacco (items that have long been excluded from the food stamps program) with Supplemental Nutrition Assistance Program (SNAP) electronic benefit (EBT) cards: article President Obama signed the "SNAP Fairness Act of 2014" into law today, 12/7/14, thirty-four days after both houses of Congress narrowly passed the controversial bill overcoming strong Republican resistance both in the Senate and House. All SNAP-eligible Americans will be enjoying a late Christmas present this year courtesy of Uncle Sam. Wrapped inside with a red, white and blue bow will be increased food stamp funds and the right to use their EBT card to buy alcohol and tobacco products.   Hakeem Jeffries of New York's 8th Congressional District stated, "For too long, American citizens have been discriminated against at the grocery store. There is no reason my constituents should be barred from purchasing a 6-pack of Coors Light with their EBT card to go along with their steak dinner, also purchased with their EBT card. To expect low-income hardworking Americans to go out of pocket for essentials such as cigarettes and beer is not only racist, but cruel. I am proud to stand with my president today in this historical signing for food stamp fairness." The article uses the names of real politicians, like President Obama and Hakeem Jeffries, but that's the only factual element of the story. The SNAP Fairness Act of 2014 does not exist, President Obama didn't sign any bills into law on 7 December 2014, and SNAP benefit cards cannot be used to purchase alcohol or tobacco products.  sign purchase The photo used to illustrate this fictitious article shows President Obama sitting at his desk in August 2013 signing the Bipartisan Student Loan Certainty Act, not the SNAP Fairness Act, into law.  August 2013 The Salty Badger may not be as well known as fake news sites such as Huzlers or World News Daily Report, but the web site's mission is the same: To spread misinformation. The Salty Badger, which prides itself on being "not always right, but always first," notes in their mission statement that: mission statement When the Salty Badger was conceived and born from two genius minds, literally minutes prior to writing this statement, we had three major goals in our minds: Bring our brand of comedy to the forefront, have beautiful women throwing themselves at us, and get Scrooge McDuck rich.  We will settle for any one of the three.  We will sneak our humor into the minds of the world one individual at a time     Last updated:  10 December 2014
Claim:  After the implementation of "Check 21" on 28 October 2004, consumers will no longer be able to "float" checks. Status:  Multiple  see below. Example:  [Collected on the Internet, 2004] "Check 21" starting in late October You've probably bought something in a store with a check even though you don't have the money in your account at the time. You figure you have a few days for the check to clear, and by then the money will be there. It's called the "float." Well, the float is slowly becoming a thing of the past. Because of a new law going into effect in October, money will be drafted from your account immediately when you write a check. It's called "Check 21," and it allows retailers to scan your check through a machine that deducts the cash within minutes. It's essentially the end of the paper check system, as well, because the check will eventually be destroyed. There will be an image of the check online and that will serve as proof if you need it. But everything is becoming electronic, and a bank will know if a check is good right away. So, be prepared to move to an electronic bill pay system. It's the smart way to go. What about checks that you deposit? Well, the float is no longer available to you, the customer. But the bank still will hold a deposit for a few days to make sure it clears. It's not fair, but it's the way it's happening. What are the main effects of "Check 21" on consumers? You won't be able to get your original paper checks back, because your bank will no longer have them. Checks you write will clear sooner, increasing the risk that a check will bounce if funds are not in the account when you write the check. Don't write a check unless the funds are already in the account to cover it.  You may not get access to the funds from checks you deposit any sooner, because the new law does not shorten check hold times. After 30 months, there must be a study on whether banks are making funds available to consumers earlier than the allowable hold periods. Banks will save money on processing checks, but banks are not required to share these savings with consumers. Different kinds of copies of a check will have different rights attached. Check 21 creates a new kind of paper copy of an electronic image of a check. This special kind of copy is called a "substitute check." Only a substitute check can be the legal equivalent of the original check, and only a substitute check triggers your right to recredit of disputed funds. A regular copy of a check does not carry these same protections. If you ask for a copy of a check, your bank may send you an ordinary copy insteadof this special kind of copy which triggers legal rights and protections unless you ask for a substitute check. A bank other than your bank will have your original check, and will decide whether to destroy it. Neither Check 21 nor other law requires a bank to keep your original check for any period of time. Before Check 21, your own bank decided how long to keep your original checks, if you didn't get them returned with your statement. Under Check 21, the bank of the person you wrote the check to may decide when to destroy your check. Consumers will get new rights for some electronically processed checks, but not for others. When a so-called "substitute check" is provided to a consumer, Check 21 gives the consumer a right to have funds of up to $2,500 recredited to the consumer's account in 10 business days if the check is paid twice, paid for the wrong amount, or otherwise paid in error. The statute is ambiguous about whether this new right applies when a paper substitute check is used in the processing of the check but is not returned to the consumer. The regulations restrict the right of recredit only to checks where the consumer was provided with a substitute check. If a check is processed electronically by all the banks it is routed through without the use of a substitute check and the consumer is not providedwith a substitute check, then the check remains under state check law. In that case, the consumer does not receive a 10 day right of recredit even if the electronic image of the check is paid twice, paid for the wrong amount, or if both the electronic image and the paper check are paid. Consumers who want to maximize their consumer rights should ask for return of "substitute checks" with their checking account statements. Watch out for fees associated with a substitute check-returning account. Look for another bank if your bank charges a high fee to get copies of all your checks as substitute checks.  Only the special "substitute check" can be legally equivalent to the original check to prove payment. The copies that a bank sends to consumers under a so-called "voluntary truncation" agreement, where the consumer agrees not to get the checks back, do not prove that a payment has beenmade, and do not trigger your Check 21 recredit right. When do these changes go into effect? Check 21 becomes effective October 28, 2004. Origins:  On 28 October 2004, the provisions of the Check Clearing for the 21st Century Act (commonly known as   "Check 21") will go into effect.  The intent of the act is to eliminate check-clearing delays, primarily by removing the requirement that checks must be physically transported to the banks that issued them in order to be cleared for payment.  After 28 October 2004, banks will be allowed to transmit and clear checks by electronic facsimile, a practice that should avoid any clearing delays caused by circumstances that make the physical transportation of checks difficult or impossible (e.g., severe weather, power failures, terrorism). Check 21 Of course, one result of faster check processing will be a much shorter gap between the time consumers issue checks for payment and the time the covering funds are withdrawn from their accounts (usually referred to as the "float" time).  After Check 21 goes into effect checks may be processed in a matter of hours or even minutes, so consumers can no longer safely assume they have a grace period after writing checks before the funds are actually tapped from their accounts.  Check 21 does not, however, change the rules affecting how long banks can hold for clearance checks deposited by their customers.  Generally, banks can hold local checks for up to two days, out-of-town checks for up to five days, and other types of checks (e.g., checks over $5,000, checks drawn on new accounts, checks written against consistently overdrawn accounts) for up to thirty days.  The bottom line is that consumers will have to be more careful than ever to ensure that adequate funds are always available to cover the checks they  write. Also, under Check 21 banks will no longer be required to return canceled checks to their customers; they may return photographic images of the checks instead.  Banks will be able to issue certified photocopies of checks known as "substitute checks," and these copies will have the same evidentiary standing in courts of law as the originals.  (Although banks may allow customers to view and print out images of their checks over the Internet, those self-printed copies will not technically be considered substitute checks even though most courts will likely still accept them as evidence of payment.)  Check 21 will not explicitly require banks to provide substitute checks, so consumers may want to check with their banks to ensure they receive substitute checks with their statements.  Another provision of Check 21 will speed up resolution of customer claims regarding fraud and error.  Currently banks do not need to credit the accounts of customers who complain of error or fraud until their investigations are complete. After Check 21 banks must prove within ten days that disputed transactions were not their fault; if they do not provide such proof, they must credit their customers' accounts for the disputed amounts even if they have not completed their investigations. Although the Check 21 act goes into effect on 28 October 2004, banks do not have to begin electronically clearing checks on that date  Check 21 merely authorizes banks to begin use of electronic check clearing.  Most major banks already have imaging technology in place, but not all banks do, and some banks may therefore continue to process checks the "old" way until they upgrade their processing systems. Additonal information:       Frequently Asked Questions About "Check 21"   (Federal Reserve Board)     Questions and Answers About "Check 21"   (Consumers Union)   Last updated:  28 October 2004    Sources:   Kristof, Kathy M.  "Checks About to Be Put on Fast Track."   Los Angeles Times.  5 September 2004.    Associated Press.  "Banks Implement Check 21 Starting Thursday."    28 October 2004. In October 2019 it came to our attention that an aging platitude about aging, already credited to multiple sources, found a new voice:   The meme appeared on Get Old, a lifestyle blog published by a pharmaceutical company. The same quote has been attributed to Landers on several sites, including Psychology Today. Psychology Today However, the quote does not surface in searches at AnnLanders.com, an advice column launched in 2019 by Landers daughter, Margo Howard. The site is also advertised as an archive of Landers columns. Thats not the only reason to doubt the credit. A similar quote has been attributed to Bob Hope, Anonymous, a wise old man, and Winston Churchill. Snopes investigated that last one in December 2018: Bob Hope a wise old man December 2018 Not so long ago, this particular quote about aging existed on the Internet primarily as a wise saying attributed to Anonymous or Unknown. For example, motivational speaker Bill Benjamin included it as such on his list of Favorite Quotes & Thoughts as far back as 2008. This quote appears in myriad other lists of anonymous sayings as well and was memed into a Churchill quote only fairly recently. 2008 We rate the newer variation of this claim as "Misattributed" because, although Landers could have given some version of this advice during the 47 years she was publishing columns, there is no available evidence to prove that the exact quote originated with her. Unfortunately, Landers (Esther Pauline "Eppie" Lederer) died in 2002 at the age of 83, so we cannot ask her to confirm directly. died Here is advice on aging Landers did recommend for everyone over 60. Again, however, not her words. The list was written by one of her readers. Here is advice Have you seen other variations of this claim? Let us know. Let us know. Claim:  Barack Obama's net worth increased over $10 million from 2008 to 2012. UNDETERMINED Example:  [Collected via e-mail, October  2012] Seen on Facebook: Tea party's photo of  President Obama on a golf cart purporting his net worth 12/31/07 and 12/31/11  Origins:  This graphic claiming that Barack Obama's net worth had increased from $1.3 million at the end of 2007 to over $11.4 million by the end of 2011 was widely circulated in October 2012.   It's fair to say the Obamas' net worth has increased significantly during the time Barack Obama has been President, but fixing a specific  dollar amount to that increase is difficult: net worth figures for politicians are typically derived from analyzing financial disclosure forms, a method which leaves room for a good deal of interpretation. financial disclosure Certainly the dollar figures displayed in the above graphic were not just pulled out of thin air: CNN/Money did peg Barack Obama's net worth at $1.3 million in 2007, and some sources (such as this Associated Press article) stated his net worth in mid-2012 to be around $11.8 million.  CNN/Money Associated Press Other sources vary widely regarding the latter figure, however.  In mid-2012 Forbes estimated the Obamas' net worth to be $5.7 million (down slightly from the previous year), OpenSecrets.org put the figure somewhere in the broad range of "$1,566,014 to $7,764,999," and other sources listed similarly broad range estimates such as "somewhere between $2.6 million and nearly $8.3 million." Forbes OpenSecrets.org other sources The Forbes report noted why the online version of its article included a considerably lower estimation of the Obamas' net worth than the print version of its article had: The current issue of Forbes magazine values the Obamas at a shared net worth of nearly $9 million, based on the May 16, 2011 financial disclosure, the most up-to-date as of press time. The day after our issue went to press, Obama released his new financial disclosure form, showing that: 1) the Obamas have taken money out of treasurys; 2) book money is decreasing; and 3) the family still owes on its mortgage, disclosed for the first time. The latest disclosure also gave new information on the familys college savings plans, which allowed us to refine our valuation and  bring the sum down. The above valuation takes all this into account. Last updated:  16 October 2012 U.S. Rep. Kevin Brady, R-The Woodlands, last month spoke in support of creating an Emergency Trade Deficit Commission, while noting his hopes for congressional ratification of trade agreements with South Korea, Panama and Colombia. The world has changed, Brady said on the House floor July 28. Its not enough to simply buy American; we have to sell American, sell our products and goods and services throughout this world. And in fact, over 80 percent of our trade deficit today is with countries that are not trade agreement partners, that are not level playing fields for the United States; thats why we push hard for those agreements. The 80 percent figure jarred a reader who urged us to give it a once-over; happy to oblige. Some background: In June, the U.S. trade deficit reached nearly $50 billion, according to the U.S. Census Bureau. Exports in June totaled $150.5 billion, imports $200.3 billion. According to the Office of the U.S. Trade Representative, the United States has free-trade agreements  meaning neither country imposes trade restrictions such as tariffs  with 17 nations, which together account for 34 percent of U.S. imports and exports. The countries are Israel, Canada, Mexico, Jordan, Chile, Singapore, Australia, Morocco, El Salvador, Nicaragua, Honduras, Guatemala, Bahrain, Dominican Republic, Costa Rica, Oman and Peru. Through participation in the World Trade Organization, the United States has agreements permitting some restrictions with many nations. These include export powerhouses such as China, which from January through June 2010 was the leading exporter to the United States, with $161 billion in exported goods, according to the Census Bureau. China was followed in the exports-to-USA category by Canada, Mexico and Japan. And what of Brady's more than 80 percent breakout? Joe Kafchinski, a bureau statistician, said that from January through June, 13 percent of the nations trade deficit involved the countries that have free-trade agreements with the United States  meaning 87 percent of the deficit was with nations without such agreements. Next, we wondered about Brady's statement that those agreements serve to level the playing field with other countries, trade-wise  and thus reduce the U.S. trade deficit. The National Association of Manufacturers says free-trade agreements ease the export of American goods: Free trade agreements (FTAs) account for nearly one-half of U.S. manufactured goods exports, the association says on its website. They lower the price for consumer goods in the United States as well as the costs U.S. businesses pay for imported materials. Bilateral deals also open foreign markets to U.S. goods, increasing employment in those export sectors. The manufacturers note that the Census Bureau reports that over the past two years, U.S. manufacturers had a $50 billion surplus with their counterparts in FTA partner countries. Conversely, in the same time period, the U.S. trade deficit in manufacturing goods with the rest of the world was an astounding $820 billion. Put another way, the group says, 95 percent of the nations manufactured-goods deficit is with nations that do not have free-trade agreements with the United States. For labor's perspective, we contacted Jeff Vogt, global economic policy specialist for the AFL-CIO. Vogt said Chinas 2001 entry into the WTO drove up the U.S. deficit with non-free-trade nations. Regardless of which countries account for the deficit, Vogt said, the imbalance is a problem because the domestic economy benefits more from exports than imports. Vogt shared a March 2010 report by the nonpartisan Economic Policy Institute, which focuses on the economic needs of low- and middle-income Americans. The report says the U.S. trade deficit with China increased $186 billion between 2001 and 2008. Rapidly growing imports of computer and electronic parts (including computers, parts, semiconductors, and audio-video equipment) accounted for more than 40 percent of the surge, the report says, with deficits in advanced technology products responsible for 27 percent of the U.S.-China deficit. Also, according to the report, the growth of the deficit contributed to the loss of 627,700 U.S. jobs in computer and electronic products, along with other hard-hit industrial sectors including apparel and accessories (150,200 jobs), miscellaneous manufactured goods (136,900) and fabricated metal products (108,700). But trade agreements are not all that's behind the deficit with China. The report says a major cause is currency manipulation. Unlike other currencies, the Chinese yuan does not fluctuate freely against the dollar, giving Chinese-made goods an artificial price advantage overseas. In June 2010, Chinas central bank announced that it would allow the yuan to fluctuate more, but the value of the yuan has since increased less than 1 percent, according to a news report posted online this week by FinanceAsia. Robert Scott, an economist at the nonpartisan Economic Policy Institute in Washington, cautioned against presuming that free-trade agreements benefit the United States, saying that depends in part on whether the other nation is as developed as the United States and has open markets. For instance, the U.S. runs a trade deficit with its free-trade neighbor Mexico, he said, dominated by a flow of manufacturing plants to the less-developed country. Free-trade agreements, Scott said, are designed to make the world safe for multinationals to outsource production forever. And in aJuly 1article on the institute's website that criticized the proposed trade agreement with South Korea as foolish, Scott wrote: History shows that such trade deals lead to rapidly growing trade deficits and job loss in the United States. Clearly, there's a difference of opinion on whether free-trade agreements are a good thing vis-a-vis the growing U.S. trade deficit, as Brady asserts. But the key statistic in Bradys statement stands up. In fact, he understates the share of our trade deficit with nations that don't have free-trade agreements with the U.S. We rate Brady's statement Mostly True. 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. Since at least as far back as 2011, the Internet has been plagued by a viral warning about a danger to car owners, who supposedly create a significant risk of explosion by filling their vehicles' gas tanks to capacity during hot weather:  This premise sounds terrifying, but thankfully it makes zero scientific sense. This claim is complete hogwash for two clear and incontrovertible reasons. The first is that the temperature at which fuel auto-ignites (i.e. the temperature at which fuel will combust without a trigger or spark) is around 495F. This level is far higher than any temperature a covered, insulated tank could possibly achieve simply by being driven or parked on planet Earth. around 495F The second reason concerns the implication that pressure will dangerously build up in car's gas tank during hot weather, leading to higher temperatures within the tank and, somehow, an eventual spontaneous explosion. However, modern fuel tanks must have the ability to vent pressure. Since 1971, the U.S. Environmental Protection Agency (EPA) has required that all internal combustion engine cars include evaporative emission control (or EVAP) systems. This mechanism collects excess fuel vented from a tank (to maintain even pressure) and, when conditions are correct, returns it to the tank. 1971 EVAP Prior to the adoption of these regulations, many gas tanks simply relied upon vented gas caps, leading to the occasional release of liquid gas onto the ground or the emission of volatile chemicals into the atmosphere. A significant build-up of pressure would still not occur in such older vehicles, however. vented gas caps When this rumor hit the Middle East in 2015, the local press were quick to debunk it: Middle East The new rumour last week was about the dangers of filling car tanks to the maximum capacity in summer months circulated widely on social media. As usual the rumour-monger[ing] attributed the information to an official body  Adnoc Distribution. The rumour mill on social media suggested that fully filled car tanks could cause fires or explosions in summer. Adnoc Distribution confirmed that it has not issued any warnings against filling car tanks to maximum capacity. Khalid Hadi, Vice-President, Marketing and Corporate Communications at Adnoc Distribution, said: We would like to point out that filling fuel tanks to full capacity does not imply any risks as all car fuel tanks are designed to withstand pressure build-up in high temperatures. Furthermore, Adnoc Distribution has not registered any such previous incident [of cars exploding]. The rumour attributed to us is based on unknown sources, and is therefore completely false, Hadi said. The 2018 version of this rumor (reproduced in a graphic at the head of this page) attributes the warning to Pakistan State Oil (PSO), who similarly took to social media to disclaim it: disclaim <!-- Pakistan State Oil (PSO) has announced that filling fuel tank to its full capacity poses no threat of any kind to the cars or its passengers.PSO made the statement after a Whatsapp message went viral over the past few days. The message falsely claimed that PSO had warned the public against filling fuel tanks to the full capacity in light of increasing temperatures.Auto igniting temperature of petrol is way above the highest temperatures during summers in Pakistan. Filling your fuel tank to its full capacity poses no threat of any kind neither to the car nor to its passengers and is deemed completely safe and beneficial to the running of the car.--> The bottom line: Because the temperature required to spark a spontaneous fire in a gas tank is unreasonably high, and because gas tanks by their nature vent excess pressure, we rank this claim as false. Charles, Craig.  "Dont Fill Petrol Tank to the Limit or Risk Explosion? Debunked."
  Thats Nonsense.  9 June 2016.  American Petroleum Institute.  "Alcohols and Ethers: A Technical Assessment of Their Application as Fuels and Fuel Components."
  1 June 2001.
 U.S. Environmental Protection Agency.  "Milestones in Auto Emissions Control (Fact Sheet OMS-12)."
  August 1994.  George, Patrick, E.  "How Evaporative Emission Control Systems Work."
  How Stuff Works.  2 July 2018. Kader, Binsal Abdul.  "Filling Fuel Tanks to the Maximum Capacity Not Dangerous During Summer."
  Gulf News.   23 May 2015. On Aug. 16, 2022, we received mail from our readers that asked if Facebook pages named Target Fans and Walmart Fans were legitimately giving away or donating hundreds of refrigerators and ovens. The truth was that these pages were nothing more than the first step of potentially dangerous survey scams. The scammers appeared to be based in Indonesia. The posts showed pictures of refrigerators and ovens (ranges) with the caption, "We are happy to announce that we will be donating 670 refrigerators and cookers which cannot be sold due to a few scratches and minor damage, all machines are in working order, so we will send them randomly to someone who writes 'DONE' before August 19th!"  A search of Facebook for the words Target Fans and the lowercase and special characters ??????? ???? showed dozens of pages that were hosting the survey scams. Target Fans ??????? ???? Survey scams like the one for the Target refrigerators giveaway are a specific kind of ruse. They promise big prizes up front, but then lead to a seemingly endless number of surveys with other tantalizing prizing promises, such as a $750 transfer via the mobile finance app, Cash App. Usually, the scammers who created the Facebook posts are hoping that users sign up for accounts on various websites that might land them small amounts of commission. Target At the same time, survey scams can also be quite dangerous, reported AARP.org: reported AARP.org Amid questions about the supposed subject, sham surveys solicit personal or financial information, such as a credit card number to pay a shipping fee for your prize  something a legit survey will not do. They might trick you into signing up for a free trial offer thats actually a costly subscription for a dietary supplement or other product. Clicking on the link might also launch malware that can scrape sensitive data from your device. Either way, the scammers get information they can use for identity theft or sell on to other bad actors. Some major retailers, including Amazon and Walmart, do offer gift cards as prizes for customers who complete online surveys about their shopping experience, but those companies say they will never ask participants to provide sensitive data. We strongly advise readers to never click any links in offers that seem too good to be true. Also, we recommend sharing our article with family members or friends who might be susceptible to falling for this kind of a Target or Walmart Facebook scam. In sum, no, Target and Walmart weren't giving away or donating refrigerators or ovens on Facebook on pages named Target Fans and Walmart Fans. Walmart Facebook Source: Beware of Survey Scams That Require Personal Information. AARP, https://www.aarp.org/money/scams-fraud/info-2021/survey.html. Although Boeing may someday introduce a commercial airliner designated with the number 797, and although the company's Phantom Works (advanced research and development) unit may have researched the potential of blended-wing-body (BWB) aircraft design for military applications, Boeing is not currently developing a blended-wing aircraft for commercial use, nor does the image displayed below represent any aircraft (or prototype thereof) designed or produced by that company: Phantom Works researched BWB   Boeing to take on Airbus with (1000 seat) giant 797 Blended Wing plane Boeing is preparing a 1000 passenger jet that could reshape the Air travel industry for the next 100 years. The radical Blended Wing design has been developed by Boeing in cooperation with the NASA Langley Research Centre.The mammoth plane will have a wing span of 265 feet compared to the 747s 211 feet,and is designed to fit within the newly created terminals used for the 555 seat Airbus A380, which is 262 feet wide.The new 797 is in direct response to the Airbus A380 which has racked up 159 orders, but has not yet flown any passengers. Boeing decide to kill its 747X stretched super jumbo in 2003 after little interest was shown by airline companies, but has continued to develop the ultimate Airbus crusher 797 for years at its Phantom Works research facility in Long Beach, Calif. The Airbus A380 has been in the works since 1999 and has accumulated $13 billion in development costs, which gives Boeing a huge advantage now that Airbus has committed to the older style tubular aircraft for decades to come. There are several big advantages to the blended wing design, the most important being the lift to drag ratio which is expected to increase by an amazing 50%, with overall weight reduced by 25%, making it an estimated 33% more efficient than the A380, and making Airbuss $13 billion dollar investment look pretty shaky. High body rigidity is another key factor in blended wing aircraft, It reduces turbulence and creates less stress on the air frame which adds to efficiency, giving the 797 a tremendous 8800 nautical mile range with its 1000 passengers flying comfortably at mach .88 or 654 mph (+-1046km/h) cruising speed another advantage over the Airbus tube-and-wing designed A380s 570 mph (912 km/h)The exact date for introduction is unclear, yet the battle lines are clearly drawn in the high-stakes war for civilian air supremacy. This image is a conceptual picture from a Popular Science article about the future of aviation (one which proved so popular that it was made available for purchase in poster form) and has been circulated since at least early 1996 in fictitious articles proclaiming it to be Boeing's response to competition from the Airbus A380 in the commercial airliner business. articles A Boeing company blog produced by Randy Baseler, former vice president of marketing for Boeing Commercial Airplanes, tackled this subject back in November 2006: tackled From Boulder, Colorado, Walter brings up a topic we frequently get questioned about: the "blended wing" concept. Earlier this year an image of a blended wing "797" made the rounds of the Internet, and got speculation swirling that Boeing has this in the works. Is there any truth to the emails showing a blended wing 1,000-passenger concept that is dubbed a Boeing 797? Makes sense that the airline industry would head this direction some day, but it just sounds too good to be true! Yes, too good to be true, indeed, Walter. Someone was having a bit of fun with PhotoShop perhaps. Boeing is not planning to build a 1,000 passenger commercial airplane dubbed the "797," based on the blended wing body (BWB) concept or any other futuristic concept. It's certainly not in our commercial market forecast, which goes out for 20 years. We think the commercial airplane market favors point-to-point routes, and we're developing the 787 as the perfect match to help meet that demand. Glen, from Warrington, Pennsylvania brings up the same subject: Is there a blended wing in the works? Are there floor plans of it? No, not for a commercial airplane. But having said that, I should point out that Boeing Phantom Works, the company's advanced research and development group, tells me it is conducting research on the BWB concept with NASA and the U.S. Air Force. They're working to better understand what they describe as the BWB's "fundamental edge-of-the-envelope flight dynamics" and structural characteristics. The Air Force is interested in the BWB concept for its potential as a flexible, long-range, high-capacity military aircraft. As part of the research, Phantom Works has built a scale model for wind-tunnel testing of the concept's low-speed flying characteristics. There also are plans to flight-test the scale model next year. In 2017, Boeing released a teaser image at the Paris Air Show hyping a medium-range, "middle-market airplane" under development that industry observers unofficially christened "Boeing 797," but that was neither the real name of the aircraft nor did the visualization include a blended-wing design. image Baseler, Randy.  "Air Mail."
  Randy's Journal.  1 November 2006. Ostrower, Jon.  "World Gets First Peek at Boeing '797.'"
  CNN Money.  20 June 2017. Boeing.  "Boeing to Begin Ground Testing of X-48B Blended Wing Body Concept."
 27 October 2006. NewTechSpy.  "Boeing to Take on Airbus with (1,000 Seat) Giant 797 Blended Wing Plane."
  24 April 2006. In April 2022, an image of a person in a cow costume was circulated on social media along with a decidedly NSFW claim about its origins. The person in the photograph was named Carl Twinly, the meme claimed, and he had been arrested after tricking people into fondling him while he pretended to be a cow in a milking contest:   This is not a genuine news story.  This image is a screenshot of a fictional story that was published on the satire site Ringsssss.com in December 2021. This satire story started: Ringsssss.com in December 2021 Carl Twinly of Beaumont Texas has been arrested on charges of public indecency and masturbation by deception. Mr. Twinly posed as a dairy cow during the local 4-H milking competition. Carl was milked by a total of 13 contestants before his ruse was uncovered. While Ringsssss states in a disclaimer that it is a "fabricated satirical newspaper and comedy website," many people encountered this story after it was removed from its original context and started spreading online detached from any explicit indication that it was a satire story.  Ringsssss states in a disclaimer The story about "Carl Twinly" is a work of fiction. However, the mugshot shown above is real. It was taken in 2008 and shows a woman who was arrested in Middleton, Ohio. According to Fox 19, she had been hired to dress up as a cow to promote a local haunted trail. She was arrested on suspicion of disorderly conduct after she allegedly got drunk, chased some children, and interrupted traffic.  Fox 19 reported: "A Middletown woman is behind bars, charged with disorderly conduct after she was arrested while wearing a cow suit ... Police say Michelle Allen was getting in the way of traffic and chasing children while wearing her cow suit. She's also accused of urinating on a neighbor's front porch." Fox 19 reported   Man Pretends To Be A Cow In Milking Competition, Gets Jacked-Off For Hours. Ringsssss, 24 Dec. 2021, https://ringsssss.com/human-interest/man-pretends-to-be-a-cow/. Police: Woman in Cow Suit Had Been Arrested Many Times. Https://Www.Fox19.Com, https://www.fox19.com/story/9097572/police-woman-in-cow-suit-had-been-arrested-many-times. Accessed 12 Apr. 2022. DidTravis Allen, arguably the most conservative candidate for California governor, donate campaign money to three of the states leading liberal Democrats? Thats the Republican-on-Republican attack levied by John Coxs campaign for governor in arecent TV adthat goes after Allen, an Orange County assemblyman whos positioned himself as a GOP populist. Heres the full text of the ad, which includes three attacks on Allen: Narrator: For Republicans, the race for governor is crystal clear: Theres conservative businessman John Cox, leading the opposition to Jerry Browns Sanctuary State and chairman of the initiative campaign to repeal the gas tax. Then theres career politician Travis Allen. He gave campaign donations to Jerry Brown. Gavin Newsom and Barbara Boxer. And on the floor vote, Allen refused to join Republicans opposing driver licenses for illegal aliens. The conservative choice is clear: John Cox for governor. The ad was paid for by John Cox for Governor 2018. Well examine the other two attacks on Allen in future fact-checks. In this piece, well focus on the claim he donated to top Democrats. Background on GOP rivals Recent polls show growing support for Coxs campaign for governor, less than a week after President Trumpendorsedthe San Diego businessman. A surveyreleased Wednesday nightfrom the Public Policy Institute of California shows Newsom, the states lieutenant governor, leading Cox, 25 percent to 19 percent. Former Los Angeles Mayor Antonio Villaraigosa was third, at 15 percent, followed by Allen with 11 percent,  State Treasurer John Chiang at 9 percent and former state schools chief Delaine Eastin with 6 percent. Coxand Allen have sparred at campaign events over who is the most conservative candidate. Theyve both criticized Californias Democratic leadership over the gas tax increase and sanctuary state protections. The top two candidates in the June 5 primary, regardless of party affiliation, will move on to the November runoff. Donating to Democrats? The ad accuses Allen of donating to three of the states top Democrats. The irony, of course, is that Allens run for governor has centered on criticizing those same politicians, particularly Brown and Newsom. We found clear evidence supporting the claim, though Coxs ad ignores the fact that the contributions took place nearly a decade ago, before Allen ran for elected office, and that he also donated to Republicans. Campaign finance records show that in October 2010, Allen donated $1,000 to Jerry Brown for Governor, through Wealth Strategies Group, his wealth management firm in Huntington Beach. In August 2010, Allen gave $100 to Gavin Newsom for Lieutenant Governor. And, in October 2010, he donated $250 to Barbara Boxer for Senate. SOURCE: Campaign finance records from the California Secretary of State'swebsite. Asked about this, a spokeswoman for Allens campaign said in an email that the contributions took place before Travis was an elected official, as a businessman, he purchased tickets to some events. A November 2017 Mercury-Newsarticlesummarized these and additional donations Allen made to Democrats in 2010 and 2011. He told the paper at that time: As a businessman I was invited to some events by friends, and I purchased tickets to these events. Attending these events, however, opened my eyes to the damage the Democrats were doing to California, and brought about my decision to do everything in my power to stop them, including running for public office. Similar claim In April 2016, PolitiFact California ratedMostly Truea similar claim about then Presidential candidate Donald Trump donating to Democrats. Texas GOP Sen. Ted Cruz, at the time Trumps rival for the Republican presidential nomination, claimed Trump has given $12,000 to Jerry Brown, Gavin Newsom and Kamala Harris. Campaign finance data showed the claim was accurate, though we noted Cruz left out that the donations took place long before Trump announced his run for president. The contribution to Jerry Brown took place in 2006, while the donations to the other Democrats took place in 2009, 2011 and 2013. Our ruling In a recentTV ad, John Coxs campaign for governor claimed rival GOP candidate Travis Allen donated to three of Californias top Democrats. Campaign records prove the claim, though the contributions took place a decade ago, before Allen entered politics. The statement is accurate but needs this clarification. We rate it Mostly True. MOSTLY TRUE The statement is accurate but needs clarification or additional information. Click here formoreon the six PolitiFact ratings and how we select facts to check.