A new, independent study put out last week found that at least 55 of our largest corporations used various loopholes to pay zero federal income tax in 2020.
With Republicanscriticizing the corporate tax hikeproposed by President Joe Biden to fund his infrastructure plan, Biden pushed back during remarks on his proposal, the American Jobs Plan. Biden framed the issue as one of fairness, with big corporations not paying their fair share. A new, independent study put out last week found that at least 55 of our largest corporations use the various loopholes to pay zero federal income tax in 2020, Bidensaidin his April 7 remarks. It's just not fair. It's not fair to the rest of the American taxpayers. We found that Bidens statement is supported by a recently released study from a liberal group, though that studys methodology has its critics. President Joe Biden speaks during an event on the American Jobs Plan at the White House on April 7, 2021. (AP) We didnt hear back from the White House, but Bidens remarks make clear that he was referring to an April 2studyby the liberal-leaning Institute on Taxation and Economic Policy. That study, which had received wide media coverage in recent days, found that at least 55 of the largest corporations in America paid no federal corporate income taxes in their most recent fiscal year despite enjoying substantial pretax profits in the United States. The list of 55 companies is sprinkled with well-known names, including FedEx, HP, Nike, Salesforce and XCel Energy. Collectively, the study concluded, the companies earned $40.5 billion in pretax income in 2020 and would have paid taxes amounting to $8.5 billion had this income been taxed by at the standard 21% corporate rate. In reality, the companies collectively received rebates from the federal government worth $3.5 billion. The study cited several tax laws that helped protect these companies income from taxation, including those governing the tax treatment of executive stock options, research and experimentation, renewable energy, deductions for capital expenses, and the reallocation of losses to different tax years. Some observers told PolitiFact that they took issue with Bidens characterization of such laws as loopholes. Reasonable people can disagree over the wisdom of a given tax provision, but they were deliberate policy choices, not rifle shots, said Douglas Holtz-Eakin, president of the center-right American Action Forum. Garrett Watson, a senior policy analyst at the Tax Foundation, agreed. The problem with that framing is that many of the provisions reducing tax rates are either built into the code to properly calculate net income  such as a 100% bonus depreciation, apro-growth provision or provisions created to incentivize preferred activity by policymakers, such as the research and experimentation tax credit, Watson said. Still, even experts who are critical of the studys methodology told PolitiFact that Biden accurately portrayed the gist of the reports findings in his April 7 remarks. Notably, Bidens remark also stopped short of blaming the companies for evading taxes; his remarks suggest that his quarrel is with the tax system that allowed the companies to legally pay so little in taxes. The groups study is based on an analysis of annual financial reports filed by publicly traded companies in the Standard & Poors 500 stock index or the Fortune 500 list of companies with the largest revenue. But while this data comes from federally required disclosures, critics say that what is disclosed on these forms is calculated differently from these companies actual tax filings, which are private. In other words, the critics say, we dont really know whether these companies paid zero in taxes or not. Holtz-Eakinwrotethat using Securities and Exchange Commission filings, as the study does, is tricky, because the way income is counted on these forms departs substantially from the way taxable income is reported to the Internal Revenue Service. Notably, companies have some flexibility to determine their own fiscal years for financial disclosures, whereas the IRS requires a more rigid schedule for tax payments, he wrote. Financial reports may not cover the same period of time as a tax return, he wrote. Meanwhile, the tax code allows companies to smooth out income by allowing losses to be carried forward or backward for a number of years, Holtz-Eakin wrote. As a result, a snapshot of the company in its single year of profitability is a necessarily distorted view, but one that some tax critics tend to highlight. In addition, the rules governing the reporting of capital investments in the SEC disclosures may be different from what the IRS allows. Steve Wamhoff, director of federal policy at the Institute on Taxation and Economic Policy, said he disagrees with the methodological critiques. Wamhoff said his groups report focuses on what the companies affirm is their best calculation of taxes they have paid for the year. Its very unlikely that the companys real-world income tax liability will be substantially different from this, he told PolitiFact. He added that the reallocation of losses to different tax years is reasonable in theory, but we are finding that corporations are not paying taxes over a longer period. Our report finds that many of these companies  26 that we have identified  paid nothing over a three-year period. William Gale, a senior fellow at the Brookings Institution, agreed that it can be difficult to infer a companys actual tax position from its SEC filings. But he said the idea that many large corporations do pay zero in federal taxes is by now well-established. The non-partisan Congressional Joint Committee on Taxationhas shownthat in any given year for the past 15 years or so, about two-thirds of corporations with less than $1 billion in assets paid no federal corporate income tax, and one-third of corporations with assets greater than $1 billion paid no federal corporate income tax, Gale said. And the committee, he said, has access to corporations actual tax returns. Biden said, A new, independent study put out last week found that at least 55 of our largest corporations used various loopholes to pay zero federal income tax in 2020. Biden is right that a study had been released days earlier by a non-governmental group that concluded that at least 55 large companies paid zero federal income taxes in 2020. However, it may be incorrect to call the tax provisions cited in the report loopholes, since many of them are deliberate attempts by the government to set incentives through the tax code and may on their own be broadly popular. Critics also say that the financial disclosures used to compile the report are imperfect estimates of what the companies actually paid in taxes, since the accounting rules are different for the two types of filings. On the other hand, separate data from the Joint Committee on Taxation, which is based on actual tax returns, has supported the studys general point. We rate the statement Mostly True.
In May 2021, as Brood X cicadas started to emerge after 17 years underground, a set of photographs started to circulate on social media that supposedly showed a series of sculptures constructed with cicada shells: Brood X cicadas circulate on social media   These sculptures were truly made with the shells of cicadas. It should be noted that all of these images are several years old, however, and do not feature Brood X cicada shells.  The image in the top left of the Transformer-esque cicada sculpture was created in 2017 by an art student in Japan who posts on Twitter under the handle @ride_hero_. They wrote on their website that this "monster" was truly made of cicada shells. Here's an excerpt from their page (translated via Google): ride_hero_ website It can be said that monsters are familiar to Japanese people. Monsters do not actually exist in this world, they are images. However, because it exists in the world of images, monsters become objects of fear and charm. I was fascinated and fascinated by such a monster. The existence of this monster is unconfirmed, but I imagined the soul as something that always accompanies it as an image. There is a story about whether the soul comes first or the body comes first. Is the body built in the soul? Is the soul drawn to the body? But I think the soul comes first. As a result, the concept of the body emerges relatively when considering the soul. The "body" is nothing more than a vessel of the "soul." From here I imagined the soulless body of the existence of corpses and shells. Shells and corpses are not just vessels that have lost their souls. It also means that it is part of the soul's trajectory that the soul was there. One day in October, a third year high school student, I crushed a cicada shell that had fallen in a high school corridor. Seeing the crushed cicada shells, I felt "mottainai". [Mottainai is a Japanese term that can be translated to "What a waste!"] I don't know why I felt this "mottainai", but at that time I felt that I could make something with this cicada shell. From there, I collected cicada shells. The familiar material that I used to make my work was the cicada shell. I'm making a monster out of cicada shells. I decided that the creatures in the image made up of a collection of soul vessels are the best to ask about the soul. This work is a soul drama that resembles the lives of cicadas and is a transfer of a part of my soul. @Ride_Hero_ has posted several additional photos showing the process of making this cicada sculpture. You can see those images here.  those images here The other three images appear to have all been created by another Japanese college student named Tanikurakai. Buzzfeed News talked to Tanikurakai after his cicada sculpture of an Alien Baltan (top right), an arthropod-like alien from the Japanese television series "Ultraman," went viral in 2018.    Tanikurakai told Buzzfeed News that he made this sculpture with about 30 shells from a variety of cicada species. Buzzfeed News reported (translated via Google): Buzzfeed News Mr. Tanikura responded to BuzzFeed's interview that "I made it with the idea that the beauty of the shell could be used for something . " He collected about 30 shells in his garden and completed it in about a week. He said that he used three types of cicadas, such as a large bear cicada where he wanted volume, a slender brown cicada where he was too big, and a small and brittle kempfer cicada as an accent on his face.  Tanikura shared other images of cicada sculptures that he made, including the "Godzilla" and "Alien" sculptures shown in the collage above.  ChinaDaily.com reports that another Japanese artist, Zhang Zhenwu, also creates sculptures from cicada shells. A video of Zhenwu's work can be seen below: ChinaDaily.com reports In early 2021, readers asked Snopes to examine the accuracy of a widely-shared social media post that purported to describe U.S. President Joe Biden's intention to eliminate a piece of tax law that allows taxpayers to benefit from selling on a home that is left to them by their parents. The post  which was critical of Biden and the supposed plan  first emerged during the 2020 presidential election campaign, but regained prominence after Biden was inaugurated in January 2021. It typically read as follows: first emerged regained Did you know Biden wants to get rid of something called "stepped up basis"? How does this affect you! When your parents pass and leave you the family house, normally you would inherit that property at what it is worth today. If you were to sell that house you would only pay taxes on the gain from what it is worth today and what it sells for. If Biden does away with "stepped up basis," you will inherit the property for what your parents paid for the property. If you decide to sell you will pay taxes on the difference between the original purchase price and what it sells for today. Here is what this looks like! Current PolicyInherited House at Current Value - $200,000Sells for $205,000Taxable income = $5000Taxes Due - 20% of $5000 = $1000Profit to you = $204,000Biden PolicyInherited House at original purchase price - $40,000Sells for $205,000Taxable income = $165,000Taxes Due - 20% of $165,000 = $33,000Profit to you = $172,000If your parents were to have sold this property prior to passing, they would have paid no taxes because it was their primary residence.So much for helping the middle class get ahead.My educated guess would be that at least 95% of Americans dont even know Biden has proposed this. We are talking tens of thousands of more tax dollars for the average sold after inheritance! Wow, google Biden stepped up basis and educate yourself because this is a biggie! Please share!   The viral post accurately stated that Biden proposed getting rid of the "stepped-up" basis for capital gains tax, and correctly explained the potential practical consequences for an individual taxpayer who inherits a home. In fact, the tax hit for wealthier individuals would be even greater than the post stated, because Biden has also proposed doubling the rate of long-term capital gains tax for those with income over $1 million. We are issuing a rating of  Here's how the nonpartisan Congressional Budget Office describes the stepped-up basis for capital gains tax, which is the tax due on profits from the sale of an asset, such as shares, a piece of property, and so on: describes When people sell an asset for more than the price for which they obtained it, they realize a net capital gain. The net gain is typically calculated as the sale price minus the assets adjusted basisgenerally the original purchase price adjusted for improvements or depreciation. To calculate the gains on inherited assets, taxpayers generally use the assets fair-market value at the time of the owners death, often referred to as stepped-up basis, instead of the adjusted basis derived from the assets value when the decedent initially acquired it. When the heir sells the asset, capital gains taxes are assessed only on the change in the assets value relative to the stepped-up basis. As a result, any appreciation in value that occurred while the decedent owned the asset is not included in taxable income and therefore is not subject to the capital gains tax. In 2015, then-President Barack Obama also proposed eliminating the stepped-up basis. Here's his administration's explanation of how it works: explanation ...Suppose an individual leaves stock worth $50 million to an heir, who immediately sells it. When purchased, the stock was worth $10 million, so the capital gain is $40 million. However, the heirs basis in the stock is stepped up to the $50 million gain when he inherited it  so no income tax is due on the sale, or ever due on the $40 million of gain. Each year, hundreds of billions in capital gains avoid tax as a result of stepped-up basis.  During the 2020 presidential election, Biden and his campaign repeatedly expressed his intention to get rid of the stepped-up basis. As first highlighted by Politifact, the Biden campaign presented the proposal as a partial way to pay for its proposed student loan reforms. In October 2019, ABC News reported that: Politifact ABC News The plan makes official several policies the former vice president often discusses on the trail about student debt as well. Bidens policy includes his plan for reducing student loan debt obligations for students who go into the public service sector, allowing $10,000 of undergrad or graduate debt relief per year for up to five years of service. Biden would also double the maximum amount of Pell grants available to students, including Dreamers, and would allow students making less than $25,000 a year to defer payments on their federal loans without accruing interest. Any student making more than $25,000 would pay 5% of their discretionary income toward their loans rather than the current 10% owed. The plan would be paid for through the elimination of the stepped-up basis loophole, a type of break on inheritance taxes, and capping itemized deductions for wealthy Americans at 28%, according to the campaign. In June 2020, according to CNBC, Biden told would-be donors: "Im going to get rid of the bulk of Trumps $2 trillion tax cut, and a lot of you may not like that but Im going to close loopholes like capital gains and stepped-up basis. CNBC On the Biden-Harris campaign's website, a Spanish-language document outlining the campaign's plans for education reforms stated (translated): document The Biden plan for post-secondary education is a $750 billion investment over 10 years, aimed at developing a stronger and more inclusive middle class. It will be paid for by ensuring the super-rich pay their fair share. Specifically, this plan will be paid for by eliminating the gap in our tax law known as the "Stepped-up Basis Loophole" as well as reducing the itemized deductions that the richest Americans can make to 28 %. [Emphasis is added]. Elsewhere, the Biden campaign proposed not only getting rid of the stepped-up basis, but also doubling the tax rate for long-term capital gains  that is, profits from the sale of an asset that you owned for more than one year  for relatively wealthy taxpayers. Here's what the Biden-Harris campaign website stated, as part of the campaign's healthcare plan: long-term stated As President, Biden will make health care a right by getting rid of capital gains tax loopholes for the super wealthy. Today, the very wealthy pay a tax rate of just 20% on long-term capital gains... As President, Biden will roll back the Trump rate cut for the very wealthy and restore the 39.6% top rate he helped restore when he negotiated an end to the Bush tax cuts for the wealthy in 2012. Bidens capital gains reform will close the loopholes that allow the super wealthy to avoid taxes on capital gains altogether. Biden will assure those making over $1 million will pay the top rate on capital gains, doubling the capital gains tax rate on the super wealthy. The Facebook post shared widely in late 2020 and early 2021 accurately described Biden's stated intention to get rid of the stepped-up basis for capital gains tax, a move that would indeed increase the tax burden on a notional individual who inherits a piece of property from their parents, before selling it on. The tax hit for wealthier taxpayers would be even greater than the Facebook post outlined, since Biden has also proposed increasing the rate of long-term capital gains tax for those with an income above $1 million. The Facebook post did not mention that Biden had stipulated he would use the money raised from eliminating the stepped-up basis to help pay for his healthcare and education plans. We are issuing a rating of  Snopes contacted the White House to ask whether the Biden administration still intended to push for the elimination of the stepped-up basis, but we did not receive a response in time for publication. Claim:  A provision of "Obamacare" health care legislation creates a 3.8% Medicare tax on real estate transactions. Health care legislation imposes a 3.8% tax on all home sales.  Health care legislation imposes a 3.8% transaction tax on profits over the capital gains threshold. Example:  [Collected via e-mail, April 2010] 3.8% tax on real estate transactions Under the new health care bill - did you know that all real estate transactions are subject to a 3.8% "Sales Tax"? You can thank Nancy, Harry & Barack (and your local Congressmen) for this one. If you sell your $400,000 home, this will be a $15,200 tax. Remember Obamas battle cry  take from the workers and give to the drones. TAX ON HOME SALES Imposes a 3.8 percent tax on home sales and other real estate transactions. Middle-income people must pay the full tax even if they are "rich" for only one day  the day they sell their house and buy a new one.   Origins:  One of the provisions in the reconciliation bill (HR 4872) passed in conjunction with the Patient Protection Affordable Care Act (PPACA) health care legislation calls for high-income households to be subject to a new 3.8% Medicare tax on investment income starting in 2013: HR 4872 The PPACA creates a new Code Section 1411, which will generally impose a 3.8 percent tax on the lesser of "net investment income" or the excess of modified adjusted gross income over a "threshold amount" (generally, $250,000 for taxpayers filing a joint return, $125,000 for married taxpayers filing a separate return and $200,000 in all other cases). Net investment income generally means the excess of (i) interest, dividends, annuities, royalties, rents, income from passive activities, income from trading financial instruments and commodities, and gain from the disposition of certain non-business property, over (ii) allowable deductions properly allocable to such income. In determining the amount of net investment income, special rules apply with respect to dispositions of equity interests in certain partnerships and S corporations, and to distributions from certain qualified plans. This additional tax applies to taxable years beginning after December 31, 2012. This is a complicated section of a complicated piece of legislation, and the 3.8% Medicare tax has been frequently misreported as amounting to a 3.8% "sales tax" on all real estate transactions.  This is incorrect: the Medicare tax is not a sales tax, nor does it apply to all real estate transactions; it is a tax on investment income (income which may or not derive from the sale of property) only for persons who earn more than the amounts specified in the bill. First of all, the Medicare tax will be imposed only on individuals with an income above $200,000 and couples with a joint income more than $250,000, a figure which currently excludes about 97% of all U.S. households.  Second, the tax will not be assessed on every house sale, but only on real estate transactions that produce profits over a specified dollar amount.  As Sara Orrange, Government affairs director of the Spokane Association of Realtors noted in response to a repetition of the "sales tax" rumor in the Spokane Spokesman-Review: response In his recent guest column regarding the impact of the health care bill, Paul Guppy of the Washington Policy Center claimed that a 3.8 percent tax on all home sales was a part of the recently passed legislation. This is inaccurate and needs to be corrected. The truth about the bill is that if you sell your home for a profit above the capital gains threshold of $250,000 per individual or $500,000 per couple then you would be required to pay the additional 3.8 percent tax on any gain realized over this threshold. Most people who sell their homes will not be impacted by these new regulations. This is not a new tax on every seller, and that correction needs to be made. This tax is aimed at so-called "high earners"  if you do not fall into that category you will not pay any extra taxes upon the sale of your home. For example, let's assume that a couple with an income of $325,000 bought a house in 2004 for $300,000 and resold it in 2013 for $850,000, thus producing a $550,000 profit.  Since U.S. law allows a couple to exclude from their gross incomeprofits of up to $500,000 from the sale of their principal residence, the taxable gain from this sale would be $50,000 (i.e., a $550,000 profit minus the $500,000 exclusion), and the couple's taxable income would now be $375,000 (i.e., the original $325,000 plus the $50,000 of taxable profit from their home sale).   The 3.8% Medicare tax would now apply to whichever of the following dollar figures is the lesser: exclude  a)  The amount by which the couple's taxable income now exceeds the $250,000 income threshold level.  b)  The amount of taxable income gained from the sale of their home. In case (a), the dollar figure  would be the couple's taxable income ($375,000) minus the income threshold level ($250,000), or $125,000. In case (b), the dollar figure would be amount of taxable income gained from the sale of their home, which, as detailed above, was $50,000 (i.e., $550,000 profit minus the $500,000 exclusion).   The second dollar amount is the lesser of the two, and therefore the couple would have to pay an additional tax of 3.8 percent of $50,000, which would amount to $1,900.  (If the hypothetical couple had realized less than a $500,000 profit on the sale of their residence, none of that gain would be subject to the 3.8% tax.) The referenced tax is therefore not a tax on all real estate sales; it is an investment income tax which could result in a very small percentage of home sellers paying additional taxes on home sales profits over a designated threshold amount.   In short, if you're a "high earner" and you sell your home at a substantial profit, you might be required to pay an additional 3.8% tax. However, given that only about 3% of U.S. households have incomes that exceed the specified income threshold amount, the existing home sale capital gains exclusion on a principal residence ($250,000 for individuals, $500,000 for couples) still stands, and the national median existing-home price in January 2012 was only $154,700 , the Medicare tax will likely affect only a very small percentage of home sellers when it is implemented in 2013. median Additional information:      The 3.8% Tax:Real Estate Scenarios & Examples  The 3.8% Tax:Real Estate Scenarios & Examples Last updated:  15 March 2012    Sahadi, Jeanne.  "Medicare Tax Hikes: What the Rich Will Pay."   CNNMoney.com.  25 March 2010. In mid-July 2015 a video began making the online rounds, accompanied by claims that it depicted a man who had consumed 24 cans of Red Bull energy drink in a short period of time. (One 250ml can of Red Bull contains about 80mg of caffeine, while a typical cup of brewed coffee has about 95 to 200 mg of caffeine.) video coffee WARNING The outcome of drinking 24 cans of RED BULL quickly   The "24 cans of Red Bull" was a familiar trope in mid-2015 due to recent reports in the UK press that a 31-year-old British woman had managed, through the help of hypnosis, to kick a 24-can-a-day Red Bull habit that was having profound effects on her health (and finances): reports   A mother-of-four whose addiction to Red Bull saw her drinking 24 cans of a day claims she has been cured of her habit by hypnosis. Sarah Weatherill, 31, became so dependent on the energy drink she was told if she cut down too quickly she could suffer a seizure as her body was so used to the caffeine. The law student spent a staggering 5,460 every year on the popular energy drink since she became hooked in 2009. Her habit was at its worst the following year when she was studying for a law degree and wanted to stay awake to revise for exams. She soon became dependent on the drink and couldn't get out of bed unless she knew she had some in the fridge. She also became lethargic, depressed, had heart palpitations and was constantly feeling anxious as her 105-a-week habit spiralled out of control. She finally decided to do something about the problem after she realised the constant need for the Red Bull was severely damaging her health.   However, the video shown above has nothing to do with the effects of consuming large quantities of caffeine or energy drinks.  What it depicts is a flail chest, a condition usually seen after automobile accidents or other forms of blunt trauma, when a segment of the rib cage breaks and becomes detached from the rest of the chest wall.  In flail chest patients, pressure changes associated with respiration that the rib cage normally resists produce the motion seen in the video above, as demonstrated here: flail chest   During normal expiration, the diaphragm and intercostal muscles relax increasing internal pressure, allowing the abdominal organs to push air upwards and out of the thorax. However, a flail segment will also be pushed out while the rest of the rib cage contracts.   Although we haven't identified the precise source of this video, it's said to have captured the victim of an automobile accident being treated by emergency medical personnel shortly before his death. Various social media posts circulating in late December 2021 claimed that thanks to coronavirus stimulus legislation known as the American Rescue Plan, U.S. President Joe Biden's administration and Democratic legislators would begin "spying" or "snooping" on users of cash apps like PayPal and Venmo. Here is an example of one such post: example   The truth is, unsurprisingly, more nuanced, but the bottom line is that, contrary to what the above Twitter posts state, the effect of the legislation in question isn't that the Biden administration or Democrats will be "tapping into" or "spying on" bank or cash app accounts. This is a misleading characterization. What the legislation does is significantly lower the threshold for reporting taxable transactions made using cash apps like Venmo, PayPal, or Zelle for goods and services to the IRS. And when you reach that threshold, the app companies will then be required to send a tax form called a 1099-K to both you and the IRS. A 1099-K is, according to PayPal, an "informational tax form that is used to report goods and services payments received by a business or individual in the calendar year." PayPal As of this writing, the current threshold for such reporting is $20,000 and 200 payments in goods and services. Come Jan. 1, 2022, that reporting threshold will drop down to $600. threshold This could have a significant impact on platform users' tax returns. Here's how Bloomberg Tax described how users might experience the change: Bloomberg Tax For example, a model train collector may have paid $5,000 for model train pieces over several years that they now sell for $8,000, and the marketplace that introduced the seller to the buyer and through which the sale took place may charge the seller a total fee of $800. It may cost the model train seller $200 in postage to send the pieces to its buyers. The Form 1099-K that the seller will receive from the TPSO will report $8,000 in gross proceeds paid. However, the sellers taxable gain from that sale would only be $2,000. As a result, collectors and other online sellers will need to keep extensive records of their expenses going forward to avoid over-reporting of income and overpayment of tax. Also, consider the alternativea teenager who walks dogs to earn extra money. If their income in 2022 exceeds $600, their expenses may be limited to the fees charged by the website that connects them to pet owners, but they will owe income taxand possibly self-employment taxon the income they earn. According to PayPal, which owns Venmo, the change doesn't affect people who use the apps for personal transactions, like paying a friend back for your share of dinner, gifts, or chipping in for trips. PayPal also states that its app allows users to categorize their own transactions as personal versus rendering payment for "goods and services." PayPal Business Users on Cash Apps Will Begin Receiving Tax Forms. Heres What You Need to Know. WJHL | Tri-Cities News & Weather, 14 Oct. 2021, https://www.wjhl.com/news/business-users-on-cash-apps-to-begin-receiving-tax-forms-what-you-need-to-know/. Pflieger, Deborah. "New Form 1099 Reporting Coming in 2022," Bloomberg Tax, 15 Dec. 2021, https://news.bloombergtax.com/tax-insights-and-commentary/new-form-1099-reporting-coming-in-2022. New U.S. Tax Reporting Requirements: Your Questions Answered. PayPal Newsroom, 4 Nov. 2021, https://newsroom.paypal-corp.com/2021-11-04-New-US-Tax-Reporting-Requirements-Your-Questions-Answered. "PayPal and Venmo Taxes: What You Need to Know About P2P Platforms." TurboTax, 27 Nov. 2021, https://turbotax.intuit.com/tax-tips/self-employment-taxes/paypal-and-venmo-taxes-what-you-need-to-know-about-p2p-platforms/L5DNjOUM1. Claim:  Photographs show an F-15 fighter jet breaking up in mid-air.   . Example:  [Collected via e-mail, March 2008] What a ride !!!!   Just flying along, enjoying the ride ... Oh my, this is so much fun ... it's so great being a pilot.        Hmmm, something feels different ...Hey, why am I looking up?        Oops, my controls aren't working?Where's my F-15?        Oh, there it is ...I think I'm having separation anxiety.        OK, I'm out here, but first the canopy has to go.   Glad that worked!        That's it ... now I'm gone   Can you imagine what was going through this poor pilot's mind? AND, just what caused the mid air break up..... U.S. Air Force's announcement on Thursday said that a Missouri National Guard F-15 jet broke apart in midair on Nov. 2, 2007; the pilot evacuated the plane safely. The breakup in mid air was blamed on parts that didn't meet specifications; which raises issues ranging from national security to potential legal action and even foreign sales. Origins:  It's a common phenomenon that when a spectacular disaster strikes, "real" photographs of it begin to circulate via e-mail that are actually recycled images from earlier, similar events (such as this set of storm photos) or images that aren't actually photographs (such as these movie stills passed off as photographs of the Space Shuttle Columbia exploding).  The images displayed above fit that latter category: The underlying incident they depict is a real one, but the images shown here aren't photographs of that incident, nor are they photographs at all. storm stills On 2 November 2007, a Boeing Co. F-15C Eagle fighter jet flown by the Missouri Air National Guard crashed during a training exercise. The following day, the U.S. Air Force grounded the country's global fleet of 676 F-15s out of "airworthiness concerns" while they conducted inspections to investigate a possible structural failure in the aircraft.   An animated video simulation of the Missouri F-15's mid-air breakup was prepared during the course of the investigation, and the images displayed above are frames taken from that simulation: simulation  The Air Force ultimately determined that the cause of the accident was a defective metal support beam: A failure of the upper right longeron, a critical support structure in the F-15C Eagle, caused the crash of a Missouri Air National Guard F-15C, four miles south-southeast of Boss, Missouri, Nov 2.  According to the Air Combat Command Accident Investigation Board report released Jan. 10, a technical analysis of the recovered F-15C wreckage determined that the longeron didn't meet blueprint specifications. This defect led to a series of fatigue cracks in the right upper longeron. These cracks expanded under life cycle stress, causing the longeron to fail, which initiated a catastrophic failure of the remaining support structures and led to the aircraft breaking apart in flight. At the time this report was issued in January 2008, about 60 percent of the Air Force's F-15 fleet had cleared inspection and been returned to service; approximately 40 percent of the inspected aircraft were found to have at least one longeron that did not meet blueprint specifications, and nine of them were discovered to have longeron fatigue-cracks: The Air Force's 224 newer F-15E fighter jets do not have the same flaws and have been returned to service. This week, the Air Force returned 261 F-15 A-Ds to service after they were cleared for flight. Although some of the flawed beams  known as longerons  have been deemed just millimeters off of their blueprint specifications, Air Force officials said they are not taking chances with aircraft that could be susceptible to the same cracks that led to the dramatic crash last year. Nine of the  F-15 A-D models have been grounded because of actual cracks in the aircraft; Air Force officials said yesterday that they are weighing the possibility of replacing the longerons on the other defective planes or giving up on the aircraft in favor of $132 million F-22s, a cutting-edge fighter that the Air Force prefers. Lt. Gen. Donald J. Hoffman, a military deputy in the Air Force acquisition office, said the Air Force is beginning to investigate potential liability on the part of the manufacturer, but Air Force officials also said they are having difficulty locating the original contracting paperwork and are unsure whether McDonnell Douglas made the specific part that is failing or whether it was made by another vendor for inclusion in the airplanes. Boeing officials said they have been working with the Air Force to determine the extent of the problem, and the Air Force said Boeing tests led to the discovery of the manufacturing defect after the November crash. By failing to conform to blueprint specifications, the metal beams in some cases weakened and cracked after years of experiencing high speeds and G-forces, according to the accident investigation. [Boeing spokesman Paul] Guse said Boeing is gathering data from its F-15 inspections and expected it to take about four weeks to determine a course for fixing the aircraft. Despite the spectacular nature of the accident, the pilot was able to eject safely and suffered only the (relatively) minor injuries of a dislocated shoulder, a broken arm, and some cuts and bruises. Last updated:  6 May 2008    Sources:   Borak, Donna.  "Air Force Grounds F-15s in Wake of Training Crash."   The [Cleveland] Plain Dealer.  6 November 2007.    Buzanowski, J.G.  "Air Force Leaders Discuss F-15 Accident, Future."   Air Force Link.  10 January 2008.    Lardner, Richard.  "Defective Part Cited in F-15 Jet Crash."   ABC News.  10 January 2008.    White, Josh.  "Air Force Indefinitely Grounds Many F-15 Jets."   The Washington Post.  11 January 2008  (p. A3).    Air Force Link.  "Air Combat Command Clears Selected F-15s for Flight."   9 January 2008.    Air Force Link.  "F-15 Eagle Accident Report Released."   10 January 2008.    KSPR-TV  [Springfield, MO].  "Air Force Releases F-15 Crash Animation."   10 January 2008. In the closing days of the 2020 U.S. presidential campaign, social media users recirculated a photograph playing on campaign-long claims by President Donald Trump and his supporters that Democratic nominee Joe Biden used his political influence while vice president to benefit Burisma, one of Ukraines largest natural gas companies, because Biden's son Hunter was a non-executive director on that company's board. recirculated non-executive director The much-shared photograph purportedly showed Joe and Hunter Biden golfing with the "Ukraine oil exec paying Hunter $50 K a month," thereby supposedly contradicting Joe Biden's claims that he had never spoken to his son about the latter's "overseas business dealings": spoken   Which "Ukraine oil exec" is allegedly pictured isn't specified in the above meme, but neither of the men posing with the Bidens is Burisma CEO Taras Burdeinyi, or former Ukraine Ecology Minister and Burisma founder Mykola Zlochevsky. Taras Burdeinyi Mykola Zlochevsky In fact, the photograph seen above, taken in the Hamptons in 2014 while Joe Biden was still the U.S. vice president, does not depict the Bidens with any Ukrainian oil executives. It captures the Bidens with Devon Archer, who was a partner with Hunter Biden and Christopher Heinz in the investment management firm Rosemont Seneca Partners, and Ralph Pascucci, a New York investment banker. taken Ralph Pascucci Although Archer was, like Hunter Biden, a member of the board of Burisma Holdings, neither Archer nor Pascucci is Ukrainian, and neither of those men is  or was  an "oil exec paying Hunter $50K a month," so this photograph is correctly classified as "Miscaptioned." In August 2016, at the height of the presidential campaign, a Reddit user programmed a robot to respond to any mention of the words "tax return" with a comment insinuating that Republican presidential nominee Donald Trump refuses to release his tax returns because he has donated millions of dollars to an organization that promotes pederasty. The bot called AutoModerator responds to every comment in the sub-reddit EnoughTrumpSpam with the phrase: EnoughTrumpSpam Speaking of tax returns, did you hear Donald Trump is refusing to release them because Donald Trump has donated to NAMBLA? That's what all the best sources, the most tremendous sources are saying, and if they're all saying that Donald Trump donated to NAMBLA, well, I can see why Donald Trump would want to cover up his donations to NAMBLA. I'm not claiming that Donald Trump donates to NAMBLA, but that's what these excellent sources are alleging, that Donald Trump does indeed donate to NAMBLA. The phrase is accompanied by a disclaimer that it was generated by a bot. But that hasn't stopped the oblique accusation that Trump may be a member of the North American Man/Boy Love Association from making its way around the Internet: Also, @seanhannity? Look into this disgusting Trump/NAMBLA nonsense. So gross how the left lies.Trump.NAMBLA.Say that every night. @seanhannity  Patton Oswalt (@pattonoswalt) August 9, 2016 August 9, 2016  A Reddit user who calls himself J. Peterman  possibly a reference to a character on the television sitcom Seinfeld  said he created the bot to mock Trump for his habit of making claims that he attributes to nameless "people:" character claims I created it by taking advantage of an existing bot, /u/automoderator, made available for all moderators to use to automate certain tasks, and you can make custom code for the subreddit's configuration of auto moderator. I did that and I made it reply to the trigger word "tax returns" with the copy/paste you see. /u/automoderator For example, in June 2016, Trump hinted that President Barack Obama may have had a connection to the shooting at the Pulse nightclub in Orlando, Florida, saying: saying People cannot, they cannot believe that President Obama is acting the way he acts and can't even mention the words 'radical Islamic terrorism.' There's something going on. It's inconceivable. There's something going on... He doesn't get it or he gets it better than anybody understands  it's one or the other, and either one is unacceptable. A Reddit moderator who goes by "Faiz" and claims to have helped launch the bot told us that he believes it turns Trump's own manner of generating suspicions against his opponents against him: We didn't expect it to take off like this, but the community effort on EnoughTrumpSpam really helped it go viral. The joke spread off Reddit and began confusing people so much so that some news outlets even began picking the story up. I think it's success is, in a way, emblematic of the way Trump spreads lies and gets people to believe them by constantly repeating them. A random user originally posted the block of text and it became instantly popular on Reddit. We all loved it because of how much it imitated Trump's style of making unsubstantiated accusations. You really can't tell the difference between some of the text in the meme and some things Trump wrote during Obama's birther conspiracy. As for why Trump, we picked it up mostly because, as suggested by the name (EnoughTrumpSpam), we are an anti-Trump community and we found this to be a perfect foil to highlight the way Trump spreads conspiracy theories. J. Peterman said he was taken aback by how much attention the bot generated. The prank seems to have caught fire, with someone jumping in to create a fake Fox News page with the title: "NAMBLA neither confirms nor denies Trump's donation allegations."  page Now that it's taken off, I'm quite surprised. I'm surprised by how much press attention the bot's coding has garnered as well as the meme in general. I cannot take credit for creating the meme, that was around for a week or so before I did the bot, and it was everyone else who kept the meme going. Faiz, the moderator, said he hopes that the prank goes far enough that Trump's campaign is forced to respond to it. The ultimate coup de grce, he told the Daily Beast, would be if it forces Trump to do something he has adamantly refused to do: release his tax returns. Daily Beast The only logical conclusion would really be Trump releasing his tax returns but he would never do that because hes hiding donations to NAMBLA, Faiz told the Daily Beast. Thats what Ive heard from some very smart people anyway. You can see the bot in action in the screenshot taken from Reddit here: Reddit    It's worth noting that even if the story were true, NAMBLA is not a nonprofit organization, and so donations to the group would not show up on Trump's tax returns. NAMBLA returns In mid-2015, thehistoric Stone Mountain Confederate Memorial Carving Stone Mountain In June 2015, rumors claimed that a petition was being circulated that aimed to destroy the Stone Mountain carving permanently, but those rumors referenced a long-inactive petition that antedated the Charleston massacre.  Then a "like and share" image began to circulate online alongside claims that the National Association for the Advancement of Colored People (NAACP) had issued a formal statement demanding the memorial be "sand-blasted off" Stone Mountain: Stone Mountain circulate That rumor was particularly upsetting to those opposing the removal of Confederate symbols, who feared the carving (along with parts of Southern history) would be permanently destroyed. Confederate symbols Southern history News articles and social media posts referencing the NAACP claim overwhelmingly linked back to a single article published by Atlanta television station WSB-TV on 13 July 2015, titled "NAACP Wants Removal of Confederate Generals from Stone Mountain." The article quoted Atlanta NAACP chapter president Richard Rose, who opined that the Stone Mountain carving ought to be removed (and used the term "sand-blasted"): article The organization issued a statement calling for the removal of all symbols of the Confederacy from the park.     "My tax dollars should not be used to commemorate slavery," Rose said.      Rose said his group wants Confederate symbols removed from all state-owned buildings, parks and lands.       Rose told Petersen he would start with Jefferson Davis, Robert E. Lee and Stonewall Jackson.     "Those guys need to go. They can be sand-blasted off, or somebody could carefully remove a slab of that and auction it off to the highest bidder," Rose said. The following day (14 July 2015) the Atlanta Journal-Constitution published an article titled "Sandblasting the Confederate Faces Off Stone Mountain? Yeah, Right." Curiously, what appeared to be link to the purported NAACP statement merely led to an image of the carving and a photograph of a document (which was undated and nearly impossible to read): article Although subsequent references to an NAACP statement calling for the destruction of the Stone Mountain carving were rife in articles across the web, we were unable to locate an actual copy of the purported statement to review its content or substantiate its existence. No mention of it appeared on the Atlanta NAACP's web site, nor was it mentioned on their Facebook  page. No information was provided in any reference to it about the date on which it was issued, what its content may have been, or what formal action was supposedly being sought by the Atlanta NAACP chapter.       web site Facebook It's true Atlanta NAACP chapter president Richard Rose said that the Stone Mountain carving should be "sand-blasted off" the mountain in a June 2015 interview and that the following day the Journal-Constitution referenced a "statement" from the local NAACP chapter. However, we were unable to locate a purported statement released by that chapter (or the larger national NAACP organization) demanding such an action. Moreover, whether such an action is even possible or plausible (not to mention under consideration to any meaningful degree) is doubtful. Claim:  Burying a statuette of St. Joseph on the property will help speed the sale of a home.  LEGEND Example:  [Cohen, 1997] Many realtors have their "Believe It or Not" stories.  Such was the case of a woman who moved from Maryland to Arizona.  After eight months of paying the mortgage on her unsold home in Baltimore, she sent her agent a statue and burial instructions.  Within two weeks, the house sold.  Another case involved a couple moving because of a new job. But their house, which was in a very active neighborhood, wasn't doing anything, even with St. Joseph in the ground. But St. Joseph's presumed inattention turned out to be for the better. The husband got a better job offer, and that's when the house sold.  In 1995, Betsy Moyer was determined to sell her house on Lake Avenue in Baltimore at a premium. She listed it for $15,000 more than other sellers in the same neighborhood. After seven quiet months a friend recommended that Moyer plant St. Joseph. The next week a group of nuns arrived to look at the house. Three months later, the house was sold at the highest price ever in that area, according to her agent. Origins:  Those trying to sell a home often feel in need of a miracle when a quick sale fails to materialize. Folklore purports to have the remedy: Bury a plastic statue of St. Joseph in the yard, and a successful closing won't be long in the offing. Realtors across the nation swear by this. The reputed origins of the practice vary. Some say an order of European nuns in the Middle Ages buried a medal of St. Joseph while asking   the saint to intercede in its quest for a convent. Others claim it may be connected to a practice of German carpenters who buried the statues in the foundations of houses they built and said a prayer to St. Joseph. Yet others trace the connection to a chapel building effort in Montreal in the late 1800s. Brother Andre Bessette wanted to buy some land on Mount Royal in Montreal to construct a small chapel called an oratory. When the landowners refused to sell, Bessette began planting medals of St. Joseph on the property. In 1896 the owners suddenly relented and sold, and Bessette was able to build his oratory.  But these theories may well be instances of retrofitting lore to a custom because mentions older than contemporary times have failed to materialize in standard folklore references. That the custom now has an interesting backstory does not mean its backstory is valid or even that old. The practice of burying a plastic St. Joseph to help speed the sale of a home dates at least to 1979 in the U.S.A. In 1990 it seemingly became all the rage, with realtors buying plastic saints' statues by the gross. The standard practice calls for the statue to be dug up once the property has sold and placed on the grateful seller's mantel or in another place of honor. Some, however, who have trouble remembering where they interred their statues prefer to leave the buried saints where they've been placed to help protect the properties for the new owners. (Which may not work all that well  some believe leaving the statue underground will cause the land to continue changing hands.)  But why Joseph, you ask? Why not another saint  say, St. Jude, patron saint of lost causes? Joseph, Jesus' earthly father, is the patron saint of home and family in the Roman Catholic religion. According to one of the hottest new customs, the statues are buried upside down and facing the road in front of a house for sale.1 Actually, different realtors quote different placements of the statue:   Upside down, near the 'For Sale' sign in the front yard. (An upside down St. Joseph is said to work extra hard to get out of the ground and onto someone's mantel.)  Right side up.  In the rear yard, possibly in a flower bed.  Lying on its back and pointing towards the house "like an arrow."  Three feet from the rear of the house.  Facing the house.  Facing away from the house. (One who tried this reported the house across the street sold, and it hadn't even been up for sale.)  Exactly 12 inches deep. The custom of burying St. Joseph has become so widespread that some retailers even offer a Home Sale Kit, which includes a plastic statue, a prayer card, and an introduction to the St. Joseph home sale practice.  Home Sale Kit Prudent realtors also recommend the following advice in addition to burying Joe: "For this practice to be fully effective, the seller must, of course, first do such  practical yet all important chores as completing all necessary fix-ups, properly staging the home and finally, adjusting the price so as to exactly reflect market value."  Many who have experienced difficulty selling their homes have reported seemingly miraculous sales shortly after burying a statue of St. Joseph on their property. Stephen Binz's 2003 book, Saint Joseph, My Real Estate Agent, is replete with many such examples. However, one tale included in the book (which might well be apocryphal)  indicates that everything doesn't always go as planned. One impatient man moved his statue from the front yard to the backyard to the side of the house and finally threw it in the trash. A few days later the frustrated seller opened the newspaper and saw the headline "Local Dump Has Been Sold." Barbara "joe work" Mikkelson Last updated:  11 June 2011    1.  Beard, Betty.  "Answer to Special Prayers."   The Arizona Republic.  16 May 1998  (p. EV1).    Binz, Stephen.  Saint Joseph, My Real Estate Agent.   Ann Arbor, MI: Servant Publications, 2003.   ISBN1-569-55361-0.    Brunvand, Jan Harold.  The Baby Train.   New York: W. W. Norton, 1993.   ISBN 0-393-31208-9   (p. 181-184). The Baby Train   Brunvand, Jan Harold.  Too Good To Be .  New York: W. W. Norton, 1999.   ISBN 0-393-04734-2  (pp. 246-247). Too Good To Be     Cohen, Charles.  "And He Does It All Upside Down."   The [Baltimore] Sun.  30 March 1997  (p. M1).    Galletta, Jan.  "Believing that Faith Not Only Moves Mountains . . ."   Chattanooga Times.  8 April 2000  (p. E1).    Ivey,  James.  "Gregory With Statue of St. Joseph."   Omaha World-Herald.  9 December 1984.    Shea, Jim.  "Home Sellers Tap a Saint as Dealmaker."   The Washington Post.  16 August 1997  (p. E5).    Vigue, Doreen Iudica.  "St. Joseph Sells."   The Boston Globe.  7 December 2003.    Chicago Sun-Times.  "A New Compass Aims to Please."   14 January 1986  (p. 71).    Los Angeles Times.  "Desperate Sellers Dig That Saint."   25 November 1990  (p. K1).    Omaha World-Herald.  "Priest Doesn't Buy Story . . ."   21 November 1985  (p. K1).   The Big Book of Urban Legends.  New York: Paradox Press, 1994.  ISBN 1-56389-165-4  (p. 193). The Big Book of Urban Legends