Was Target's stock adversely affected by their transgender bathroom policy?
On 28 February 2017, Breitbart.com reported that big box retailer Target's stock had "crashed," losing a combined total of $15 billion in investor wealth, because of the chain's announcement in 2016 that it would allow transgender customers and employees to use bathrooms corresponding to their gender identity: reported Targets stock value is now down by 30 percent since it sparked a consumer boycott by embracing the transgender political agenda. That 30 percent drop has slashed investors wealth by roughly $15 billion. On Tuesday, the stock fell to $58.78, down from its April 19 high of $83.98. In contrast, WalMart is up 3 percent since April, and Kohls is down less than one percent. Company officials indirectly acknowledged the consumer boycott. Our fourth-quarter results reflect the impact of rapidly changing consumer behavior, which drove very strong digital growth but unexpected softness in our stores, Target CEO Brian Cornell said in a company statement. The company also admitted that it would likely continue to experience losses through the year. On 19 April 2016, Target announced that transgender customers and employees were free to use the restroom that corresponded to their gender identity amid a national row on the subject during the 2016 election cycle. The announcement came after North Carolina enacted the controversial HB 2 in March 2016, a law that came to be colloquially termed the "bathroom bill," and required public single-sex restrooms only be used by people of the corresponding biological sex. The controversy, and Target's definitive stance, prompted conservative groups like the American Family Association (AFA) to launch a boycott. Nearly 1.5 million people have signed the AFA's petition as of 1 March 2017. announced HB 2 boycott Target shares did plunge on 28 February 2017, but it wasn't due to its nearly year-old bathroom policy. The drop was due to 2017 guidance announced during an investor day event. Projections were far lower than expected by Wall Street analysts (the term "guidance" means projected earnings). The drop in Target stock corresponds to the announcement made at their investor event: event  Source: Yahoo! Finance  According to Edward Jones analyst Brian Yarbough, Wall Street was expecting Target to project earnings of $5.30 per share, but the company instead gave guidance of $3.80 to $4.20 per share which was "well below" expectations, prompting the drop in share value. According to Reuters, Target's dive dragged others down with it: Targets plunge prompted declines across the retail sector. Wal-Mart Stores Inc was down 2.0 percent, with Kroger Co down 1.2 percent and Macy's Inc off 1.7 percent. Dollar General Corp fell 4.2 percent. What is dogging Target and other retailers has been competition with all-online retailers like Amazon, which do not have the overhead cost of brick-and-mortar locations. Target, for example, has 1,803 stores. "Online players dont have a huge network of stores and since they dont have that cost, they can offer lower prices," Yarbough said. Customers also have the immediate ability to do price-comparisons with smart phones. These changing patterns are reflected in a statement given by Target CEO Brian Cornell: statement Our fourth quarter results reflect the impact of rapidly-changing consumer behavior, which drove very strong digital growth but unexpected softness in our stores. At our meeting with the financial community this morning, we will provide detail on the meaningful investments were making in our business and financial model which will position Target for long-term, sustainable growth in this new era in retail. We will accelerate our investments in a smart network of physical and digital assets as well as our exclusive and differentiated assortment, including the launch of more than 12 new brands, representing more than $10 billion of our sales, over the next two years. In addition, we will invest in lower gross margins to ensure we are clearly and competitively priced every day. While the transition to this new model will present headwinds to our sales and profit performance in the short term, we are confident that these changes will best-position Target for continued success over the long term. Although Target offers online shopping, profit there tends to be lower due to associated costs like shipping and price competition from the likes of Amazon. Retailers are struggling to survive with more profitable in-store sales lagging, and lower profit margins due to a growing contingency of online shoppers: Although its e-commerce operation is growing quickly, Target reported its third straight quarter of lower sales from existing stores, citing "unexpected softness" and raising new questions about the health of large national retailers in the United States. Target also forecast first-quarter profit well below Wall Street estimates. Shares sank 13 percent, on track for their biggest one-day percentage drop in more than 18 years. Target's stock has lost a quarter of its value since the 2016 holiday season started in November, and is now trading at its lowest level since August 2014. Target maintains the bathroom policy has had no effects on its business, with company spokeswoman Erika Winkels telling us in an e-mail, "We have made it clear over time that weve seen no material impact to the business based on the bathroom policy. We dont have anything new or different to share." A poor performance in the 2016 holiday season was also attributed to online sales outpacing foot traffic, but Target is, again, not the only chain feeling the effects: Department stores across the country are paying the price for underestimating Amazon this holiday season. Macy's and Kohl's both reported lower-than-expected sales during the all-important end-of-year retail period, and announced a spate of store closures that will lead to thousands of lost jobs. Sears has even been reduced to selling off one of its iconic brands after a double-digit sales slide. Industry observers blame online competition, as well as department store brands' own shortfalls in adapting to a fundamental shift in consumer behavior. Nevertheless, Neil Saunders, managing director of GlobalData Retail, told us that Target could be worse off than it is: Its in a much better position than some retailers because its balance sheet is still robust whereas Sears and Macy's are in a very difficult position. With Target, it's much more about tweaking and reinvention at the edges. [The guidance] wasnt great, but not as bad other people. Saunders told Reuters that while Wal-Mart has been buoyed by successfully offering groceries, Target has not been able to keep up on that front, calling its grocery offerings "confusing." Reuters "Target is neither a full-line grocer nor a player with lots of niche specialty products; it is neither a high-end player, nor a price focused discounter," he said. It is difficult to say with certainty whether the Target's commerce overall has been negatively affected by its policy on transgender people. Although company representatives have maintained it has not, shortly after Cornell made the announcement, USA Today reported a study that showed the percentage of people who would consider shopping there the next time they needed something dropped from 42 to 38 percent. But the retail industry as a whole is facing a dramatic shift in consumer behavior, and retailers have struggled to keep pace with it. reported Target's late February 2017 stock drop, however, was the result of announcements made during an investor day event, and cannot be attributed to their policy on bathroom use. Huston, Warner Todd.  "Target Retailer Hits $15 Billion Loss Since Pro-Transgender Announcement."
  Breitbart.  28 February 2017. Target.com.  "Continuing to Stand for Inclusivity."
  Press Release.  19 April 2016. House Bill 2.  "Public Facilities Privacy & Security Act."
  North Carolina State Legislation.  23 March 2016. American Family Association.  "Sign the Boycott Target Pledge!"
  Petition.  20 April 2016. Naidu, Richa et al.  "Target's Profit Outlook Sinks Retail Stocks."
  Reuters  28 February 2017. Target.com.  "Target Reports Fourth Quarter and Full-Year 2016 Earnings."
  Press Release.  28 February 2017. White, Martha C.  "Department Stores Are Paying the Price for Underestimating Amazon."
  CNBC.  5 January 2017. Malcolm, Hadley.  "Target Brand Perception Falls, But It's Not 'Catastrophic.'"
  USA Today.  29 April 2016.
Claim:  The federal government is planning to eliminate 16 states from the U.S.  Examples:  [Collected via e-mail, September 2013] The America you know and love could look completely different in a matter of weeks. Under a plan circulating the D.C. corridor right now, up to 16 states are at risk to be terminated due to epic fiscal mismanagement. These states would simply be wiped from existence and merged into their neighbors. We've even seen the redrawn map of the U.S. and it's nothing less than terrifying. California may be forced to become a part of Mexico without any state strong enough to absorb it! Origins:  This item about a plan "circulating the D.C. corridor right now" to eliminate 16 states from the U.S. is nothing but more of the usual financial scarelore put out in conjunction with an investment come-on by the folks at Wall Street Daily.  This latest panic piece  is offered in a Wall Street Daily video featuring a number of talking heads issuing scary-sounding statements about how the "U.S. government is only months away from a total financial collapse," then lurches head-on into tinfoil hat territory by describing some nebulous plan supposedly being hatched in Washington (by whom, exactly, is never explained) to carve the United States into ten economic regions, eliminating 16 states in the process by merging them into neighboring states (and, apparently, getting rid of a 17th state by kicking Hawaii out of the U.S. altogether).   video And according to Wall Street Daily, this remarkable, radical transformation of the United States, which hasn't yet been discussed, proposed, or voted upon by Congress, and which has somehow escaped the notice of the entire of the U.S. news media (other than Wall Street Daily, of course), is going into effect in a mere matter of weeks, by 15 October 2013:  Not surprisingly, this "redrawn map of the United States" just happens to correspond exactly with a map of administrative regions for the government agency most frequently mentioned in crazy conspiracy theories, the Federal Emergency Management Agency (FEMA): FEMA  Aside from its sheer ridiculousness, this purported scheme for the federal government to enact a forcible redrawing the United States has a major problem in that it isn't possible, because the U.S. Constitution specifically prohibits it.  Article IV, Section 3 of that document declares that states cannot be formed from, or merged with, other states without the consent of both Congress and the legislatures of the affected states: declares New states may be admitted by the Congress into this union; but no new states shall be formed or erected within the jurisdiction of any other state; nor any state be formed by the junction of two or more states, or parts of states, without the consent of the legislatures of the states concerned as well as of the Congress. So, if this is nothing but nonsense, what's the point to it?  The point is that if you make up a bunch of stuff that sounds sufficiently alarming, and you promote your product as something that will help protect people against this scary thing that isn't really happening, you might be able to lure some gullible folks into sending their money (i.e., a "very limited, introductory offer" price of $49.50, plus a yearly "discounted rate" of $79) to you: money It's crucial that you obtain a copy of the redrawn map of the United States and spread the word quickly about its existence. Circulate it amongst your friends and family. Let them know that this threat is real. That soon, the very state that they call their home... where they've raised their family, paid taxes and planned their future in, may soon no longer exist. Whether or not your state is targeted for termination, its essential that you begin taking steps, such as the ones contained inside the Mayflower Maneuver, to best position yourself for the future. And that means staying informed continually about this developing situation. Last updated:   18 September 2013 Fix Austin Schools, a group advocating voter approval of four bond propositions benefiting the Austin school district, slammed Gov. Rick Perrys education plan in a leaflet fielded by local voters in early May 2013.Under the word cut in capital letters, one side of the leaflet says: Under Rick Perry, Texas has CUT funding for public schools by 25%, a conclusion attributed to PolitiFact.Lynda Rife, a consultant to the group, told us the claim echoed our January 2013 review of Perrys statement to reporters at the time that Texas public school funding grew at three times the rate of enrollment from 2002 to 2012.In raw terms, there was a basis for Perrys claim. However, after adjusting for inflation and the effect of an annual tax swap put in motion by lawmakers and Perry in 2006, we concluded that Texas schools in 2012 were fielding 25 percent less in state aid than what they reaped in 2002. Perrys claim drew arating of False.At the time, we looked at enrollment changes and at both overall school spending, counting dollars from state, federal and local sources, and state education aid alone.EnrollmentEnrollment increased about 20 percent from 2001-02 to 2011-12, from more than 4.1 million to nearly 5 million students, according to a December 2012 report by the Texas Education Agency. By email, agency spokeswoman Debbie Ratcliffe told us 2012-13 enrollment was expected to exceed 5 million, a figure subsequently confirmed, Ratcliffe told us recently by email.Overall spendingOverall school expenditures totaled $27.9 billion in 2002 and $44.2 billion in 2012, according to a chart from the Legislative Budget Board, which tracks fiscal issues for lawmakers.That makes for a difference of 58 percent, though thats also before adjusting for inflation, which the boards staff did by converting figures to 2004 dollars using an inflation adjuster devised by the federal government, the Implicit Price Deflator for State and Local Government.In 2004 dollars, Texas public school spending in 2002 totaled $30.1 billion. In 2012, the total was $33.3 billion--11 percent greater than in 2002.By this measure, then, it looks like school enrollment went up faster than spending. Then again, we learned, these figures were not behind Perrys statement.State spending alonePerrys then-spokeswoman, Catherine Frazier, told us by email that Perry was referring to the difference in state education spending alone as those are the funds the state has control over.The budget boards chart shows $10.9 billion in state spending on the schools in 2002 and $18.9 billion in 2012, for a 73 percent difference, or a little more than Perrys declared 70 percent.Adjusting for inflation, though, reduces the increase to 20 percent, which was still outpacing enrollment growth. In 2004 dollars, such spending was $14.2 billion in 2012, compared with $11.8 billion in 2002.Another crucial factorAnalyst Eva DeLuna Castro of the liberal Center for Public Policy Priorities and school lobbyist Lynn Moak, a former Texas Education Agency official, each pointed out another wrinkle, suggesting that any consideration of state education spending should take into account changes in law approved in 2006 resulting in the state picking up about $7 billion more in annual costs in return for school districts cutting local maintenance and operation property tax rates.Castro said by email: The property tax cut was $14.2 billion a biennium, or $7.1 billion every year. That means the state had to put in that amount of money a year to offset local property taxes falling by the same amount.The shift in funding sources did not, in itself, step up aid received by the schools, Castro said.Moak said by phone: This was simply a source-of-funds transfer.To adjust for the annual cost shift, we subtracted $7.1 billion from the state spending in 2012, suggesting a $0.9 billion difference from the 2002 spending. However, adjusting for inflation makes the 2012 state spending equal $8.2 billion in 2002 dollars--25 percent less than the $10.9 billion spent in 2002, which also would mean that spending trailed enrollment growth.For this article, finally, we weighed the message that the reduced spending was Perrys education plan. Perry was governor through all the spending decisions, but the reality is that Republican majorities of the 150-member House and 31-member Senate were needed to pass the decisions into law. Perry was key, but he didn't dictate actions. No governor can.Our rulingThe pro-bonds group said that under Perrys education plan, Texas has cut funding for public schools by 25 percent.State education spending in 2012 was 25 percent lower than it was in 2002, adjusting for inflation and the real effects of the 2006 law giving the state more responsibility for education revenues.Yet Perry didnt cause the reduction by himself; lawmakers acted, too. This clarification is missing from the groups statement, which we rate as Mostly True. Claim:  A man in Ireland killed by the bite of a deadly redback spider UNDETERMINED Example:  [Collected on the Internet, August 2014]  I saw an article in a news paper about the deadly redback spider being in the uk. It was headlined with "KILLER TOILET SPIDER WARNING: Dad dies from deadly redback bite" alot of people on Facebook are freaking out so I just wanted to see if it's true or false. Origins:  In August 2014 social media networks were abuzz with reprinted versions of a typically sensationalized Sun article ("Yes, the deadly redback spider is ALREADY in Britain  and could be LURKING under your toilet seat") about a 48-year-old man named John Francis Kennedy in Cork, Ireland, who reportedly was bitten on the neck by a "poisonous red-back" spider while watching a movie at home and died of "massive internal bleeding": Sun John Francis Kennedy, who went by the nickname 'JFK', suffered horrifying injuries as a result of the bite, and died last month from massive internal bleeding. His wife Jeanne insists that his death was the result of a spider bite he got last year  and her description matches that of the deadly redback, which is one of the few spiders that can be seriously harmful to humans. Sometimes known as the 'toilet spider', redbacks can be commonly found living under toilet seats. The redback spider (Latrodectus hasseltii, also known as the red-striped spider, red-spot spider, and jockey spider) is a species of venomous spider indigenous to Australia, that typically lives in warm, sheltered locations, often in or around human dwellings.  The redback is one of the few spider species whose bite does pose a significant risk to humans, as its venom can produce pain, muscle rigidity, vomiting, and sweating, and in some cases death: redback spider Perched in its tangled web, the redback spider lies in wait. She is a relative of the black widow; only the red dorsal stripe distinguishes them. Redbacks are found everywhere throughout the Australian continent, especially alongside human habitation. Only females build webs.  Their smaller, less brilliantly colored male counterparts often lurk to the side. Humans must be careful.  The spider won't seek out people to sting, but should a hand stray into her web by accident, a trip to the emergency room may be in order as the venom acts directly on the nerves. Only the female bite is dangerous, and their bites have caused some human deaths. The redback possesses a potent neurotoxic venom.  It does not hunt its prey, but instead waits for a tasty morsel to wander by and become entangled in its web. Once the prey-usually a walking insect-becomes enmeshed in the redback's web, it's wrapped in silk.  When it's time to eat, the spider bites down on its intended victim, injecting its neurotoxic venom.  The venom paralyzes the insect, and digestive enzymes begin to dissolve the prey's insides.  Antivenom for redback spider bites has been available since 1956, and no known deaths directly attributable to redback bites have been documented in more than fifty years since then, which makes this latest case in Ireland quite a subject of interest.  However, note that the victim's wife, Jeanne, stated her husband didn't die soon after being bitten by a spider; he had actually been bitten a year earlier, and then he experienced a long period of declining health with various symptoms before finally passing away in July 2014: Antivenom She said: "He got bitten. We found a spider with a weird red back. "But the bite he got had bled very badly. We went through a roll and a half of toilet roll to try and stop it. "Ever since his health went down. "His stomach started swelling, they said it was his liver and his pancreas. "His testicles also swelled up very bad." Jeanne, 46, went on to describe how John's eyesight deteriorated and he started vomiting BLOOD. He eventually died in hospital last month and an inquest into his death has begun  but Jeanne is already convinced it was the spider. "It had to be down to that sting. "He was in perfect health before the bite happened."   So there's as yet no certainty that John Francis Kennedy was actually bitten by a redback spider, which had not previously been sighted in Ireland, other than someone's year-old recollection of what the spider in question looked like.  And even if that species of spider did deliver a bite to the victim, it's unproven at this point that his death was directly attributable to that bite.  He may have died from something else completely coincidental to that bite, he may have been suffering from an undiagnosed medical condition that had already compromised his health and was exacerbated or compounded by the bite's effects, or he may have suffered an allergic reaction to the bite (rather than being killed by the venom itself)  a host of alternative explanations are possible. Until additional (and less tabloid-sensational) details are provided about this case, it's far too early to claim this as a verified example of a redback spider bite death in Ireland.  And for those locals who fear that such critters are taking up residence in the area: Adam Faulkner, reptile keeper at Drayton Manor Zoo, said: "Redbacks would probably not be able to survive the British climate  but they could survive if they found a warm house to live in." Currently there are no national records of redback spider sightings.     Last updated:  25 August 2014 If you browse Snopes.com, you'll likely come across the advice, "If it seems too good to be true, it it probably is" on pages about social media scams. While this platitude is certainly worth considering when browsing the internet, a few exceptions exist. social media scams The Germany-based search engine Ecosia claims to use its profits to plant trees around the world. Its home page even carries a tally of the number of trees that have reportedly been planted by Ecosia users:   For many people, this business model may seem "too good to be true" and has led to some skepticism about the legitimacy of this company. A search on Google, for instance, results in several articles and blog posts questioning the legitimacy of the search engine and asking whether Ecosia is a scam. As far as we can tell, Ecosia is a legitimate search engine that truly uses a portion of its profits to help plant trees around the world.  Ecosia was launched in 2009 by Christian Kroll. At the time, the search engine was partnered with the World Wildlife Fund (WWF) and promised to donate "at least 80 percent of its income from sponsored links to WWFs rainforest protection programme in Brazils Juruena-Apui region." WWF announced the partnership in a blog post: blog Those people unable to make it to the Copenhagen Climate Conference this month can still contribute to stopping climate change  by using a new search engine from their own computers. The same day the conference begins on Dec. 7, web users can start using a new green search engine called Ecosia. The new application, powered by Yahoo! and Microsofts Bing search engines, will allow internet surfers to protect about 2 square meters of Amazon rainforest just by clicking on sponsored links. Although users do not donate any money themselves, the company behind Ecosia will donate at least 80 percent of its income from sponsored links to WWFs rainforest protection programme in Brazils Juruena-Apui region. The green search engine is a very modern and inventive method of saving the world climate without a huge effort, says WWF Germanys director Eberhard Brandes. Every year billions of dollars are being earned in the internet only from advertising revenue, says Christian Kroll, founder of Ecosia. There is a more eco-friendly way of using these huge profits: the money should better be used to fight global warming. Since 2009, Ecosia has partnered with a number of other environmental organizations. The company reports it uses a portion of its profits to fund these organizations, who in turn work to plant trees around the world.  Ecosia makes money the way most other search engines and websites do: through advertising revenue. While this money covers various business expenses, such as advertising and operational costs, Ecosia claims that the majority of its revenue goes toward funding tree-planting projects.  Ecosia releases monthly financial reports so users can see exactly how the company is spending its money. The most recent full report comes from July 2019. The following report shows that 52% of its total income (approximately 80% of its surplus revenue) was invested in tree-planting projects; 5% was spent on advertising; 30% was spent on operational costs; and 12% went into company "reserves," which are used to fund larger environmental investments: financial reports   We have been unable to independently verify these numbers. However, we checked the websites of several of Ecosia's reported benefactors and found that many of these organizations list Ecosia as one of their partners. Dr. Simon Pfister, managing director of Green Ethiopia, an organization working to grow forests in Ethiopia that received approximately $150,000 from Ecosia in June 2019, told us that Ecosia accurately reported its donation in the company's financial report.  Ecosia is also a Certified B Corporation. This means that Ecosia underwent a third-party evaluation that determined the company had an overall positive impact on its workers, community, and environment. According to the company: Ecosia Certified B Corporation. B Corp Certification doesnt just evaluate a product or service; it assesses the overall positive impact of the company that stands behind it. And increasingly thats what people care most about. Certified B Corporations achieve a minimum verified score on the B Impact Assessment  a rigorous assessment of a companys impact on its workers, customers, community, and environment and make their B Impact Report transparent on bcorporation.net. Certified B Corporations also amend their legal governing documents to require their board of directors to balance profit and purpose. The combination of third-party validation, public transparency, and legal accountability help Certified B Corps build trust and value. B Corp Certification is administered by the non-profit B Lab. Ecosia lets users plant trees by searching the web. In donating 80 percent of its surplus ad revenue, the search engine has raised almost $3 million for reforestation projects since its founding in December 2009. Ecosia's mission to cultivate a world where the environment doesnt need protecting has it working to plant one billion new trees by the year 2020. By supporting high-impact reforestation efforts  as well as neutralising all CO2 emissions related to its search  Ecosia aims to achieve the highest positive environmental impact per dollar possible. By publishing its monthly donation receipts online, Ecosia aims to live up to its users demands for transparency. And by working to improve its charitable web service day after day, Ecosia aims to show the world that small changes can make a big difference. In its mission to plant one billion trees by 2020, Ecosia is working with experts and communities to reforest areas of the world that need it most. Sustainable, high-impact planting strategies mean improvements to the environment, local economies and social stability. Ecosia truly uses a large portion of its profits to fund tree planting projects. Of course, for anyone searching for an environmentally friendly search engine, planting trees isn't the only factor to consider. Ecosia is largely powered by Microsoft's Bing search engine. While Microsoft's global operations have been carbon neutral since 2012, the data centers powering Bing don't run entirely on renewable energy. Microsoft is working toward this goal, however, and expects to be driven by 100 percent renewable energy by 2023: Bing 2012 100 percent renewable energy In our data centers, we will continue to focus on R&D for efficiency and renewable energy. In 2016, we announced that we would power our data centers with more renewable energy, setting a 50 percent target by the end of 2018 and topping 60 percent early in the next decade while continuing to improve from there. We hit the first target nearly a year ahead of schedule, and today we are sharing the news that we will reach the 60 percent milestone before the end of this year. Were therefore setting our next milestone on the path to 100 percent renewable energy, aiming to surpass the 70 percent target by 2023. Well also launch a new data-driven circular cloud initiative using the Internet of Things (IoT), blockchain and artificial intelligence (AI) to monitor performance and streamline our reuse, resale and recycling of data center assets, including servers. For comparison's sake, Google announced in 2017 that its search engine was being powered by 100% renewable energy. announced While Microsoft may not be at quite at 100% renewable energy yet, Ecosia claims that its own servers run on clean power thanks to its new solar plant. Additionally, Ecosia's carbon footprint is lessened due to its involvement with various tree-planting projects around the world. The company says: carbon footprint Renewable energy: Did you know that the CO2 footprint of an average search is estimated at 0.2 grams? Not so with Ecosia. We recently built our own solar plant, so that we can run our servers on clean power. This is even better than buying renewable energy from existing plants, as the plant can deliver clean energy to the grid and replace electricity derived from fossil fuels. Carbon-negative: By planting trees and offsetting its energy use with renewables, each search with Ecosia actually removes 1 kg of CO2 from the air, which makes Ecosia a carbon-negative search engine. Heres the math: an average search generates around 0.005  of revenue. It costs roughly 0.25  to plant a tree, which means that Ecosia can plant one tree every 50 searches. On average, these trees will each remove 50 kg of CO2 during an expected 15 year lifetime. To sum up: Ecosia makes money through advertisements on its search engine. While a portion of that money is used to fund the operational costs of the business, about 80% of its surplus revenue is donated to environmental organizations and tree-planting projects around the world.  Smith, Brad.  "We're Increasing Our CarbonFee as We Double Down on Sustainability."   Microsoft.  15 April 2019. Google.  "100% Renewable is Just the Beginning."
  Retrieved 27 August 2019. Ecosia.  "Financial Reports and Tree-Planting Receipts."
  15 May 2019. World Wildlife Fund.  "Clicks to Help Save Amazon."   3 December 2009. 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. UPDATE, Oct. 14, 3:30 p.m.:This fact-check has been updated to include additional comment from Kimberly Klacik. The rating is not changed. Conservative commentator Kimberly Klacik posted a photograph of empty supermarket shelves, with a hashtag falsely suggesting they were depleted by President Joe Bidens policies. A look at #BuildBackBetter, Klacik wrote above the photograph in the Oct. 13 post shared on Twitter, Facebook and Instagram. The hashtag was an apparent reference toBuild Back Better,Bidens COVID-19 relief, economic and infrastructure plan. Supply chain disruptions have affected grocery stores throughout the pandemic and continue to hit some U.S. markets especially hard, theWall Street Journal reported in August. But the photograph that Klacik shared is not from a U.S. store, nor was it taken during the Biden administration. Kimberly Klacik's Oct. 13 tweet, since deleted, was missing context. The giveaway was the prices shown on the shelves. Theyrelistedin British pounds, not U.S. dollars. The original photograph appeared with aneditorial published by the Guardianon March 27, 2020, about supply-chain disruptions during the earliest wave of the pandemic. Empty shelves at a Tesco store in Worcester, the Guardians photo caption says. Klacik is a Republican who lost her 2020 campaign for a U.S. House seat representing most of Baltimore. She deleted the posts soon after posting them. Asked about the posts, she told PolitiFact: Build Back Better is used in the U.K. She didnt say whether her posts were meant to refer to U.K. stores or economic policies. British Prime Minister Boris Johnson has used the same slogan and hashtag to describehis Conservative governments pandemic recovery plan. The Independentreportedthat Biden formally launched his plan first, but Johnson had been using the phrase throughout 2020. But the March 2020 photo long predated either leaders economic recovery plans. After this fact-check was published, Klasic claimed that she deleted the posts to prevent confusion. Even after Klacik deleted her tweet, screenshots of it remained online. PolitiFact was able to view the Facebook and Instagram posts via CrowdTangle, a social media insights tool. They were flagged as part of Facebooks efforts to combat false news and misinformation on its News Feed. (Read more about ourpartnership with Facebook.) We rate the posts False. Swedish environmental activist Greta Thunberg has been the subject of a number of baseless rumors ever since the then-15-year-old stepped into the spotlight in 2018. We've previously examined false accusations that Thunberg was the "highest paid activist," that she was actually an actress, and that she was once filmed firing a machine gun.  highest paid activist actually an actress firing a machine gun In May 2020, after Thunberg was invited to participate in a CNN Town Hall, an old rumor concerning a quote ostensibly uttered by the activist about how China should stop using chopsticks was recirculated on social media: participate  Thunberg did not ask China to "give up" chopsticks.  This rumor has been circulating since at least January 2020. Although it has taken several forms, we've yet to encounter any social media posts pointing to when or where Thunberg allegedly made this request.  One of the earliest postings of this rumor, which was shared by the unverified Twitter account @Geoloong on Jan. 14, included a GIF of Thunberg speaking at the Climate Action Summit in 2019, but Thunberg made no mention of "chopsticks" during this speech. We searched other articles, interviews, and speeches delivered by Thunberg around this time and found no record of her asking China to ban chopsticks.  Geoloong no mention Other red flags in this post indicate the rumor is little more than an invented anecdote to mock the teenager. For starters, we found that this story was being shared almost exclusively by people expressing a negative view of Thunberg. If this was a genuine quote, you'd expect this story would have been shared (at least initially) by Thunberg's supporters.  Furthermore, the anecdote described in this post is simply ludicrous. Although it wouldn't be out of the ordinary for Thunberg, a teenager who became Time magazine's youngest Person of the Year for her work addressing climate change, to note the adverse environmental impact of disposable chopsticks, it would be quite extraordinary for the government of the most populous country in the world to issue a juvenile response telling someone not to "wipe their butt" because toilet paper is made from trees. Time magazine's youngest Person of the Year adverse environmental impact If China did issue such a statement, it would have surely been international news. Yet, just as we were unable to find a source for Thunberg's alleged comment, we were unable to find a credible source for China's alleged insult. In fact, the text on the above-displayed meme is a near-verbatim copy of the text published to the humor website Joe.ks.com. Joe.ks.com. Although Thunberg did not urge China to ban the use of chopsticks, China truly uses millions of trees every year to produce billions of pairs of disposable chopsticks. When concerns about the adverse impact disposable chopsticks had on the environment were raised in 2006, the Chinese government implemented a 5% tax on the utensil in an attempt to slow deforestation.  implemented a 5% tax BBC News reported: reported The Chinese government is introducing a 5% tax on disposable wooden chopsticks in a bid to preserve its forests. It produces about 45 billion pairs of chopsticks a year, consuming millions of trees and bamboo plants. The move came as China said it would raise some consumption taxes next month in a bid to help the environment and narrow the gap between rich and poor. Although this tax may have slowed deforestation, it certainly hasn't stopped it. In 2013, Bo Guangxin, the head of the China Jilin Forest Industry Group, estimated that China was using 20 million trees a year to produce nearly 80 billion pairs of disposable chopsticks. estimated NPR.  "Transcript: Greta Thunberg's Speech At The U.N. Climate Action Summit."
  23 September 2019. BBC.  "China Introduces Chopsticks Tax."
  22 March 2006. Lee, Don.  "Chinas Chopstick Tax Seems Dim to Some."
  Los Angeles Times.  24 March 2006. Nuwer, Rachel.  "Disposable Chopsticks Strip Asian Forests."
  The New York Times.  24 October 2011. On 10 August 2016, the unreliable web site Disclose.tv published an article reporting that former National Security Agency (NSA) employee and whistleblower Edward Snowden was "pronounced dead by his girlfriend" in Russia: article Days after Edward Snowdens rumored death was debunked by journalist Glenn Greenwald and a Russian lawyer, a report emerged that his mistress and girlfriend have confirmed the leakers demise. HE WAS KILLED SATURDAY BY A DRUNKEN KNIFE WIELDING BURYAT Quoting MKRU News of Russia, a conservative site called Get Off the BS said Monday afternoon that Snowdens mistress said he was killed Saturday by a drunken knife wielding Buryat man in the Republic of Buryatia. The article from which the claim was aggregated was presented in the style of fiction rather than reporting and was interspersed with salacious fabrications: article Late Monday afternoon, the mistress of the infamous Edward Snowden announced the death of Snowden, who was allegedly killed this past Saturday by a drunken knife wielding Buryat man in the Republic of Buryatia. MKRU News (Russia) reported this past Saturday that a drunken man who for some reason took exception to a man, presumably Snowden, saving his wife from drowning, attacked a woman by slicing her neck and stabbed her male companion in the thigh, who later died from severe blood loss in a local hospital ... The injured were taken to a nearby hospital, where one of them died as a result of the extensive blood loss. The unidentified man was allegedly 27 years old. (Snowden who was born on June 21, 1983, would be 33 now) That outlet connected the purported death of Snowden to a cryptic, since-deleted tweet issued by the exiled contractor on 5 August 2016: tweet  While it was true the disappearing tweet was interpreted by many as an ominous signal, an insurance key, or a dead man's switch, journalist Glenn Greenwald (who works closely with Snowden to publish leaked material) quickly confirmed that Snowden is alive and well: insurance key dead man's switch @HannahhhBeth @Snowden He's fine @HannahhhBeth @Snowden  Glenn Greenwald (@ggreenwald) August 6, 2016 August 6, 2016  Disclose.tv and Get Off the BS are sites known for publishing outlandish fabrications and fake news in order to attract readers. On 15 August 2016 Snowden reappeared on Twitter, putting concerns for his safety to rest: Disclose.tv fabrications fake news The world's first confirmed, publicly-ID'd victim of NSA's #PRISM: a pro-democracy activist. https://t.co/C7GPiojhHT pic.twitter.com/GDvTDhyBHg #PRISM https://t.co/C7GPiojhHT pic.twitter.com/GDvTDhyBHg  Edward Snowden (@Snowden) August 15, 2016 August 15, 2016 In the summer of 2020, readers asked us to examine widely shared Facebook posts that claimed the Kroger supermarket chain was refusing to give customers cash change, and thereby overcharging them.  One widely shared post from July 9 stated that: post "Kroger will no longer keep coins in the drawer. Starting tomorrow. We will take them, but we can't give change. You can round up to the nearest dollar and donate it to the food bank, or round up and it goes onto your Kroger card as a credit. So it begins ..."   One week later, Facebook users began sharing a post that purported to describe a contentious transaction and conversation at a Kroger supermarket in Bourbonnais, Illinois. The post claimed that, in light of a coin shortage, Kroger was rounding up the price of items to the next dollar, where a customer pays in cash, and then refusing to give out change, thus effectively overcharging customers: users began sharing post ... Stopped by Kroger today for just a gallon of milk. Seems due to this "Change Shortage", their new policy is to round every cash purchase UP to the next full dollar! I can even accept if they insisted on they could not "give" any coin back.It cost $2.41. I offered $2.50 payment. The clerk refused the quarters, explained "due to change shortage" policy & demanded another dollar instead. I offered the $2.50 again.Clerk: "Your total is $3.00."Me: The total is $2.41, which $2.50 adequately covers & I don't care to give up the 9 cent, but I do NOT accept being up charged 60 cent while you refuse to take the coins I am offering.Clerk: it's $3.00 So literally the clerk was insisting I pay the $3 or they were refusing the sale. WTF ?!?...   A nationwide coin shortage did take place in the summer of 2020, contrary to a prevalent conspiracy theory that falsely claimed the crisis was fabricated or manufactured in order to usher in a cashless economy as part of a broader push towards a "New World Order." That conspiracy theory reared its head in the Kroger post, which included the line, "This is how being FORCED into a Cashless economy begins!" did take place conspiracy theory Remarkably, it is not clear what Kroger's company policy was with regard to providing cash change to customers, at the time the Bourbonnais Facebook post was originally published, in the early hours of July 16.  Initially, a spokesperson for the company provided Snopes a statement which asserted that, in light of the ongoing nationwide coin shortage, Kroger was offering customers the option of receiving the amount of their change in the form of loyalty card credit or rounding up their total and donating the remainder to charity, as well as the existing options of paying by credit or debit card, or paying by cash and getting cash change. The statement read: "We remain committed to providing our customers with an uplifting shopping experience and the freedom and flexibility to choose their payment method, including cash, during this unprecedented time. The Federal Reserve is experiencing a significant coin shortage across the U.S., resulting from fewer coins being exchanged and spent during the COVID-19 pandemic. Like many retailers and businesses, we are adjusting to the temporary shortage in several ways while still accepting cash. "Customers can switch their payment type (e.g., use debit or credit vs. cash), and through our upgraded technology, we can now load coin change to their loyalty card for use during the next shopping trip, provide coin change at a lane with coins available or round up their order to support The Kroger Co. Zero Hunger | Zero Waste Foundation, a public charity committed to creating communities free of hunger and waste." [Emphasis is added.] However, after this fact check was first published, we became aware of contradictory public statements attributed to Kroger earlier in July. In a July 15 article, KABC-TV reported that Kroger had "announced this week that they will not be returning coin change to customers who pay with cash." The article attributed the following statement to the company: KABC-TV "Currently our stores are collecting donations... by allowing customers to round up their order total to the next dollar... For customers that choose not to donate, our cashiers will load the coin value due back through their loyalty card. Customers can redeem the amount on their next transaction. We know this is an inconvenience for our customers and we appreciate their patience." That statement made no mention of the continued possibility of customers receiving their coin change as coin change, an omission which naturally indicates that Kroger policy at that time was to not provide customers with coin change.  On July 10, a named company spokesperson appears to have told another news outlet that Kroger policy was to no longer give out coin change. WXIX reported that: "Kroger spokesperson Erin Rofles confirmed Friday the grocer will no longer return coin change to customers. Instead, the remainders from cash transactions will be applied to customers loyalty cards and automatically used on their next purchase." WXIX We asked Kroger to explain these glaring discrepancies in the company's various public articulations of its policy on coin change. A spokesperson said that the statement initially provided to Snopes (which asserted that company policy was to give customers the option of receiving coin change) was "first issued on July 13," suggesting the company had been consistent in its messaging on the subject. We found the same wording in a series of tweets the company sent to a customer on July 14. Nevertheless, the company also told KABC-TV the opposite in an article published the following day.  tweets In one particularly egregious example of the confusion surrounding Kroger's articulation of its policy, on July 14 the company actually posted two different sets of tweets in response to the same customer's inquiries on Twitter. In one pair of tweets, Kroger told @bbaum17 that customers could either have their change loaded on to their loyalty card or donated to charity (no mention of coin change). In a second pair of tweets, Kroger told @bbaum17 that the company could accept a credit or debit card as payment, or load the customer's change on to their loyalty card, or have it donated to charity, or they could "provide coin change at a lane with coins available."  sets of tweets The company spokesperson suggested to Snopes that news articles reporting that Kroger was no longer giving out coin change might have been based on signs that have been erected inside Kroger supermarkets. The spokesperson provided the following example, which reads: ATTENTION CUSTOMERS:The Federal Reserve is currently experiencing a coin shortage. Please consider Rounding Up for Zero Hunger ZeroWaste, using exact change or another form of payment. We apologize for any inconvenience this maycause and appreciate your help.   A sign that apologizes to customers for the inconvenience associated with an ongoing nationwide coin shortage, suggests three ways to avoid the need to provide change, and omits to mention that customers can still get their change in coin form is very obviously likely to create the perception that Kroger no longer gives out coin change.  We asked Kroger for exact details on whether, when and how its policy on coin change had changed; as well as whether, when, and how those changes had been communicated to Kroger's regional divisions, in-store employees, and paying customers. We will update this fact check if we receive a response to those questions.  In its initial statement to Snopes, Kroger gave us the clear impression that its policy on coin change was unambiguous, made no mention of any existing confusion or misinformation over that policy, and made no mention whatsoever that the company and its spokespersons had previously made directly contradictory public statements about that policy.  In reality, Kroger and its spokespersons had indeed issued contradictory and confusing public statements, and had done so before the original "Bourbonnais" Facebook post was published in the early hours of July 16. As a result, we are changing the rating in this fact check from "false" to "Mixture." It's not entirely clear what took place at the Kroger supermarket in Bourbonnais, Illinois, specifically, but it appears to have been at least similar to the description in the widely shared Facebook post. A spokesperson for the company told Snopes:  "The associate who engaged with this customer was newly trained to the cashier role and misunderstood the various ways were adapting to the temporary national coin shortage. It is an isolated event, and weve since coached the associate and contacted the customer." This appears to be a tacit admission by the company that, in the specific instance highlighted in the Facebook post, the cashier did incorrectly insist on receiving $3 in cash for the milk, but that this was not in keeping with the company's policy, although as we outlined above, the company's public articulation of its policy on coin change has not been consistent. The image of a receipt that accompanied the viral Facebook post was dated July 15, and indicates that the customer in question paid $3 in cash for a $2.41 container of milk (after tax). A line in the receipt labelled "change shortage" had $0.59 next to it, and the "change" line had 0.00 next to it. That indicates that the customer did not receive cash change.  Shortly after midnight on July 16, a person who lives near Bourbonnais, whose name we are withholding because their original Facebook post was private, published what appears to be the original version of the subsequently widely shared post. (That original version of the post began "Stopped by Kroger today" while versions published later began "Stopped by Kroger yesterday," and the edit history of the post shows that a photograph of the receipt that showed the name of the cashier was replaced with a photograph showing the cashier's name obscured -- both signs that the post was published by the customer in question).  We contacted that person, whose identity we verified. In an email to Snopes, that person reiterated the version of events presented in the original Facebook post. The customer clarified that it was not possible to purchase the milk with a debit or credit card because the patron lives on "a cash basis." To complicate matters further, on July 22 a Facebook page with the name "KROGER-Bourbonnais" published responses to the viral post, explaining that the company was "currently allocating the remaining change that you would typically receive after your purchase to your Kroger Loyalty Card," but later wrote that "we are not rounding up ... it was just a mistake of [sic] a cashier." explaining later Those posts were not written by an authentic Kroger company account, a spokesperson told Snopes, adding "Our social media team isnt affiliated with it." Mac Guill, Dan. "Did a Nationwide US Coin Shortage Occur in Summer 2020?"
  Snopes.com.  8 July 2020. Grider, Geoffrey.  "Remember the Psy-Op Called the Great Toilet Paper Shortage? Now We Are Pretending There's a National Coin Shortage ..."
  NowTheEndBegins.com.  11 July 2020. Updated [23 July 2020]: Rating changed from "false" to "Mixture." Article substantially updated to include Kroger's previous, contradictory public articulations of its policy on coin change. FACT CHECK: Does avideo show a drone airplane clipping the wing of an airliner?  Claim:  Avideo shows a drone airplane clipping the wing of an airliner.   Origins:  On 23 June 2015, a video purportedly showing a drone airpline clipping the wing of a passenger plane and shearing off the wingtip was uploaded to the web siteLiveleak:  Some idiot's drone crossed our take-off path.I'm still alive! The plane wing shown in the above-displayed video has the same colors as Southwest Airlines, but a closer look reveals that the company's namehas been replaced with the URL for visual effects artist Bruce Branit's website, Branit.com: Branit.com Shortly after the above-displayed video went viral, Branit publisheda blog post explaining that it was fake: blog post Lately, I've beenlooking for little videos to make with no budget, an iPhone and some CGI. After shooting this footage of NYC as we were climbing out of Laguardia (thanks FAA for finally letting us keep our phones in airplane mode during take-off), I thought it might be a challenge to make something go by or even strike the wing. This is the same air corridor that Captain "Skully" ditched his Airbus A320in the Hudson after a double bird strike, saving all on-board. But I chose to make a drone zip past instead of a birdand tear off a section of the winglet. Branit also published another video showing how he created the "drone hits plane" viral video:  Last updated: 24 June 2015