Mar 8, 2017

Caterpillar criminally evaded billions in taxes, says federal report

Matt Dayhoff/Journal Star

A government-commissioned report, uncovered by the New York Times, says Caterpillar has committed "deliberate" tax fraud, using Swiss and other subsidiaries to illegally shield their income from the IRS.

Last week, federal law enforcement raided Caterpillar facilities in Illinois, which the company said was related to an investigation of its Swiss subsidiary. The firm has said in securities filings that the IRS is seeking more than $2 billion in back taxes, which it is "vigorously contesting."

Why it matters: Washington is largely itching to cut corporate taxes, but, for some, the news won't make Corporate America seem deserving of tax relief.

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Axios

South Korea and Italy step up measures as coronavirus cases spike

Data: The Center for Systems Science and Engineering at Johns Hopkins, the CDC, and China's Health Ministry. Note: China numbers are for the mainland only and U.S. numbers include repatriated citizens.

The novel coronavirus has spread to more nations as South Korea and Italy in particular scramble to deal with spikes in their countries.

The big picture: COVID-19 has killed at least 2,446 people and infected almost 79,000 others, mostly in mainland China. South Korean President Moon Jae-said country would increase its infectious disease alert to red, the highest level possible, the New York Times reports, as the number of cases in the country soared to 556 and the death toll to five. Italy's government announced emergency measures Sunday after infections rose to 79.

Go deeperUpdated 16 mins ago - Health

Axios

Bernie Sanders wins Nevada caucus

Democratic presidential candidate Sen. Bernie Sanders waves to supporters at a campaign rally on Friday in Las Vegas. Photo: Mario Tama/Getty Images

Sen. Bernie Sanders is projected to handily win the Nevada Democratic primary caucus, becoming the clear frontrunner among 2020 Democratic presidential primary election candidates.

Why it matters: Nevada is the first state with a diverse population to hold a nominating contest, highlighting candidates' abilities to connect with voters of color — particularly Latino voters.

Go deeperUpdated 42 mins ago - Politics & Policy

Rebecca Falconer

Heat wave melts 20% of snow cover from Antarctic island in days

The effects of February's record heat wave on Eagle Island in Antarctica. Photo: NASA

Antarctica's Eagle Island now has a side that's almost ice-free following this month's searing heat wave in the region, images released by NASA show.

Why it maters: "The warm spell caused widespread melting on nearby glaciers," NASA said in its report. It's the third major melt event of the 2019-2020 Southern Hemisphere summer, following warm spells in January and last November, according to the United Nation's World Meteorological Organization (WMO).

Go deeper3 hours ago - Energy & Environment