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
Updated 1 min ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 2 a.m. ET: 19,638,142 — Total deaths: 726,786 — Total recoveries — 11,939,423 — Map.
  2. U.S.: Total confirmed cases as of 2 a.m. ET: 4,998,017 — Total deaths: 162,425 — Total recoveries: 1,643,118 — Total tests: 61,080,587 — Map.
  3. Politics: Trump signs 4 executive actions on coronavirus aid — Democrats, and some Republicans, criticize the move
  4. Public health: Fauci says chances are "not great" that COVID-19 vaccine will be 98% effective — 1 in 3 Americans would decline COVID-19 vaccine.
  5. Science: Indoor air is the next coronavirus frontline.
  6. Schools: How back-to-school is playing out in the South as coronavirus rages on — Princeton, Johns Hopkins, Howard to hold fall classes online.
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Axios
Updated 59 mins ago - Politics & Policy

Ohio Gov. Mike DeWine again tests negative for coronavirus after positive result

Photo: Justin Merriman/Getty Images

Ohio Gov. Mike DeWine (R) tested negative for COVID-19 for a second time after initially testing positive last week, he announced Saturday.

Why it matters: 73-year-old DeWine was set to meet President Trump Thursday on the tarmac at an airport in Cleveland and was tested as part of standard protocol.

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Axios
Updated 2 hours ago - Politics & Policy

Republicans and Democrats react to Trump's coronavirus aid action

President Trump speaks to workers at a manufacturing facility in Clyde, Ohio, on Thursday. Photo: Scott Olson/Getty Images

Some Republicans joined Democrats in criticizing President Trump Saturday night for taking executive action on coronavirus aid, with Democratic leaders demanding the GOP return to negotiations after stimulus package talks broke down a day earlier.

Why it matters: Trump could face legal challenges on his ability to act without congressional approval, where the power lies on federal spending. Sen. Ben Sasse (R-Neb.) was the most vocal Republican critic, saying in a statement: "The pen-and-phone theory of executive lawmaking is unconstitutional slop."

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