News StoriesExcerpts of Key News Stories in Major Media
Note: This comprehensive list of news stories is usually updated once a week. Explore our full index to revealing excerpts of key major media news stories on several dozen engaging topics. And don't miss amazing excerpts from 20 of the most revealing news articles ever published.
Your mind may require meaning. Studies show it’s one of the key factors underlying happiness and motivation. So what is meaning in life and what does research say about how we might be able to find it? Some research indicates that to have meaning in your life you must have a story. You need to reflect on how things could have been and why they turned out the way they did. Seeing that things had a direction and a purpose provides meaning. Fundamentally, our brains may not be able to tell the difference between the real and the story. What’s even more interesting is the truth may not matter. Feeling that you know yourself creates a strong sense of meaning in life — whether or not you actually know yourself doesn’t make a difference. That may seem depressing but it also means that you can craft the stories in your life to build meaning and fulfillment. Timothy Wilson, author of Redirect: The Surprising New Science of Psychological Change, has talked about how the process of “story-editing” can help us improve our lives: The “do good, be good” method ... capitalizes on the tried-and-true psychological principle that our attitudes and beliefs often follow from our behaviors, rather than precede them. As Kurt Vonnegut famously wrote, “We are what we pretend to be, so we must be careful about what we pretend to be.“ People who do volunteer work, for example, often change their narratives of who they are, coming to view themselves as caring, helpful people.
Note: Explore a concise, excellent guide to finding life purpose and intentions. Explore a treasure trove of concise summaries of incredibly inspiring news articles which will inspire you to make a difference.
It is claimed Charlie Goldsmith has healed people with powers no one quite understands. That’s why he’s seeking help from medical researchers and scientists to investigate what has been described as his “healing gift”. Goldsmith ... doesn’t charge fees for his treatment that he can do over the phone, on the internet or in person. He earns a living running [a] communications agency. Goldsmith was the subject of a study at New York’s NYU Lutheran Hospital, the results of which recently appeared in [the] international Journal Of Alternative And Complementary Medicine. Over three weeks, Goldsmith treated 50 different patients with a 76 per cent success rate of pain related conditions and 79 per cent of conditions other than pain with “marked improvement” and the results were often immediate. Patient illnesses varied from kidney stones to urinary tract infections and allergies. Goldsmith’s intention is to expose his work to multiple scientific studies, which will ultimately include a double blind controlled trial that directly tests outcomes. New York Lutheran Hospital doctor Ramsey Joudeh was involved in the first study and labelled Goldsmith’s healing as a “miracle”. “At first I thought his gift was something we could do at least to give patients a piece of mind and comfort,” [he said] “When I saw Charlie work, it really changed my belief and thoughts on the entire process from maybe something that could augment to something that could in and of itself heal.”
Note: See this miracle worker's website at https://www.charliegoldsmith.com.
The most successful female Everest climber said after finishing her ninth ascent of the world's highest mountain that she wants to inspire all women so they too can achieve their dreams. Lhakpa Sherpa was guiding some 50 climbers with her brother when she scaled the 8,850-meter (29,035-foot) peak last week, breaking her own record for the most climbs of Mount Everest by a woman. "If an uneducated woman who is a single mother can climb Everest nine times, any woman can achieve their dreams," Sherpa said. "I want be an inspiration to all the women in the world that they too can achieve their goal," she said. The 44-year-old Sherpa never got a chance for formal education because she was already working carrying climbing gear and supplies for the trekkers. She plans to climb the mountain again next year. Her recent climb was the toughest of the nine, she said, adding there was a lot of wind and snow. This successful expedition is likely to help her brother Mingma's mountaineering company grow. It would also mean that Lhakpa can continue to climb Everest. She says she is also looking forward to seeing her three children back in Connecticut, where she works as a dishwasher at the Whole Foods Market in West Hartford. At [a] ceremony in Kathmandu, [the] tourism community honored her and and the overall record-holder for successful Everest climbs, Kami Rita, who has reached the summit 22 times, for their achievement.
Note: Explore a treasure trove of concise summaries of incredibly inspiring news articles which will inspire you to make a difference.
Hundreds of academics have urged Google to abandon its work on a U.S. Department of Defense-led drone program codenamed Project Maven. An open letter calling for change was published Monday by the International Committee for Robot Arms Control (ICRAC). The project is formally known as the Algorithmic Warfare Cross-Functional Team. Its objective is to turn the enormous volume of data available to DoD into actionable intelligence. More than 3,000 Google staffers signed a petition in April in protest at the company's focus on warfare. We believe that Google should not be in the business of war, it read. Therefore we ask that Project Maven be cancelled. The ICRAC warned this week the project could potentially be mixed with general user data and exploited to aid targeted killing. Currently, its letter has nearly 500 signatures. It stated: We are ... deeply concerned about the possible integration of Googles data on peoples everyday lives with military surveillance data, and its combined application to targeted killing ... Google has moved into military work without subjecting itself to public debate or deliberation. While Google regularly decides the future of technology without democratic public engagement, its entry into military technologies casts the problems of private control of information infrastructure into high relief. Lieutenant Colonel Garry Floyd, deputy chief of the Algorithmic Warfare Cross Functional Team, said ... earlier this month that Maven was already active in five or six combat locations.
Note: You can read the full employee petition on this webpage. The New York Times also published a good article on this. For more along these lines, see concise summaries of deeply revealing news articles on corporate corruption and war.
Theres something eating at Google employees. Roughly one dozen employees of the search giant have resigned in the wake of reports that the ... company is providing artificial intelligence to the Pentagon. The employees resigned because of ethical concerns over the companys work with the Defense Department that includes helping the military speed up analysis of drone footage by automatically classifying images of objects and people, Gizmodo reported. Many of the employees who quit have written accounts of their decisions to leave the company. Their stories have been gathered and shared in an internal document. Google is helping the DoDs Project Maven implement machine learning to classify images gathered by drones, according to the report. Some employees believe humans, not algorithms, should be responsible for this sensitive and potentially lethal work - and that Google shouldnt be involved in military work at all. The 12 resignations are the first known mass resignations at Google in protest against one of the companys business decisions - and they speak to the strongly felt ethical concerns of the employees who are departing. In addition to the resignations, nearly 4,000 Google employees have voiced their opposition to Project Maven in an internal petition that asks Google to immediately cancel the contract and institute a policy against taking on future military work.
Note: You can read the full employee petition on this webpage. An open letter in support of google employees and tech workers was signed by more than 90 academics in artificial intelligence, ethics, and computer science. The New York Times also published a good article on this. For more along these lines, see concise summaries of deeply revealing news articles on corporate corruption and war
Last year an American company microchipped dozens of its workers. Of the 90 people who work at [Three Square Market] headquarters, 72 are now chipped. Two months ago, the company ... started chipping people with dementia. If someone wanders off and gets lost, police can scan the chip “and they will know all their medical information, what drugs they can and can’t have, they’ll know their identity.” So far, Three Square Market has chipped 100 people, but plans to do 10,000. The company has just launched a mobile phone app that pairs the chip with the phone’s GPS, enabling the implantee’s location to be tracked. Last week, it started using it with people released from prison on probation. Some Chinese companies are using sensors in helmets and hats to scan workers’ brainwaves. There are tech companies selling products that can ... monitor keystrokes and web usage, and even photograph [employees] using their computers’ webcams. All this can be done remotely. Monitoring is built into many of the jobs that form the so-called “gig economy”. It’s not easy to object to the constant surveillance when you’re desperate for work. What has surprised [Cass Business School professor André Spicer] is how willingly people in better-paid jobs have taken to it. Spicer has watched the shift away from “monitoring something like emails to monitoring people’s bodies – the rise of bio-tracking basically. The monitoring of your vital signs, emotions, moods.”
Note: Author James Bloodworth describes the high tech monitoring of workers at Amazon warehouses in his new book, "Hired: Six Months Undercover in Low-Wage Britain". For more along these lines, see concise summaries of deeply revealing news articles on microchip implants and the disappearance of privacy.
For decades, Don Anderson of Seattle has been taking the same drug to help control the temporary bouts of immobility and muscle weakness caused by a rare and frightening genetic illness called periodic paralysis. The drug Anderson has been taking all these years was originally approved in 1958 and used primarily to treat the eye disease glaucoma under the brand name Daranide. The price has been on a roller coaster in recent years — zooming from a list price of $50 for a bottle of 100 pills in the early 2000s up to $13,650 in 2015, then plummeting back down to free, before skyrocketing back up to $15,001 after a new company, Strongbridge Biopharma, acquired the drug and relaunched it this spring. The zigzagging trajectory of the price of Daranide, now known as Keveyis, shows just how much freedom drug companies have in pricing therapies — and what a big business opportunity selling extremely-rare-disease drugs has become. In 2016, after The Washington Post asked questions about the high price of the drug, Sun Pharmaceutical said it would give the drug away free. Late last year, Sun agreed to sell Keveyis to a biotech company, Strongbridge Biopharma. In April, Strongbridge relaunched the drug. In August, it jacked the list price ... to $15,001 for a bottle of 100 pills. In a PowerPoint presentation for investors, Strongbridge Biopharma estimated that the annual price of treatment for the drug, Keveyis, would range from $109,500 to $219,000.
Note: For more along these lines, see concise summaries of deeply revealing Big Pharma corruption news articles from reliable major media sources.
One very expensive prescription drug threatened to financially cripple an entire city. Rather than using a health insurance company, Rockford, [Illinois] has, for years, paid its own health care costs for its 1,000 employees and their dependents. When Rockford got hit with the drug bill it was so enormous the mayor at the time set out to understand why. In 2015, two small children of Rockford employees were treated with Acthar, a drug that's been on the market since 1952. In 2001, Acthar sold for about $40 a vial. Today: more than $40,000. [Rockford Mayor Larry Morrissey] wanted to know how that could've happened. His investigation got nowhere until last year, when the Federal Trade Commission charged the drug manufacturer, Mallinckrodt, with violating antitrust laws. [The company] bought another drug that was Acthar's main competitor ... and put it on the shelf. Many of the doctors who prescribed a lot of Acthar also were getting money from the company that makes Acthar ... adding up to huge sums. Cities like Rockford [hire pharmacy benefit managers or PBMs] to negotiate down the price of drugs. The company negotiating prices for Rockford is Express Scripts. Express Scripts is many companies, not just the PBM. It also owns a pharmacy that sells expensive drugs, [as well as] a company that ships and packs expensive drugs. The city of Rockford was able to find out one more piece of the puzzle: that Express Scripts ... had a contract to be the exclusive distributor of Acthar.
Note: For more along these lines, see concise summaries of deeply revealing Big Pharma corruption news articles from reliable major media sources.
Pharmaceutical companies that spend billions of dollars to develop new drugs do not want competitors to profit from inexpensive generic copies of blockbuster medicines. To avoid rivals, they ... sometimes prevent generic drug companies from obtaining samples. Dr. Scott Gottlieb, the commissioner of the Food and Drug Administration, calls this “gaming the system,” and has vowed to stop it. On Thursday, the F.D.A. took a new tack and began posting a list of makers of brand-name drugs that have been the target of complaints, to persuade them to “end the shenanigans,” in the commissioner’s words. Congressional efforts to force the companies to hand over samples of their drugs to generic competitors have not been successful. Generic drug developers usually need between 1,500 to 5,000 units of the brand drug to develop their product and test it. Both the F.D.A. and the Federal Trade Commission say securing the samples can be difficult. The F.D.A.’s new list includes drug companies the agency said may be pursuing gaming tactics to delay generic competition. Along with the name of each business, the agency noted how many inquiries it received from generic drug companies seeking supplies. Celgene, [which makes drugs to treat cancer and immune-inflammatory diseases], tops the list. Other companies ... included GlaxoSmithKline, Pfizer, Valeant Pharmaceuticals International, BioMarin Pharmaceutical, Gilead Sciences and Novartis Pharmaceuticals.
Note: For more along these lines, see concise summaries of deeply revealing Big Pharma corruption news articles from reliable major media sources.
Tom Patterson lay in a coma. Three months earlier ... Patterson had suddenly fallen ill, so severely that he had to be medevaced to [University of California-San Diego’s medical center]. The core of the problem was an infection with a superbug, a bacterium named Acinetobacter baumannii that was resistant to every antibiotic his medical team tried to treat it with. He was dying. “We are running out of options to save Tom,” [Tom's wife Steffanie Strathdee wrote to the hospital’s head of infectious diseases, Dr. Robert Schooley]. “What do you think about phage therapy?” Phages are viruses [that] kill only specific strains of bacteria. They can quell infections without inducing a terrible diarrheal disease ... that occurs when the balance of bacteria in the gut is disrupted by antibiotics wiping out good bugs along with the bad. But for phage therapy to be deployed routinely in the United States, phages would have to be approved as drugs by the FDA. To treat an American patient with them now requires emergency compassionate-use authorization - effectively an acknowledgment that nothing with an FDA license can save the patient’s life. The FDA agreed to let the pair attempt phages. The whole treatment process was a scramble. Patterson, however, made it. He left the hospital ... having beaten the superbug using phages. He was the first person in the United States to have been successfully treated intravenously. Strathdee ... says she hopes to see phages become a routine option for serious infections, available to substitute for antibiotics.
Note: The unwarranted use of prescription antibiotics by doctors and the routine practice of adding antibiotics to animal feed in factory farms have led to what the Los Angeles Times recently called "a slow catastrophe" of antibiotic-resistant infections. For more along these lines, see concise summaries of deeply revealing health news articles from reliable major media sources.
An American doctor and Naval reserve officer who has done extensive medical evaluation of a high-profile prisoner who was tortured under the supervision of Gina Haspel privately urged Sen. Mark Warner, the vice chair of the Senate Intelligence Committee, to oppose Haspel’s confirmation as CIA director. “I have evaluated Mr. Abdal Rahim al-Nashiri, as well as close to 20 other men who were tortured” in U.S. custody, including several who were tortured “as part of the CIA’s RDI [Rendition, Detention, and Interrogation] program. I am one of the only health professionals he has ever talked to about his torture,” Dr. Sondra Crosby, a professor ... at Boston University, wrote to Warner’s legislative director. “He is irreversibly damaged by torture that was unusually cruel. In my over 20 years of experience treating torture victims from around the world, including Syria, Iraq, and the Democratic Republic of Congo, Mr. al-Nashiri presents as one of the most severely traumatized individuals I have ever seen.” Nashiri was ... “rendered” to Afghanistan by the CIA and eventually taken to the Cat’s Eye prison in Thailand that was run by Haspel from October to December 2002. On Monday, The Intercept reported that a ... classified memo compiled by the [Senate Intelligence Committee] and aimed at examining Haspel’s full involvement with torture and destruction of evidence was removed from the Senate. It was supposed to be housed in a secure facility inside Congress, so senators and their staff could read it.
Note: The above article contains graphic descriptions of torture overseen and then covered up by Gina Haspel. Another article, by a former CIA counterterrorism officer who was imprisoned for blowing the whistle on the CIA torture, referred to Haspel's actions as "war crimes, crimes against humanity". For more along these lines, see concise summaries of deeply revealing intelligence agency corruption news articles from reliable major media sources.
On Thursday, the Wall Street Journal reported that Wells Fargo recently discovered that employees were improperly altering the documents of business borrowers, adding information to the accounts without the consent or notifying the clients. The latest issue comes only a week after news came out that Wells Fargo admitted it had improperly collected fees on a Tennessee public pension fund. Improper fees could be a widespread problem in its pension fund business. The bank’s wealth management unit is also under investigation for pressuring clients into rolling over their low-cost 401(k) accounts into more expensive alternatives. Wells Fargo has regularly said its problems are in the past, without spending the money it should to actually put those problems in the past. Wells Fargo, like other banks, doesn’t break out what it spends on compliance, and says it’s generally spending more, but in its most recent quarter it’s hard to see where. In February, the Federal Reserve sanctioned Wells Fargo for not having proper risk controls in place. The bank has since told shareholders it plans to cut costs, not raise them in order to improve compliance. The most recent problem ... appears to have come as Wells Fargo raced to comply with an order from regulators that it collect information on more than 100,000 accounts that it was supposed to have. It appears employees improperly altered the files, potentially adding false information, as part this regulatory review, once again showing a lack of oversight.
Note: Last year, it was reported that a Wells Fargo insurance scam defrauded 570,000 customers. The year before, this bank was caught opening millions of fake accounts using stolen customer identities. Wells Fargo fires employees and pays fines whenever these crimes are uncovered. But no bank executives are criminally prosecuted. And new problems continue coming to light. For more along these lines, see concise summaries of deeply revealing financial industry corruption news articles from reliable major media sources.
The first comprehensive study of the massive pay gap between the US executive suite and average workers has found that the average CEO-to-worker pay ratio has now reached 339 to 1, with the highest gap approaching 5,000 to 1. The study, titled "Rewarding Or Hoarding?," was published [by] US congressman Keith Ellison. Just the summary makes for sober reading. In 188 of the 225 companies in the report’s database, a single chief executive’s pay could be used to pay more than 100 workers; the average worker at 219 of the 225 companies studied would need to work at least 45 years to earn what their CEO makes in one. “Now we know why CEOs didn’t want this data released,” says Ellison, who championed the implementation of the pay ratio disclosure rule as it was written into the Dodd-Frank financial reform bill of 2010. “I knew inequality was a great problem in our society but I didn’t understand quite how extreme it was.” The requirements, long resisted by some of the largest US companies, simply tells companies to identify a median worker and then calculate how much the CEO makes in comparison to that person. According to a recent Bloomberg analysis of 22 major world economies, the average CEO-worker pay gap in the US far outpaces that of other industrialized nations. The average US CEO makes more than four times his or her counterpart in the other countries analyzed. Ellison said the data remains imperfect, as companies are still able to exclude contracted workers from their reporting.
Note: For more along these lines, see concise summaries of deeply revealing income inequality news articles from reliable major media sources.
Michael Cohen, President Trump’s personal attorney, solicited a payment of at least $1 million from the government of Qatar in late 2016, in exchange for access to and advice about the then-incoming administration. The offer, which Qatar declined, came on the margins of a Dec. 12 meeting that year at Trump Tower between the Persian Gulf state’s foreign minister and Michael Flynn, who became Trump’s first national security adviser. Cohen did not participate in the official meetings but spoke separately to a member of the Qatari delegation, Ahmed al-Rumaihi, who at the time was head of the investments division of the country’s sovereign wealth fund, the Qatar Investment Authority. The solicitation came during a period when Cohen was bragging to others that he could make millions from consulting on Trump and that foreign governments would be interested in having his expertise. As Cohen collected clients, he texted associates articles that described him as Trump’s “fixer” and asked them to spread the articles around. Special counsel Robert S. Mueller III and the U.S. attorney for the Southern District of New York, which conducted raids last month on Cohen’s New York residence and office, are investigating his activities.
Note: For more along these lines, see concise summaries of deeply revealing government corruption news articles from reliable major media sources.
To microdose is to take small amounts of LSD, which generate “subperceptual” effects that can improve mood, productivity and creativity. Michael Pollan’s new book, “How to Change Your Mind,” is not about that. It’s about taking enough LSD or psilocybin (mushrooms) to feel the colors and smell the sounds. If Pollan’s wide-ranging account has a central thesis, it’s that we’re still doing the hard work of rescuing the science of psychedelics from the “countercultural baggage” of the 1960s. In the mid-60s “the exuberance surrounding these new drugs gave way to moral panic,” and ... “the whole project of psychedelic science had collapsed.” Before collapsing, though, that project discovered in psychedelics the same potential that scientists are exploring as they reclaim it today: possible help in treating addiction, anxiety and depression, and “existential distress” — common in people “confronting a terminal diagnosis,” which of course, broadly speaking, is all of us. Pollan doesn’t give a lot of prime real estate to psychedelics’ naysayers. But given that those on LSD can appear to be losing their minds, and that the drug leaves one feeling emotionally undefended (a potential benefit as well as a profound risk), he does strongly recommend having an experienced guide in a proper setting when you trip. With those safeguards in place, he believes usage could be on the verge of more widespread acceptance.
Note: A recent clinical trial found psilocybin to be an extremely effective treatment for anxiety and depression. Articles like this suggest that the healing potentials of mind-altering drugs are gaining mainstream credibility.
Costa Rica’s new president has announced a plan to ban fossil fuels and become the first fully decarbonised country in the world. Carlos Alvarado, a 38-year-old former journalist, made the announcement ... during his inauguration. "Decarbonisation is the great task of our generation and Costa Rica must be one of the first countries in the world to accomplish it, if not the first," Mr Alvarado said. Symbolically, the president arrived at the ceremony in San Jose aboard a hydrogen-fuelled bus. Last month, Mr Alvarado said the Central American country would begin to implement a plan to end fossil fuel use in transport by 2021 – the 200th year of Costa Rican independence. "When we reach 200 years of independent life we will take Costa Rica forward and celebrate ... that we've removed gasoline and diesel from our transportation,” he promised during a victory speech. Costa Rica already generates more than 99 per cent of its electricity using renewable energy sources. Costa Rica’s push towards clean energy faces no large-scale backlash, in part because the country has no significant oil or gas industry. But demand for cars is rising, as is use of other transport systems, and that may prove one of the biggest challenges in meeting the new goal. Transport is today the country’s main source of climate changing emissions.
Note: Explore a treasure trove of concise summaries of incredibly inspiring news articles which will inspire you to make a difference.
Solar panels will be a required feature on virtually every new home built in California, under a policy advanced Wednesday by California regulators. The California Energy Commission voted unanimously, 5-0, to recommend energy efficiency standards that are set to be added to state building regulations later this year, effecting all construction after Jan. 1, 2020. The rules will make California the first state in the nation to require solar panels on new homes. "This will be nothing short of historic for our state and for our country," said Bernadette Del Chiaro, executive director of the California Solar & Storage Association, an industry group. The requirement will apply to single-family homes and to apartment and condominium complexes of three stories or less. Solar installations have become so cost effective that they are included in more than 15,000 homes built each year in California, even without the directive from the state. In 2020 and beyond that number promises to increase to 80,000, the number of homes built each year in the Golden State. The average estimated cost of a solar system is $9,500, or $40 a month when amortized over a 30-year mortgage. But the systems are projected to save customers an average of $80 a month on their utility bills. Another part of the new regulation ... gives energy credit to homes that employ battery storage technology.
Note: Explore a treasure trove of concise summaries of incredibly inspiring news articles which will inspire you to make a difference.
The country's first private high-speed rail service is opening this month in Florida, promising to transform congested South Florida highways by taking as many as 3 million cars off the road. The ambitious $3 billion Brightline express project will run along the state's densest population corridor with more than 6 million residents and a regular influx of tourists. The project, funded by All Aboard Florida, represents the first test into the long-awaited U.S. move into high-speed rail, says John Renne, director of the Center for Urban and Environmental Solutions at Florida Atlantic University. All Aboard Florida secured state approval in October to sell bonds to fund the project. The company has said no public money will be used. Renne says the trip from West Palm to Miami, which can take up to five hours round trip in a car, will take about 60 minutes each way on the train. Brightline trains will have their own dedicated set of tracks, built alongside 19th century lines that still carry cargo trains. The return to passenger trains will revive a line that stopped running on those old tracks in the 1960s, with the arrival of the federal highway program. "The federal highway system expanded ... and everyone got off trains and into cars," John Guitar of All Aboard Florida [said]. "And we've done a full circle now that the traffic and congestion and gas prices are so bad, people are looking for alternatives to get out of their cars and find other ways to get around the state."
Note: Explore a treasure trove of concise summaries of incredibly inspiring news articles which will inspire you to make a difference.
Over the last two years, researchers in China and the United States have begun demonstrating that they can send hidden commands that are undetectable to the human ear to Apples Siri, Amazons Alexa and Googles Assistant. Researchers have been able to secretly activate the artificial intelligence systems on smartphones and smart speakers, making them dial phone numbers or open websites. In the wrong hands, the technology could be used to unlock doors, wire money or buy stuff online - simply with music playing over the radio. A group of students from University of California, Berkeley, and Georgetown University showed in 2016 that they could hide commands in white noise played over loudspeakers and through YouTube videos to get smart devices to turn on airplane mode or open a website. This month, some of those Berkeley researchers published a research paper that went further, saying they could embed commands directly into recordings of music or spoken text. So while a human listener hears someone talking or an orchestra playing, Amazons Echo speaker might hear an instruction to add something to your shopping list. There is no American law against broadcasting subliminal messages to humans, let alone machines. The Federal Communications Commission discourages the practice as counter to the public interest, and the Television Code of the National Association of Broadcasters bans transmitting messages below the threshold of normal awareness.
Note: Read how a hacked vehicle may have resulted in journalist Michael Hastings' death in 2013. A 2015 New York Times article titled "Why Smart Objects May Be a Dumb Idea" describes other major risks in creating an "Internet of Things". Vulnerabilities like those described in the article above make it possible for anyone to spy on you with these objects, accelerating the disappearance of privacy.
Amazon won't pay any federal income taxes after topping $5.6 billion in income in 2017. The Seattle-based online retailer will end up paying out roughly $769 million in taxes for the year, but $724 million of that will be in foreign taxes. That's according to an analysis of the online behemoth's 2017 10-K form, which "provides a comprehensive overview of the company's business and financial condition," according to the Securities and Exchange Commission. Public companies are required to submit the form every year to the SEC. Without being privy to the company's tax return, no one can say exactly how CEO Jeff Bezos and Co. avoided what could have been more than $1.3 billion in federal taxes based solely on the annual financial report, but there is information to be gleaned. For example, Amazon took out a $917 million tax deduction on stock options exercised by current or former employees. Unlike wages ... the stock options don't require any cash expenditures by the company. Another ingredient in the low tax bill is likely capital expenditure depreciation ... where companies are allowed to write off the cost of some expenses - say those incurred while building a distribution center, for example - up front. [Amazon] earned a windfall from the Trump administration's U.S. Tax Cuts and Jobs Act of 2017, passed in December. Amazon readjusted estimates for taxes deferred under the old 35 percent corporate tax rate to meet the new tax law's 21 percent figure, which resulted in an estimated $789 million reduction.
Note: For more along these lines, see concise summaries of deeply revealing corporate corruption news articles from reliable major media sources.
Important Note: Explore our full index to revealing excerpts of key major media news stories on several dozen engaging topics. And don't miss amazing excerpts from 20 of the most revealing news articles ever published.