World
The IRS plans to crack down on 1,600 millionaires to collect millions of dollars in back taxes
WASHINGTON (AP) — The IRS announced on Friday it is launching an effort to aggressively pursue 1,600 millionaires and 75 large business partnerships that owe hundreds of millions of dollars in past due taxes.
IRS Commissioner Daniel Werfel said that with a boost in federal funding and the help of artificial intelligence tools, the agency has new means of targeting wealthy people who have “cut corners” on their taxes.
“If you pay your taxes on time it should be particularly frustrating when you see that wealthy filers are not,” Werfel told reporters in a call previewing the announcement. He said 1,600 millionaires who owe at least $250,000 each in back taxes and 75 large business partnerships that have assets of roughly $10 billion on average are targeted for the new “compliance efforts.”
Werfel said a massive hiring effort and AI research tools developed by IRS employees and contractors are playing a big role in identifying wealthy tax dodgers. The agency is making an effort to showcase positive results from its burst of new funding under President Joe Biden’s Democratic administration as Republicans in Congress look to claw back some of that money.
“New tools are helping us see patterns and trends that we could not see before, and as a result, we have higher confidence on where to look and find where large partnerships are shielding income,” he said.
A team of academic economists and IRS researchers in 2021 found that the top 1% of U.S. income earners fail to report more than 20% of their earnings to the IRS.
The newly announced tax collection effort will begin as soon as October.
“We have more hiring to do,” Werfel said. “It’s going to be a very busy fall for us.”
The federal tax collector gained the enhanced ability to identify tax delinquents with resources provided by the Inflation Reduction Act, which Biden signed into law in August of 2022. The agency was in line for an $80 billion infusion under the law, but that money is vulnerable to potential cutbacks by Congress.
House Republicans built a $1.4 billion reduction to the IRS into the debt ceiling and budget cuts package passed by Congress this summer. The White House said the debt deal also has a separate agreement to take $20 billion from the IRS over the next two years and divert that money to other non-defense programs.
With the threat of a government shutdown looming in a dispute over spending levels, there is the potential for additional cuts to the agency.
World
Earth bids farewell to its temporary 'mini moon' that is possibly a chunk of our actual moon
CAPE CANAVERAL, Fla. (AP) — Planet Earth is parting company with an asteroid that’s been tagging along as a “mini moon” for the past two months.
The harmless space rock will peel away on Monday, overcome by the stronger tug of the sun’s gravity. But it will zip closer for a quick visit in January.
NASA will use a radar antenna to observe the 33-foot (10-meter) asteroid then. That should deepen scientists’ understanding of the object known as 2024 PT5, quite possibly a boulder that was blasted off the moon by an impacting, crater-forming asteroid.
While not technically a moon — NASA stresses it was never captured by Earth’s gravity and fully in orbit — it’s “an interesting object” worthy of study.
The astrophysicist brothers who identified the asteroid’s “mini moon behavior,” Raul and Carlos de la Fuente Marcos of Complutense University of Madrid, have collaborated with telescopes in the Canary Islands for hundreds of observations so far.
Currently more than 2 million miles (3.5 million kilometers) away, the object is too small and faint to see without a powerful telescope. It will pass as close as 1.1 million miles (1.8 million kilometers) of Earth in January, maintaining a safe distance before it zooms farther into the solar system while orbiting the sun, not to return until 2055. That’s almost five times farther than the moon.
First spotted in August, the asteroid began its semi jog around Earth in late September, after coming under the grips of Earth’s gravity and following a horseshoe-shaped path. By the time it returns next year, it will be moving too fast — more than double its speed from September — to hang around, said Raul de la Fuente Marcos.
NASA will track the asteroid for more than a week in January using the Goldstone solar system radar antenna in California’s Mojave Desert, part of the Deep Space Network.
Current data suggest that during its 2055 visit, the sun-circling asteroid will once again make a temporary and partial lap around Earth.
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The Associated Press Health and Science Department receives support from the Howard Hughes Medical Institute’s Science and Educational Media Group. The AP is solely responsible for all content.
World
Israel confirms death of missing Abu Dhabi rabbi: 'Abhorrent act of antisemitic terrorism’
Israeli officials on Sunday confirmed the death of an Abu Dhabi rabbi who had been missing since Thursday.
“The UAE intelligence and security authorities have located the body of Zvi Kogan, who has been missing since Thursday, 21 November 2024,” the Israeli Prime Minister’s Office and the Ministry of Foreign Affairs said in a statement on X. “The Israeli mission in Abu Dhabi has been in contact with the family from the start of the event and is continuing to assist it at this difficult time; his family in Israel has also been updated.”
“The murder of Zvi Kogan, of blessed memory, is an abhorrent act of antisemitic terrorism. The State of Israel will use all means and will deal with the criminals responsible for his death to the fullest extent of the law,” the statement added.
RABBI FEARED KIDNAPPED, KILLED BY TERRORISTS AFTER GOING MISSING, PROMPTING INVESTIGATION
Rabbi Zvi Kogan was an emissary of the Chabad Lubavitch movement, a prominent and highly observant branch of Hasidic Judaism based in Brooklyn’s Crown Heights neighborhood in New York City.
The 28-year-old was a resident of Abu Dhabi in the United Arab Emirates when he went missing Thursday. He is a citizen of both Moldova and Israel.
According to his LinkedIn, Kogan worked as a recruiter and was “passionate about volunteering and serving [his] community.”
‘CHEERLEADING FOR TERRORISM’: TWITCH STAR CALLED FOR NEW 9/11, DISMISSED HORROR OF OCT 7
The Israeli Prime Minister’s Office announced its investigation into the unusual disappearance on Saturday. At the time, the statement said the disappearance appeared to be related to “a terrorist incident” but did not elaborate.
The United Arab Emirates’ Ministry of Interior had confirmed it was investigating Kogan’s disappearance, but described his citizenship solely as a “Moldovan national.”
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The Rimon Market, a Kosher grocery store that Kogan managed on Dubai’s busy Al Wasl Road, was shut Sunday, according to the Associated Press. It had been a target of anti-Israel protests.
Kogan’s wife, Rivky, is a U.S. citizen who lived with him in the UAE. She is the niece of Rabbi Gavriel Holtzberg, who was killed in the 2008 Mumbai attacks.
The Associated Press contributed to this report.
World
‘Optical illusion’: Key takeaways from COP29
Rich countries have pledged to contribute $300bn a year by 2035 to help poorer nations combat the effects of climate change after two weeks of intense negotiations at the United Nations climate summit (COP29) in Azerbaijan’s capital, Baku.
While this marks a significant increase from the previous $100bn pledge, the deal has been sharply criticised by developing nations as woefully insufficient to address the scale of the climate crisis.
This year’s summit, hosted by the oil and gas-rich former Soviet republic, unfolded against the backdrop of a looming political shift in the United States as a climate-sceptic Donald Trump administration takes office in January. Faced with this uncertainty, many countries deemed the failure to secure a new financial agreement in Baku an unacceptable risk.
Here are the key takeaways from this year’s summit:
‘No real money on the table’: $300bn climate finance fund slammed
While a broader target of $1.3 trillion annually by 2035 was adopted, only $300bn annually was designated for grants and low-interest loans from developed nations to aid the developing world in transitioning to low-carbon economies and preparing for climate change effects.
Under the deal, the majority of the funding is expected to come from private investment and alternative sources, such as proposed levies on fossil fuels and frequent flyers – which remain under discussion.
“The rich world staged a great escape in Baku,” said Mohamed Adow, the Kenyan director of Power Shift Africa, a think tank.
“With no real money on the table, and vague and unaccountable promises of funds to be mobilised, they are trying to shirk their climate finance obligations,” he added, explaining that “poor countries needed to see clear, grant-based, climate finance” which “was sorely lacking”.
The deal states that developed nations would be “taking the lead” in providing the $300bn – implying that others could join.
The US and the European Union want newly wealthy emerging economies like China – currently the world’s largest emitter – to chip in. But the deal only “encourages” emerging economies to make voluntary contributions.
Failure to explicitly repeat the call for a transition away from fossil fuels
A call to “transition away” from coal, oil, and gas made during last year’s COP28 summit in Dubai, the United Arab Emirates, was touted as groundbreaking – the first time that 200 countries, including top oil and gas producers like Saudi Arabia and the US, acknowledged the need to phase down fossil fuels. But the latest talks only referred to the Dubai deal, without explicitly repeating the call for a transition away from fossil fuels.
Azerbaijan’s President Ilham Aliyev referred to fossil fuel resources as a “gift from God” during his keynote opening speech.
New carbon credit trading rules approved
New rules allowing wealthy, high-emission countries to buy carbon-cutting “offsets” from developing nations were approved this week.
The initiative, known as Article 6 of the Paris Agreement, establishes frameworks for both direct country-to-country carbon trading and a UN-regulated marketplace.
Proponents believe this could channel vital investment into developing nations, where many carbon credits are generated through activities like reforestation, protecting carbon sinks, and transitioning to clean energy.
However, critics warn that without strict safeguards, these systems could be exploited to greenwash climate targets, allowing leading polluters to delay meaningful emissions reductions. The unregulated carbon market has previously faced scandals, raising concerns about the effectiveness and integrity of these credits.
Disagreements within the developing world
The negotiations were also the scene of disagreements within the developing world.
The Least Developed Countries (LDCs) bloc had asked that it receive $220bn per year, while the Alliance of Small Island States (AOSIS) wanted $39bn – demands that were opposed by other developing nations.
The figures did not appear in the final deal. Instead, it calls for tripling other public funds they receive by 2030.
The next COP, in Brazil in 2025, is expected to issue a report on how to boost climate finance for these countries.
Who said what?
EU Commission President Ursula von der Leyen hailed the deal in Baku as marking “a new era for climate cooperation and finance”.
She said the $300bn agreement after marathon talks “will drive investments in the clean transition, bringing down emissions and building resilience to climate change”.
US President Joe Biden cast the agreement reached in Baku as a “historic outcome”, while EU climate envoy Wopke Hoekstra said it would be remembered as “the start of a new era for climate finance”.
But others fully disagreed. India, a vociferous critic of rich countries’ stance in climate negotiations, called it “a paltry sum”.
“This document is little more than an optical illusion,” India’s delegate Chandni Raina said.
Sierra Leone’s Environment Minister Jiwoh Abdulai said the deal showed a “lack of goodwill” from rich countries to stand by the world’s poorest as they confront rising seas and harsher droughts. Nigeria’s envoy Nkiruka Maduekwe called it “an insult”.
Is the COP process in doubt?
Despite years of celebrated climate agreements, greenhouse gas emissions and global temperatures continue to rise, with 2024 on track to be the hottest year recorded. The intensifying effects of extreme weather highlight the insufficient pace of action to avert a full-blown climate crisis.
The COP29 finance deal has drawn criticism as inadequate.
Adding to the unease, Trump’s presidential election victory loomed over the talks, with his pledges to withdraw the US from global climate efforts and appoint a climate sceptic as energy secretary further dampening optimism.
‘No longer fit for purpose’
The Kick the Big Polluters Out (KBPO) coalition of NGOs analysed accreditations at the summit, calculating that more than 1,700 people linked to fossil fuel interests attended.
A group of leading climate activists and scientists, including former UN Secretary-General Ban Ki-moon, warned earlier this month that the COP process was “no longer fit for purpose”.
They urged smaller, more frequent meetings, strict criteria for host countries and rules to ensure companies showed clear climate commitments before being allowed to send lobbyists to the talks.
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