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The Indian government wants California-based <keyword id="6354427" type="CITY" weightage="100" keywordseo="Apple">Apple</keyword> Inc. to commit to investing in India and creating jobs before even considering its plea for tax concessions.<br /><br />As <a href="http://www.businessinsider.in/small-business/companies/for-zero-duty-import-apple-has-to-scale-up-local-manufacturing/articleshow/58821679.cms">reported earlier</a>, Apple is seeking concessions for manufacturing iPhones in India. <br /><br />The Indian government has asked the <keyword id="6354606" type="COMPANY" weightage="100" keywordseo="iPhone">iPhone</keyword> maker to inform in detail about the money that it plans to invest in India and the probable number of jobs it will create, told people aware of the development requesting anonymity. <br /><br />Apple has already begun the initial production of 4-inch iPhone SEs last month at its Bengaluru plant. <br /><br />It’s been a part of the Modi government’s 'Make in India' programme to urge foreign investors to make their products in India, so that the share of domestic manufacturing in the $2 trillion economy can be increased, while also creating more and more jobs. <br /><br />It was only last year that Apple had sought several incentives, including lower duties for importing components and equipment for a period of 15 years. However, the demands were not met by the <keyword id="47209" type="ORGANIZATION" weightage="100" keywordseo="Finance-Ministry">finance ministry</keyword>.<br />

India wants Apple to pledge job creation before allowing tax breaks

<ul class="summary-list"><li>The New York Times got its hands on decades of President Trump's tax information, and it paints a portrait of a man who used every tool at his disposal to avoid a bill from the IRS.  </li><li>According to the Times, he paid $750 in federal income <keyword id="6368033" type="UNKNOWN" weightage="60" keywordseo="taxes">taxes</keyword> in 2016 and 2017 — $76 dollars less than the $826 I paid when I made $10,500 as a freelance writer in 2018.</li><li>But while it may seem like Trump is an outlier, he's simply part of a system that rewards the wealthiest Americans, and lavishes loophole after loophole on them. </li><li>The mega-rich and the corporations they run know how to manipulate the system to keep their piles of money safe, while the rest of us suffer the consequences. </li><li>This is an <keyword id="6356002" type="UNKNOWN" weightage="100" keywordseo="opinion">opinion</keyword> column. The thoughts expressed are those of the author.</li></ul><p>In 2016 and 2017, according to a blockbuster New York Times <a href="https://www.nytimes.com/interactive/2020/09/27/us/donald-trump-taxes.html">investigation</a>, President <keyword id="6354484" type="PERSON" weightage="60" keywordseo="Donald-Trump">Donald Trump</keyword> — alleged <a href="https://www.businessinsider.com/billionaire-president-donald-trump-net-worth-spending-2018-11">billionaire</a>, business magnate, friend to the <a href="https://www.businessinsider.com/trump-friends-celebrities-athletes-2018-3">powerful</a>, and <a href="https://www.businessinsider.com/donald-trump-personal-real-estate-portfolio-new-york-palm-beach-st-martin">owner</a> of a $54 million New York City penthouse — paid $750 in federal income taxes. For 10 of the 15 years before, he paid no income taxes.</p><p>In 2019, on the other hand, I paid $826 in federal income taxes. The year before, I made $10,500 as a freelance writer. I was 26, living in my parents' house, relying on Medicaid to cover doctor's visits, and saving every penny I could. When April 2019 rolled around, I dutifully sent my payment to that mysterious P.O. Box in Kansas City. It took a significant chunk out of my savings at the time.</p><p>When I first saw Trump's tax bills, a full $76 less than what I paid as a broke, self-employed writer, I laughed. Trump's crookedness is notorious. This is a man who <a href="https://www.esquire.com/news-politics/a30208282/trump-admit-crooked-charity-pay-2-million/">spent</a> thousands intended for charity on a portrait of himself and a signed Tim Tebow helmet, after all. But there was something about the brazen absurdity of it all that struck me. The nation's most powerful person gave less than the cost of a new iPhone to the country he runs. </p><p>The humor soon curdled into seething anger, however. I started <a href="https://www.buzzfeednews.com/article/ikrd/ordinary-people-are-sharing-all-the-times-they-paid-more">seeing</a> my own story everywhere. A 9-year-old paid more taxes than Trump. A part-time Starbucks employee paid more taxes than Trump. People I know paid <a href="https://discourseblog.substack.com/p/if-trumps-taxes-make-you-mad-let">more</a> taxes than Trump. </p><p>But instead of seeing these tales as incidental failures, it is better to reckon with the tiny tax bills for what they are: the product of a broken system intentionally warped to help the wealthy and powerful.</p><h2><strong>Trump isn't an outlier, or a bad apple </strong></h2><p>Trump's deceit is the product of a system that rewards the wealthiest Americans, and lavishes loophole after loophole on them. According to the Times, the president used the tools available to him, from <a href="https://www.thecut.com/2020/09/trump-taxes-trump-wrote-off-usd70-000-in-hairstyling-expenses.html">write-offs</a> for his hair to steep financial losses, to avoid a larger tax bill.</p><p>His rotten chicanery may be more extreme than that of his rich compatriots, it's all just shades of red. The system is broken, but it was designed to be that way.</p><div type="image" title="FILE - This April 13, 2014, file photo shows the Internal Revenue Service (IRS) headquarters building in Washington. The Treasury Department and the IRS are urging taxpayers who want to get their economic impact payments directly deposited to their bank accounts to enter their information online by Wednesday, May 11, 2020. The IRS said that people should use the “Get My Payment” tool on the IRS website by noon on Wednesday to provide their direct deposit information. (AP Photo/J. David Ake, File)" height="2643" width="3524" msid="78392019" hostid="261"></div><p>You can see the system in action when Trump <a href="https://www.nytimes.com/interactive/2020/09/27/us/donald-trump-taxes.html">fights</a> the IRS over a $72.9 million refund while regular Americans get their stimulus checks <a href="https://www.cbsnews.com/news/stimulus-checks-debt-collectors-cares-act/">garnished</a> to pay off debts. You can see it in the <a href="https://www.businessinsider.com/tax-havens-for-millionaires-around-the-world-2019-11">offshore</a> and <a href="https://www.washingtonpost.com/news/wonk/wp/2016/04/05/how-the-u-s-became-one-of-the-worlds-biggest-tax-havens/">domestic</a> havens that allow wealthy people to avoid paying taxes. You can see it in Trump's 2017 tax legislation, which heaped a huge amount of its benefits <a href="https://publicintegrity.org/topics/inequality-poverty-opportunity/taxes/trumps-tax-cuts/">on the rich</a>, and in his coronavirus relief executive orders, which did the <a href="https://www.businessinsider.com/trump-covid-19-executive-orders-payroll-tax-cut-wealthy-2020-8">same</a>.   </p><p>Meanwhile, undocumented immigrants, who are vilified and failed by the state at every turn, still manage to pay their taxes. Black and brown Americans get <a href="https://www.washingtonpost.com/business/personal-finance/tax-code-isnt-neutral-on-race-researchers-find/2020/01/31/0a843eae-43aa-11ea-aa6a-083d01b3ed18_story.html">screwed</a> out of tax benefits. The poorest Americans keep getting <a href="https://www.propublica.org/article/irs-now-audits-poor-americans-at-about-the-same-rate-as-the-top-1-percent">audited</a> because it's "easier and cheaper" for the IRS, as ProPublica reported in 2019.  </p><p>The vast majority of Americans can't afford fancy accountants to help them navigate the country's archaic and confusing tax code. Instead, they're left to figure it out on their own, or with the "help" of tools like TurboTax, which <a href="https://www.propublica.org/article/inside-turbotax-20-year-fight-to-stop-americans-from-filing-their-taxes-for-free">took money from them</a> and put it into the pockets of its executives. Asking the IRS itself for help is often a dead end: budget cuts — another useful <a href="https://www.propublica.org/article/how-the-irs-was-gutted">tool</a> for the wealthy — have left the agency in shambles, and in 2015, only 40% of callers were <a href="https://www.washingtonpost.com/politics/a-standard-dejection-in-the-irs-help-line/2015/04/07/333594d6-d7f0-11e4-8103-fa84725dbf9d_story.html">able</a> to talk to an actual person there.</p><p>And it's not just wealthy individuals; the system favors big corporations, too. In 2019, Amazon — one of the biggest companies in the world, led by the richest man on the planet — paid federal income taxes for the first time since 2016. The bill was $162 million, just over 1% of its pre-tax income, <a href="https://www.cnbc.com/2020/02/04/amazon-had-to-pay-federal-income-taxes-for-the-first-time-since-2016.html">according</a> to CNBC. </p><p>According to a 2019 report by the Institute on Taxation and Economic Policy, 60 companies, <a href="https://publicintegrity.org/inequality-poverty-opportunity/taxes/trumps-tax-cuts/you-paid-taxes-these-corporations-didnt/">including</a> Netflix, Chevron, and Eli Lilly, did not pay federal income taxes in 2018. "Instead of paying $16.4 billion in taxes, as the new 21% corporate tax rate requires, these companies enjoyed a net corporate tax rebate of $4.3 billion, blowing a $20.7 billion hole in the federal budget last year," the report concluded.</p><p>Today, my freelance days are over, and I have a full-time job with a good salary. I now pay much more in income taxes than I did in 2019. That's a good thing; it's how the system should work. If only the president and his wealthy friends thought so too. </p><p><strong>Read more: </strong></p><p><a href="https://www.businessinsider.com/trump-tax-returns-always-good-news-maga-base-2020-9">Welcome to the MAGA bizarro world where Trump's tax returns prove he's actually a genius</a></p><p><a href="https://www.businessinsider.com/trump-tax-bill-smaller-than-us-households-earnings-pay-less-2020-9">Trump's reported $750 tax bill is smaller than the average payment for an American household making $20,000 a year</a></p><p><a href="https://www.businessinsider.com/trump-tax-returns-new-york-times-summary-shocking-revelations-2020-9">The most shocking revelations from the New York Times report about Trump's tax returns</a></p>

I made $10,500 as a freelancer in 2018 — and still paid more taxes than Trump. The system is broken.

<p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>Getty</span></p></div><p></p></div></div></p><ul><li><strong>Apple is currently searching for a location for a new campus that could host as many as 10,000 employees.</strong></li><li><strong>It's looking increasingly likely that North Carolina's Raleigh region is a top candidate.</strong></li><li><strong>The statehouse is preparing an incentives package to lure Apple, according to a local report on Wednesday.</strong></li><li><strong>Nobody's commenting on the incentives package, which reportedly includes a rebate for as much as 90% of Apple's share of withholding taxes and 30 years of property tax abatements. </strong></li></ul><p>Apple said earlier this year that it planned to build a new campus somewhere in the United States for thousands of new employees.</p><p>It increasingly looks like the new Apple campus could land in Cary, North Carolina, close to Duke University, where several top Apple executives went to school.</p><p><a href="https://www.wral.com/north-carolina-apple-negotiating-deal-on-triangle-campus-second-site-in-cary/17558985/">Raleigh's WRAL reported</a> on Wednesday that sources in North Carolina believe the Apple campus is a "done deal," and that the only hurdle left is for the North Carolina state house to pass a package of tax incentives in order to score the $1.5 billion investment from Apple. </p><p>There was even a scheduled announcement for early June, although the deal could still be derailed, according to the report. </p><p>The news comes one day after North Carolina was first <a href="https://www.bizjournals.com/triangle/news/2018/05/15/sources-research-triangle-park-tops-apples-short.html">tipped</a> as a possible location for the new Apple campus. The Washington Post also <a href="https://www.washingtonpost.com/business/economy/its-not-just-amazon-apple-quietly-explores-northern-virginia-for-20000-jobs/2018/05/16/1c66b3b0-5566-11e8-abd8-265bd07a9859_story.html?utm_term=.fa67ff14277a">reported</a> that Virginia state officials had pitched Apple. </p><p>The incentive package, <a href="https://www.wral.com/north-carolina-apple-negotiating-deal-on-triangle-campus-second-site-in-cary/17558985/">according to WRAL</a>, could include provisions that grant Apple as much as 90% of withholding taxes from the campus in exchange for between 3,000 and 10,000 jobs, as well as 30 years of property tax abatements. Although Apple previously said that the campus would hold call center workers, it seems possible that it might also have high-paying tech jobs as well. </p><p>Apple CEO Tim Cook<span> was in the region to give </span><a href="http://www.businessinsider.com/apple-ceo-tim-cook-commencement-speech-duke-university-2018-5">a commencement speech</a><span> at Duke University on May 13 and reportedly met with Governor Roy Cooper.</span></p><p>Apple's search for a new campus location is being conducted in secret. That's in contrast to Amazon's search for a second headquarters, in which the company issued an open request for proposals. Apple may have had its heart set on North Carolina the entire time, according to Wednesday's report. </p><p>"We're not doing a beauty contest kind of thing," Cook told Recode's Kara Swisher in a recent interview.</p><p>The governor's office declined to comment, saying "we do not share information about economic development projects before they are final." North Carolina's head state senator, Phil Berger, declined to comment through a representative, citing a "longstanding policy that we do not comment on economic development prospects." North Carolina's Speaker of the House, Tim Moore, did not respond to a request for comment. Apple didn't respond to a request for comment. </p><p><em>Know anything about Apple's new campus? Email kleswing@<span>businessinsider.com</span></em></p>       <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/why-cockroaches-are-hard-to-kill-pest-control-2018-4">Why cockroaches are so hard to kill</a></h3>        <div>                    </div>    </div>

Evidence is mounting that Apple has picked a location for its new campus that could create as many as 10,000 jobs

<p><div class="KonaFilter image-container float_right"><div class="image on-image"></div><p></p></div><em>Rurik Bradbury is CMO at <a href="http://blog.trustev.com/">Trustev</a>, en e-commerce fraud protection company. We are <a href="http://blog.trustev.com/heres-why-currentc-may-defeat-apple-pay">republishing</a> this post with his permission.</em></p>
<p>Apple pulled off a very impressive move by launching an ultra-simple phone-powered wallet, while letting consumers keep their existing payment cards, at the same time as bringing onboard card networks and the banks that issue cards. The press is all over it, and tech-lovers have been very impressed with early results.</p>
<p>In contrast, the retailer-driven CurrentC mobile wallet has been a fiasco. Starting with a PR disaster, when it had member companies Rite Aid and CVS <a href="http://www.nytimes.com/2014/10/27/technology/personaltech/2-drug-chains-disable-apple-pay-as-a-rival-makes-plans-.html">pull support for Apple Pay</a>, followed by scathing reviews in the press, such as Josh Constine's in TechCrunch, which called it a "<a href="http://www.nytimes.com/2014/10/27/technology/personaltech/2-drug-chains-disable-apple-pay-as-a-rival-makes-plans-.html">clunky attempt</a>." As an encore today, MCX, the consortium behind CurrentC, kicked off a second PR disaster by announcing it had been <a href="http://www.businessinsider.com/currentc-hacked-2014-10">hacked</a>. Ouch.</p>
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<p>BUT ... before we write it off, there are some reasons to think again. Here are the main ones.</p>
<p><strong>1) CurrentC can offer monetary rewards for using it, Apple can't</strong></p>
<p>This is a big one. By playing nice with everyone in the existing payments "stack," like Visa, MasterCard, American Express, and the card-issuing banks like Chase and Citi, Apple is saddled with their same cost structure. Around 2% of any transaction gets split among those companies, with Apple getting a tiny slice as well. So with CurrentC that 2% is "in play" and merchants could rebate it back to customers as an incentive to adopt.</p>
<p><strong>2) Retailers are angry</strong></p>
<p>For years the retailers have hated Visa, MasterCard, and American Express for what they see as a tax on their revenues. When the former CEO of Walmart (an MCX member) was asked why it would succeed, he said, "I don't know that it will, and I don't care. <a href="http://snarketing2dot0.com/2014/09/03/failed-currentc/">As long as Visa suffers</a>." For years, big retailers fought the card networks on multiple fronts to reduce fees, which they felt were extortion.</p>
<p>They notched a big victory in 2012, with a $6+ billion settlement, when they <a href="http://www.bloomberg.com/news/2012-07-13/visa-mastercard-settle-merchants-antitrust-swipe-fee-suit.html">won their antitrust case</a> against Visa and MasterCard for price-fixing. In the settlement, the retailers also got one of their most-hated stipulations removed from the card network/merchant agreements: that they couldn't charge customers extra for using a credit card instead of another payment method (that means that merchants had to eat the card fees themselves, or lose the right to accept credit cards altogether. It was a very punitive clause).</p>
<p>With this new agreement in place, retailers could now charge extra for using credit cards and Apple Pay, but less for CurrentC.</p>
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<p><strong>3) Retailers are afraid</strong></p>
<p>Apple is not the upstart any more, it's the huge gorilla, and with its vision and muscle, it has defined the way that multiple modern industries work. Retailers don't want their payment systems to be Apple-owned, thank you very much. For consumers, Apple Pay has a number of privacy and security benefits: tokenized transactions; impossible to scrape or spoof; and anonymity for purchasers.</p>
<p>But this is terrible news for merchants, who want - and highly value - any data they can get about their customers. They feel that Apple is locking them out of their own home. What might they pay for this valuable data? It depends on the industry, but many rewards schemes rebate 2% or 3% to customers in points or vouchers in exchange for engagement and data. So now the retailers have 4% or 5% of revenues to play with, as a sweetener to use CurrentC and not Apple Pay. That's a lot.</p>
<p><strong>4) Retailers committed to MCX are big</strong></p>
<p>The number and dollar value of transactions going through MCX <a href="http://www.mcx.com/">member companies</a> is huge. Walmart, Best Buy, Gap, Target, CVS, and 45 others, making up a sizeable chunk of US retail spending. It's not just a few holdouts resisting the Apple army.</p>
<p><strong>5) Apple Pay is not such a hit as some believe</strong></p>
<p>Tim Cook was <a href="http://bits.blogs.nytimes.com/2014/10/28/apple-pay-already-a-huge-hit-cook-says/">hyping up Apple Pay</a> at the WSJD Live event this week, boasting that over 1 million cards were added in the first three days. "<a href="http://www.nytimes.com/2014/10/29/technology/apple-pay-runs-afoul-of-a-rival.html">Showing promise</a>" says the more sober-minded Mike Isaac of the New York Times. More skeptical is Owen Thomas at ReadWrite, who calls out "<a href="http://blog.trustev.com/breathless%20hype%20around%20Apple%20Pay">breathless hype around Apple Pay</a>" and points out how small that 1 million figure is, compared to the 600 million cards Apple has on file, and the 20 million Apple Pay-compatible devices sold to date. And those aren't unique users, they're unique cards (each user can add multiple cards if they like).</p>
<p><strong>6) Payments are simply not a painful problem for consumers</strong></p>
<p>For years, geeks have dreamed of ditching their ancient magnetic strip cards and paying with their phones. Google Wallet failed, and Apple Pay is off to a slow start - even with its massive leap in usability versus older systems. Could it be that regular consumers don't care that much? That swiping a card is not very difficult or inconvenient? And, sure, Apple Pay is more secure and private, but consumers generally aren't on the hook for credit card fraud, so they don't care so much about that, either.</p>
<h2>It Comes Down To Money</h2>
<p>While techies are making fun of the ugliness of the CurrentC experience (QR codes! Are you kidding me?), most people care about money and savings more than slight inconveniences. Several days per week I get a salad from Sweetgreen (a delicious salad place, FYI), which I order online and pay for with their app, which uses ... a QR code. It's less convenient than Apple Pay (which I have also used from day one, by the way, lest you think I'm a hater) but it also serves as a loyalty card and gives me free salads every so often. Exactly like CurrentC.</p>
<p>Now imagine an app like Sweetgreen's that works in most places you shop, and gets you rebates of 4% or 5%. Apple Pay still look quite so appealing?</p>

Here's Why Apple Pay Might Lose To The Retailers

<p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><p class="source"><span><a href="https://www.flickr.com/photos/150491263@N04/35359554766/">Flickr/Ádám Fedelin</a></span></p><p class="caption">There's a better way to buy your next iPhone.</p></div><p></p></div></div><strong>• Apple's iPhone Upgrade Program allows you to pay over 24 months, or upgrade after at least 12 payments.</strong></p><p><strong>• Only 12% of iPhone owners buy directly from Apple.</strong></p><p><strong>• If you wouldn't buy a laptop from your internet provider, you might not want to buy a phone from your wireless carrier.</strong></p><p>It's only a matter of time before the <a href="http://www.businessinsider.com/apple-iphone-8-rumors-photos-renderings-reports-2017-7">iPhone 8 hits the shelves</a>.</p><p>If you're planning to trade in your old phone, it's worth considering an underutilized way to buy your next one: Apple's iPhone Upgrade Program.</p><p>For the uninitiated, Apple's iPhone Upgrade Program is essentially an interest-free loan: The full cost of your iPhone plus AppleCare+ is spread out over two years with 24 installments. Once you've paid the full amount, the phone is yours. Or, after making at least 12 payments, you have the option to upgrade. When you go to the Apple store, you have to ask for the upgrade program specifically, since you can also pay upfront for the iPhone.</p><p>In 2015, I bought the iPhone 6s Plus this way, after trading in an iPhone 5 I had held onto - or more accurately, dropped a bunch of times - for over two years. In 2016, I upgraded to the iPhone 7 Plus through the program, and this September I plan to get whatever Apple unveils next.</p><p>It's not because I'm a tech enthusiast who has to have the latest and greatest gadget - although I do admit it's nice to get a new iPhone every year, and switching is seamless thanks to <a href="http://www.businessinsider.com/google-photos-walkthrough-2017-4">Google Photos</a> and <a href="http://www.businessinsider.com/how-to-sync-google-contacts-to-iphone-2012-9">contact syncing</a>. My reasons for converting to Apple's upgrade program are primarily financial.</p><h2>1. Unless your carrier offers a specific rebate or discount, you're not paying less to buy your iPhone through them.</h2><p>The vast majority of iPhone users - 92% - have no plans to ditch Apple's decade-old device for a different brand. But only 12% buy their iPhone directly from Apple, according to data from Consumer Intelligence Research Partners (CIRP). Three out of four people still head to their wireless carrier to buy a new iPhone, even though the days of subsidies and incentives in exchange for wireless contracts are behind us.</p><p>"With all the publicity that Apple garners for its own stores, it's kind of an overlooked fact that the carriers by far sell the most phones in the US, " said Michael Levin, partner and co-founder of <a href="https://www.cirpllc.com/">CIRP</a>.</p><p>Many wireless carriers offer similar installment programs, and some even appear to be less expensive. But it's important to understand the price you pay - <keyword id="6354851" type="UNKNOWN" weightage="60" keywordseo="retail">retail</keyword> price - for the phone is the same. If the monthly amount is less, it's probably because you will be making payments over a longer time period or because it doesn't include AppleCare+.</p><p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>Markus Schreiber/AP</span></p></div><p></p></div></div></p><h2>2. Waiting to upgrade doesn't save that much, and it puts you at risk for damaging or losing your phone.</h2><p>Many people hold onto their iPhones for 30 months before upgrading, according to Jim Suva, a senior analyst at Citigroup. While that may seem financially wise, it's not exactly something to be smug about, if you do the math.</p><p>Let's say you buy a new iPhone 7 plus for $769, and add AppleCare+ for $129 for a total of $898, not including tax. If you keep it for 22 months before upgrading - <a href="http://www.businessinsider.com/how-long-people-wait-to-upgrade-phones-chart-2017-3">the current average</a> - your monthly cost breaks down to about $41. You'd actually pay a few dollars less - $37 per month - if you purchased it through the upgrade program instead.</p><p>Not only would you pay less per month, but you'd only have to hold the phone for 12 months, instead of 22, before getting a new one.</p><p>Even if you decided to buy a new iPhone without AppleCare+, use it for 30 months, and then resell it, the amount you save isn't astronomical. Let's say you buy it for $769 and resell it back to Apple after 30 months for $135. In that scenario, your all-in cost is $21 a month.</p><p>While that may be less expensive, saving $16 a month for an item <a href="http://www.businessinsider.com/dscout-research-people-touch-cell-phones-2617-times-a-day-2016-7">you touch 2,617 times a day</a> may not be worth it. You'd save more by reducing your rent or negotiating your cable bill. Plus, by planning to keep the phone for so long, you take on the risk that your screen cracks or you drop it in a pool before you're ready to resell it.</p><p>I've bought an iPhone using both approaches, and for me the decision is clear. I would prefer to pay $37 a month to know my phone is covered and I can get a new one every September, than to pay $21 a month and have to worry about keeping it in good shape for years.</p><h2>3. AppleCare+ is the best tech support for your iPhone, hands down.</h2><p>Last year, I made the mistake of typing an email on my iPhone while walking on an elevated subway platform after a rainstorm (terrible idea no matter the weather, I know). I didn't get very far before I tripped, sending my iPhone flying. There was a collective gasp as it slid along the platform and tipped over the edge, dropping to its death 30 feet below.</p><p>Once I picked up the busted phone from the street, I got back on the subway and headed directly to an Apple store. Even without an appointment, it took less than an hour to walk away with a shiny, new, replacement iPhone.</p><p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>Ben Margot/AP</span></p><p class="caption">Don't walk and type.</p></div><p></p></div></div></p><p>My out of pocket cost was $99, instead of the $869 it would have cost to purchase a new phone. Considering the original was only a few weeks old, I was elated to have AppleCare+.</p><p>If I had cell phone insurance through my carrier instead, getting it fixed would have required more time and effort on my part. Plus, at about $5 a month through the upgrade program, AppleCare+ is cheaper than most cell phone insurance plans.</p><h2>4. Having an unlocked phone gives you options if you want to resell it, or switch carriers.</h2><p>Your monthly cell phone plan probably costs more than your monthly iPhone payment, so having the ability to switch providers if you find a better deal is important.</p><p>If you buy your phone directly from a wireless provider, you may not be signing up for a contact, but that doesn't mean you aren't locked into that carrier. To switch carriers, you'll have to pay your remaining balance in full, immediately. And, your iPhone may not work as well - or at all - on a different network.</p><p>When you buy your iPhone at the Apple store, you have the option of getting an unlocked version, which means it will work with any wireless carrier, and you can switch providers at will.</p><h2>Apple's iPhone Upgrade Program won't work for everyone. There are a few downsides to consider:</h2><ul><li>AppleCare+ doesn't cover you for a lost or stolen phone (though your home or renters insurance might).</li><li>To qualify, you'll have to have good credit, because you're essentially taking out a loan.</li><li>You'll also have to fork over the full sales tax amount upfront, which means your first payment is likely to be over $100.</li></ul><p>Still, for my money, there's no better way to buy an iPhone.</p><p class="tagline"><div id="categorypromo" style="border:1px solid silver; min-height:90px; padding:10px;vertical-align:top;"><a href="http://www.businessinsider.com/intelligence/thirty-big-tech-predictions-for-2017?IR=T&amp;utm_source=businessinsider&amp;utm_medium=ctgr&amp;utm_term=ctgr_leadgen_2017-predictions&amp;utm_content=iphone_ctgr_leadgen_2017-predictions&amp;utm_campaign=iphone_ctgr_leadgen_2017-predictions"></a><strong> EXCLUSIVE FREE REPORT:</strong><br />30 Big Tech Predictions by BI Intelligence. <strong><a href="http://www.businessinsider.com/intelligence/thirty-big-tech-predictions-for-2017?IR=T&amp;utm_source=businessinsider&amp;utm_medium=ctgr&amp;utm_term=ctgr_leadgen_2017-predictions&amp;utm_content=iphone_ctgr_leadgen_2017-predictions&amp;utm_campaign=iphone_ctgr_leadgen_2017-predictions">Get the Report Now »</a></strong></div></p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/apple-iphone-8-rumor-roundup-iphone-x-10-rumors-tim-cook-2017-8">Everything we know about the new iPhone that Apple will announce in September</a></h3>        <div>                    </div>    </div>

I've been using a little-known Apple program since it began - and I would recommend it to anyone

<ul class="summary-list"><li>The world's richest people saw huge wealth gains as stocks rallied after the election on Wednesday.</li><li>The biggest gainers include Elon Musk, Larry Ellison, and Warren Buffett. </li></ul><p>The world's richest people saw huge gains in their net worth on Wednesday as markets cheered the outcome of the 2024 election. </p><p>Elon Musk, Larry Ellison, Warren Buffett, Jeff Bezos, and Jensen Huang saw their wealth soar on Wednesday, propelled by huge stock gains after former President Donald Trump sailed to victory in the presidential election.</p><p>Together, the billionaires gained over $55 billion by the time the market closed on Wednesday. Their gains were <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/trump-election-win-stock-market-today-record-high-sp500-dow-2024-11">driven by euphoric stock investors</a>, who see a coming era of less regulation and lower taxes driving higher corporate profits. </p><p>These were the top net-worth gainers on Wednesday, according to <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/tesla-stock-price-trump-win-elon-musk-election-tsla-2024-11?_gl=1*1nvwem2*_ga*MTY3OTgyNjg0MS4xNzIxMDE2MDM2*_ga_E21CV80ZCZ*MTczMDkyMzg4My4zNzMuMS4xNzMwOTI0OTcxLjYwLjAuMA..">Forbes' real-time billionaires list</a>.  </p><h2 id="c3a32e82-837e-4695-818a-c29a082da794"><strong>1. Elon Musk</strong></h2><p><strong>Daily wealth gain:</strong> $20.9 billion</p><p><strong>Net worth:</strong> $285.6 billion</p><p>Elon Musk, the CEO of Tesla, saw his wealth surge by $20.9 billion on Wednesday, further solidifying his spot as the highest net-worth individual on the planet with nearly $286 billion.</p><p>The billionaire's wealth is tied to his stake in his many companies, primarily Tesla and SpaceX. His gain on Wednesday came as <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/tesla-stock-price-trump-win-elon-musk-election-tsla-2024-11?_gl=1*1nvwem2*_ga*MTY3OTgyNjg0MS4xNzIxMDE2MDM2*_ga_E21CV80ZCZ*MTczMDkyMzg4My4zNzMuMS4xNzMwOTI0OTcxLjYwLjAuMA..">Tesla stock rose almost 15%</a>, even as other EV stocks sold off amid fears Trump will pull back on Biden-era rebates and tax incentives. </p><p>Traders are betting both Musk and his company will benefit from close ties to Trump as the former president retakes office.</p><p>"In our view, TSLA and CEO Elon Musk are perhaps the biggest winners from the election result," CFRA Research senior analyst Garrett Nelson said in a Wednesday note.</p><h2 id="4570c782-d339-42a6-bf95-c9a58879f17b"><strong>2. Larry Ellison</strong></h2><p><strong>Daily wealth gain:</strong> $11.7 billion</p><p><strong>Net worth:</strong> $220.8 billion</p><p>Larry Ellison, the founder and chief technology officer of Oracle, gained $11.2 billion as Oracle shares rallied with the broader tech sector. The stock ended the day 5.5% higher. </p><p>That gain brings Ellison's total net worth to over $220 billion, putting him third on the list of the richest people in the world. </p><h2 id="e1c823e7-38bc-489b-ab61-69729fbea3f9"><strong>3. Warren Buffett</strong></h2><p><strong>Daily wealth gain:</strong> $7.6 billion</p><p><strong>Net worth:</strong> $147.4 billion</p><p>Famed investor Warren Buffett also saw $7.2 billion added to his net worth on Wednesday, bringing his total wealth to $147 billion.</p><p>The famed investor is the is the chairman and CEO of conglomerate Berkshire Hathaway, which saw its shares soar 5.55% in the session. </p><h2 id="a3df8438-ae7f-4210-aaa8-743d0c25aa87"><strong>4. Jeff Bezos</strong></h2><p><strong>Daily wealth gain:</strong> $7 billion</p><p><strong>Net worth:</strong> $223.5 billion</p><p>Jeff Bezos added $5.5 billion to his net-worth, bringing the total to $222 billion. That amount puts him second only to Musk on the list of the world's wealthiest individuals. </p><p>Bezo's retail powerhouse Amazon saw notable moves on Wednesday, up almost 4% to trade at an all-time high of $207 per share.</p><h2 id="50d93be9-206d-45c9-97a9-d37f99559cff"><strong>5. Jensen Huang</strong></h2><p><strong>Daily wealth gain:</strong> $4.9 billion</p><p><strong>Net worth:</strong> $126.9 billion</p><p>Jensen Huang, CEO of Nvidia, gained about $5.3 billion to bring his total wealth to $127.4 billion on Wednesday as shares of his chip giant rose to a record high. </p><p>Nvidia stock gained 4% on Wednesday amid a wide-rangin tech rally that pushed the Nasdaq up 3%. The gain further solidified the chip maker's position as the most valuable company in the world after it overtook Apple on Tuesday. </p><p>The sector's gains come even as Trump has said he could curtail the Chips Act, which pledges to funnel billions into supporting US chip production.</p><p>Trump has also said, however, that he prefers a "hands-off" approach to AI, which would be in line with his campaign's promises of less regulation for corporations. </p>

These 5 billionaires were the biggest net-worth winners today as stocks surged

<p></p><div class="KonaFilter image-container display-table"><div><div class="image on-image"></div><p></p></div></div><p>Tesla is finally offering a less expensive version of its Model 3 electric car.</p><p>The company has relased and is taking orders for a "lower cost, mid-range" version of its mass-production vehicle, Tesla CEO Elon Musk announced Thursday on Twitter. In California, the car will cost $35,000 after federal and state tax rebates, he added. </p><p>&#xa0;</p><p class="tagline">Get the latest Tesla stock price<a href="http://markets.businessinsider.com/stock/TSLA-Quote"> <strong>here.</strong></a></p><div></div><div></div>    <div class="margin-top">        <h3>NOW WATCH: <a href="https://www.businessinsider.com/apple-watch-tips-tricks-2018-9">11 Apple Watch tips and tricks</a></h3>        <div>                    </div>    </div>

Tesla is finally making a lower-cost Model 3

<ul class="summary-list"><li><span>This is an excerpt from a story delivered exclusively to Business Insider Intelligence Digital Health Pro subscribers. </span></li><li><span>To receive the full story plus other insights each morning, <a href="https://www.businessinsider.com/intelligence/digital-health?IR=T&amp;itm_source=businessinsider&amp;itm_medium=content_marketing&amp;itm_campaign=briefing_post&amp;itm_content=top_text&amp;itm_term=bundle_subscription_text_link-23andme-is-cheaper-because-of-new-irs-classification-ruling-2019-7">click here.</a></span></li></ul><p>Popular genetic testing company 23andMe received a major boost from the IRS, which<span> </span><a href="https://e.businessinsider.com/click/17574523.3259/aHR0cHM6Ly93d3cud3NqLmNvbS9hcnRpY2xlcy9pcnMtZ3JlZW5saWdodHMtdGF4LWJyZWFrcy1mb3ItYnV5ZXJzLW9mLTIzYW5kbWUtZ2VuZXRpYy10ZXN0cy0xMTU2MzgwMDUyMA/5d233c18f730436f2414784fB1fa58236" target="_blank" rel="noopener" data-saferedirecturl="https://www.google.com/url?q=https://e.businessinsider.com/click/17574523.3259/aHR0cHM6Ly93d3cud3NqLmNvbS9hcnRpY2xlcy9pcnMtZ3JlZW5saWdodHMtdGF4LWJyZWFrcy1mb3ItYnV5ZXJzLW9mLTIzYW5kbWUtZ2VuZXRpYy10ZXN0cy0xMTU2MzgwMDUyMA/5d233c18f730436f2414784fB1fa58236&amp;source=gmail&amp;ust=1564067031540000&amp;usg=AFQjCNHQB1yDyfNApeo860THx2bfQZ0TQg">revealed</a><span> </span>that more than half the cost of 23andMe's health-and-ancestry-testing kit is now considered "medical care" for tax purposes, per The Wall Street Journal. <div class="KonaFilter image-container display-table float_right no-rightrail"><div><div class="image"></div></div></div></p><p>The tax break only applies to purchases made with a tax-advantaged account such as a health spending account (HSA) or flexible spending account (FSA). The discount should be applicable to all 2019 purchases and could pump up 23andMe's year-end sales numbers as FSA holders look to empty their accounts before losing their funds at the start of 2020.</p><p><strong>Here's what it means:<span></span></strong> It's now cheaper than ever for consumers to access 23andMe's direct-to-consumer (DTC) genetic testing kit, which could bring in more users - and more valuable data for the company's big pharma backers.</p><ul><li>The IRS' decision will likely bring in a flood of new customers to 23andMe, especially since the company enjoys a first-mover advantage in the DTC space. Having what amounts to a 50% off tax rebate baked into the company's flagship product will make it more appealing to the approximately <a href="https://e.businessinsider.com/click/17574523.3259/aHR0cHM6Ly93d3cuYWhpcC5vcmcvbW9yZS1hbWVyaWNhbnMtY2hvb3NlLWEtaGVhbHRoLXNhdmluZ3MtYWNjb3VudC8/5d233c18f730436f2414784fB47b32809" target="_blank" rel="noopener" data-saferedirecturl="https://www.google.com/url?q=https://e.businessinsider.com/click/17574523.3259/aHR0cHM6Ly93d3cuYWhpcC5vcmcvbW9yZS1hbWVyaWNhbnMtY2hvb3NlLWEtaGVhbHRoLXNhdmluZ3MtYWNjb3VudC8/5d233c18f730436f2414784fB47b32809&amp;source=gmail&amp;ust=1564067031540000&amp;usg=AFQjCNEabMUHRspCoOr3IOfmFI6tFxGpLA">22 million</a> HSA holders in the US. While this recent move from the IRS could allow for other genetics companies to receive the same tax status for their services, it's unclear how long IRS classification might take - allowing 23andMe to further cement its lead position in the field in the meantime.</li><li>And new customer data will help pad 23andMe's genetic database as it expands into pharmaceutical development. As we've previously <a href="https://e.businessinsider.com/click/17574523.3259/aHR0cHM6Ly9pbnRlbGxpZ2VuY2UuYnVzaW5lc3NpbnNpZGVyLmNvbS9wb3N0LzIzYW5kbWUtc2Vlcy1vcHBvcnR1bml0eS1pbi1wZXJzb25hbC1oZWFsdGgtcmVjb3Jkcy0yMDE5LTc/5d233c18f730436f2414784fBa945adbe" target="_blank" rel="noopener" data-saferedirecturl="https://www.google.com/url?q=https://e.businessinsider.com/click/17574523.3259/aHR0cHM6Ly9pbnRlbGxpZ2VuY2UuYnVzaW5lc3NpbnNpZGVyLmNvbS9wb3N0LzIzYW5kbWUtc2Vlcy1vcHBvcnR1bml0eS1pbi1wZXJzb25hbC1oZWFsdGgtcmVjb3Jkcy0yMDE5LTc/5d233c18f730436f2414784fBa945adbe&amp;source=gmail&amp;ust=1564067031540000&amp;usg=AFQjCNH8u15_4gkqEVummC498IC6_QRQcw">discussed</a>, 23andMe's long-term goals include using customer data to fuel pharmaceutical research: Just last year, pharma giant GSK announced a <a href="https://e.businessinsider.com/click/17574523.3259/aHR0cHM6Ly9pbnRlbGxpZ2VuY2UuYnVzaW5lc3NpbnNpZGVyLmNvbS9wb3N0L2FpLXBsYXRmb3JtLWNhbi1wcmVkaWN0LXBhdGllbnQtbW9ydGFsaXR5LWdzay0yM2FuZG1lLTMwMG0tZGVhbC1ncmFudHMtYWNjZXNzLXRvLWdlbmV0aWMtZGF0YS1hdGhlbmFoZWFsdGgtd2VhdGhlcnMtcTItc3Rvcm0tMjAxOC03/5d233c18f730436f2414784fB01aedf4d" target="_blank" rel="noopener" data-saferedirecturl="https://www.google.com/url?q=https://e.businessinsider.com/click/17574523.3259/aHR0cHM6Ly9pbnRlbGxpZ2VuY2UuYnVzaW5lc3NpbnNpZGVyLmNvbS9wb3N0L2FpLXBsYXRmb3JtLWNhbi1wcmVkaWN0LXBhdGllbnQtbW9ydGFsaXR5LWdzay0yM2FuZG1lLTMwMG0tZGVhbC1ncmFudHMtYWNjZXNzLXRvLWdlbmV0aWMtZGF0YS1hdGhlbmFoZWFsdGgtd2VhdGhlcnMtcTItc3Rvcm0tMjAxOC03/5d233c18f730436f2414784fB01aedf4d&amp;source=gmail&amp;ust=1564067031540000&amp;usg=AFQjCNGbj8EM-o9XRTG51p3aklfbRCSheA">$300 million</a> four-year agreement giving the company exclusive access to 23andMe's troves of genetic data as the two research and codevelop drugs based on insights gleaned from consumers. The news comes as others in the space experiment to bring in more data: LunaDNA is <a href="https://e.businessinsider.com/click/17574523.3259/aHR0cHM6Ly93d3cuYnVzaW5lc3NpbnNpZGVyLmNvbS9sdW5hZG5hLXBheXMtZm9yLWdlbmV0aWMtaW5mb3JtYXRpb24tMjAxOC0xMg/5d233c18f730436f2414784fB4722bf50" target="_blank" rel="noopener" data-saferedirecturl="https://www.google.com/url?q=https://e.businessinsider.com/click/17574523.3259/aHR0cHM6Ly93d3cuYnVzaW5lc3NpbnNpZGVyLmNvbS9sdW5hZG5hLXBheXMtZm9yLWdlbmV0aWMtaW5mb3JtYXRpb24tMjAxOC0xMg/5d233c18f730436f2414784fB4722bf50&amp;source=gmail&amp;ust=1564067031540000&amp;usg=AFQjCNFN3ZiwkvCRSgd8AOWd1UW-QUxjiA">offering</a>company shares in exchange for genetic information, and whole genome sequencing company Veritas is dramatically <a href="https://e.businessinsider.com/click/17574523.3259/aHR0cHM6Ly9pbnRlbGxpZ2VuY2UuYnVzaW5lc3NpbnNpZGVyLmNvbS9wb3N0L3Zlcml0YXMtc2xhc2hlcy1jb3N0cy10by1iZWF0LWJhY2stcml2YWxzLWxpa2UtMjNhbmRtZS1yZXNlYXJjaGVycy1sZWFuLW9uLWVocnMtdG8taW5mb3JtLWRydWctdXNlLWNhc2VzLWNlZGFycy1zaW5haS1pbmR1Y3RzLWxhdGVzdC1pbmN1YmF0b3ItY2xhc3MtMjAxOS03/5d233c18f730436f2414784fBfeaf32e6" target="_blank" rel="noopener" data-saferedirecturl="https://www.google.com/url?q=https://e.businessinsider.com/click/17574523.3259/aHR0cHM6Ly9pbnRlbGxpZ2VuY2UuYnVzaW5lc3NpbnNpZGVyLmNvbS9wb3N0L3Zlcml0YXMtc2xhc2hlcy1jb3N0cy10by1iZWF0LWJhY2stcml2YWxzLWxpa2UtMjNhbmRtZS1yZXNlYXJjaGVycy1sZWFuLW9uLWVocnMtdG8taW5mb3JtLWRydWctdXNlLWNhc2VzLWNlZGFycy1zaW5haS1pbmR1Y3RzLWxhdGVzdC1pbmN1YmF0b3ItY2xhc3MtMjAxOS03/5d233c18f730436f2414784fBfeaf32e6&amp;source=gmail&amp;ust=1564067031540000&amp;usg=AFQjCNEvVEZW7zqR5Er28ZvaZ9DLyLagBA">cutting prices</a>. Ultimately, expanding its customer base through IRS tax breaks allows 23andMe to gain access to more data that its pharma partners can pour over in search of the next big score in drug development.</li></ul><p><strong>The bigger picture:<span></span></strong> This decision marks a novel approach for the IRS - allocating a proportional amount of a bundled product as medical care.</p><p>First 23andMe - will the Apple Watch be next? The favorable tax classification for 23andMe's genetic tests could create opportunities for more consumer products that incorporate health and wellness to pursue a similar tax-advantaged status.</p><p>For instance, the electrocardiogram and fall detection functions of the Apple Watch 4 have been given FDA clearance - though results from recent studies of the device's effectiveness have elicited <a href="https://e.businessinsider.com/click/17574523.3259/aHR0cHM6Ly93d3cuc3RhdG5ld3MuY29tLzIwMTkvMDMvMTYvYWNjLWFwcGxlLXdhdGNoLXN0dWR5Lw/5d233c18f730436f2414784fB4d33da5d" target="_blank" rel="noopener" data-saferedirecturl="https://www.google.com/url?q=https://e.businessinsider.com/click/17574523.3259/aHR0cHM6Ly93d3cuc3RhdG5ld3MuY29tLzIwMTkvMDMvMTYvYWNjLWFwcGxlLXdhdGNoLXN0dWR5Lw/5d233c18f730436f2414784fB4d33da5d&amp;source=gmail&amp;ust=1564067031540000&amp;usg=AFQjCNHjDTsgJsJ2-fclb5g3T9DmveQzeQ">mixed responses</a> from the medical community. With more studies in development - and Apple <a href="https://e.businessinsider.com/click/17574523.3259/aHR0cHM6Ly93d3cuY25iYy5jb20vMjAxOS8wMS8xNS9hcHBsZS10YWxraW5nLXRvLXByaXZhdGUtbWVkaWNhcmUtcGxhbnMtYWJvdXQtc3Vic2lkaXppbmctYXBwbGUtd2F0Y2guaHRtbA/5d233c18f730436f2414784fBee55ca82" target="_blank" rel="noopener" data-saferedirecturl="https://www.google.com/url?q=https://e.businessinsider.com/click/17574523.3259/aHR0cHM6Ly93d3cuY25iYy5jb20vMjAxOS8wMS8xNS9hcHBsZS10YWxraW5nLXRvLXByaXZhdGUtbWVkaWNhcmUtcGxhbnMtYWJvdXQtc3Vic2lkaXppbmctYXBwbGUtd2F0Y2guaHRtbA/5d233c18f730436f2414784fBee55ca82&amp;source=gmail&amp;ust=1564067031540000&amp;usg=AFQjCNE6NQYRwyM2OXZ0QWljAPfbNJRquw">eyeing</a> Medicare enrollees as a new demographic for Watch growth - it's clear that the tech giant has big plans for its wearables' use in medicine.</p><p>And I (Zach) think that if a genetic test from 23andMe can be classified as medical care - despite <a href="https://e.businessinsider.com/click/17574523.3259/aHR0cHM6Ly93d3cudGhldmVyZ2UuY29tLzIwMTcvNC82LzE1MjA3NTQyLzIzYW5kbWUtZmRhLWFwcHJvdmFsLWF0LWhvbWUtZ2VuZXRpYy10ZXN0cy0xMC1tZWRpY2FsLWNvbmRpdGlvbnM/5d233c18f730436f2414784fBf978a91d" target="_blank" rel="noopener" data-saferedirecturl="https://www.google.com/url?q=https://e.businessinsider.com/click/17574523.3259/aHR0cHM6Ly93d3cudGhldmVyZ2UuY29tLzIwMTcvNC82LzE1MjA3NTQyLzIzYW5kbWUtZmRhLWFwcHJvdmFsLWF0LWhvbWUtZ2VuZXRpYy10ZXN0cy0xMC1tZWRpY2FsLWNvbmRpdGlvbnM/5d233c18f730436f2414784fBf978a91d&amp;source=gmail&amp;ust=1564067031540000&amp;usg=AFQjCNFo5ZZfdQAO1qE3wBVYzYhnzS_r5A">concerns</a> about its tests from <a href="https://e.businessinsider.com/click/17574523.3259/aHR0cHM6Ly93d3cuYnVzaW5lc3NpbnNpZGVyLmNvbS9wcml2YWN5LXNlY3VyaXR5LXJpc2tzLWdlbmV0aWMtdGVzdGluZy0yM2FuZG1lLWFuY2VzdHJ5LWRuYS0yMDE5LTI/5d233c18f730436f2414784fBe60f6e59" target="_blank" rel="noopener" data-saferedirecturl="https://www.google.com/url?q=https://e.businessinsider.com/click/17574523.3259/aHR0cHM6Ly93d3cuYnVzaW5lc3NpbnNpZGVyLmNvbS9wcml2YWN5LXNlY3VyaXR5LXJpc2tzLWdlbmV0aWMtdGVzdGluZy0yM2FuZG1lLWFuY2VzdHJ5LWRuYS0yMDE5LTI/5d233c18f730436f2414784fBe60f6e59&amp;source=gmail&amp;ust=1564067031541000&amp;usg=AFQjCNF83h-J8vHL8mKw7kblwrbH4K-2yg">privacy advocates</a>and <a href="https://e.businessinsider.com/click/17574523.3259/aHR0cHM6Ly93d3cud2lyZWQuY29tL3N0b3J5LzIzYW5kbWVzLW5ldy1kaWFiZXRlcy10ZXN0LWhhcy1leHBlcnRzLWFza2luZy13aG8taXRzLWZvci8/5d233c18f730436f2414784fBc679718b" target="_blank" rel="noopener" data-saferedirecturl="https://www.google.com/url?q=https://e.businessinsider.com/click/17574523.3259/aHR0cHM6Ly93d3cud2lyZWQuY29tL3N0b3J5LzIzYW5kbWVzLW5ldy1kaWFiZXRlcy10ZXN0LWhhcy1leHBlcnRzLWFza2luZy13aG8taXRzLWZvci8/5d233c18f730436f2414784fBc679718b&amp;source=gmail&amp;ust=1564067031541000&amp;usg=AFQjCNH4apKO3md7eXKIlPoBdCNmQQZxqQ">medical professionals</a> alike - then it shouldn't be long before we see a similar tax claim allocation made for consumer wearable devices like the Apple Watch in the near future.</p><p><em><strong>Interested in getting the full story? Here are three ways to get access: </strong></em></p><ol><li>Sign up for <strong><em>Digital Health Pro</em></strong>, Business Insider Intelligence's expert product suite keeping you up-to-date on the people, technologies, trends, and companies shaping the future of healthcare, delivered to your inbox 6x a week. &gt;&gt; <strong><a href="https://www.businessinsider.com/intelligence/digital-health?IR=T&amp;itm_source=businessinsider&amp;itm_medium=content_marketing&amp;itm_campaign=briefing_post&amp;itm_content=learn_more_text&amp;itm_term=bundle_subscription_text_link-23andme-is-cheaper-because-of-new-irs-classification-ruling-2019-7&amp;vertical=digitalhealth">Get Started</a></strong></li><li>Subscribe to a <em><strong>Premium</strong></em> pass to Business Insider Intelligence and gain immediate access to Digital Health Pro, plus more than 250 other expertly researched reports. As an added bonus, you'll also gain access to all future reports and daily newsletters to ensure you stay ahead of the curve and benefit personally and professionally. &gt;&gt; <strong><a href="https://www.businessinsider.com/intelligence?IR=T&amp;itm_source=businessinsider&amp;itm_medium=content_marketing&amp;itm_campaign=briefing_post&amp;itm_content=learn_more_text&amp;itm_term=bundle_subscription_text_link-23andme-is-cheaper-because-of-new-irs-classification-ruling-2019-7">Learn More Now</a></strong></li><li>Current subscribers can read the full briefing <strong><a href="https://intelligence.businessinsider.com/post/23-and-me-gets-irs-nod">here.</a></strong></li></ol><p class="tagline"><a href="https://www.businessinsider.com/intelligence/digital-health?IR=T&amp;itm_source=businessinsider&amp;itm_medium=ctgr_bii&amp;itm_term=ctgr_subscription&amp;itm_content=health&amp;itm_campaign=digital-health-2"></a></p>

23andMe just became a lot cheaper thanks to a new IRS classification ruling

<br /><ul><li><strong>The outbreak of <keyword id="1754604" type="PERSON" weightage="20" keywordseo="coronavirus">Coronavirus</keyword> has disrupted the job market as the nation goes into a complete lockdown for 21 days. <br /></strong></li><li><strong>As many as 20 million jobs might be lost if the tourism industry doesn’t rebound by October, says the Confederation of Indian Industry (CII). <br /></strong></li><li><strong>From food products to electronics to cement and ceramics, nearly nine million jobs may be affected within the manufacturing space. </strong></li></ul>The outbreak of Coronavirus has disrupted the job market as the nation goes into a complete lockdown for 21 days. This has triggered fears of large scale unemployment across the country. <br /><br />According to the estimates by the National Sample Survey (NSS) and Periodic Labour Force Surveys (PLFS), nearly <a href="https://www.livemint.com/news/india/136-million-jobs-at-risk-in-post-corona-india-11585584169192.html">136 million jobs are on the line</a>. Going by the unemployment rate before Coronavirus hit the economy, India needs to add nearly 10 million jobs to keep the working age population employed. <br /><br /><div type="image" title="corona" msid="74942041" hostid="261"></div><br />“The implications of this crisis will be dire. We will inevitably have less fiscal space to make much-needed investments in, for example, education, skills, preventative healthcare, and infrastructure. This will not just prevent us from moving forward but will set us back. Our large and growing youth population will be further disenfranchised, potentially spurring social discord, crime, and instability," Sabina Dewan, the president and executive director of the think-tank JustJobs Network <a href="https://www.livemint.com/news/india/136-million-jobs-at-risk-in-post-corona-india-11585584169192.html">told</a> Mint. <br /><br />This will majorly impact the gig economy, contract workers, small businesses — and also those employed without a legal contract such as casual labourers — who do not have a fixed take home salary. Over five million Indians have contract jobs which are less than a year in tenure. <br /><br />A recent survey by the job search platform Indeed also said that half of the Indian businesses already trimmed the contractual workforce and freelancers to cut operational costs. In fact, a third of the companies say they will temporarily halt hiring activities.<br /><br /><strong>‘20 million jobs might be lost if the industry doesn’t rebound by October’<br /><br /><div type="image" title="tourism" msid="74941956" hostid="261"></div><br /></strong>Tourism and hospitality are one of the <keyword id="8993702" type="UNKNOWN" weightage="20" keywordseo="worst-hit-sectors">worst hit sectors</keyword>, after the Covid-19 induced downturn. Most of the countries asked employees to pause travel plans related and closed borders. Even hotel rooms remained empty all this while. <br /><br />As many as <a href="https://www.livemint.com/news/india/136-million-jobs-at-risk-in-post-corona-india-11585584169192.html">20 million jobs</a> might be lost if the industry doesn’t rebound by October, says the Confederation of Indian Industry (CII). That accounts for over half of the tourism and hospitality workforce.<br /><br />In fact, restaurants already reported a 35% drop, because of fewer footfalls as people stay at home, practising social distancing. This has impacted flexi workers such as guides, restaurant sanitation workers, waiters, suppliers of vegetables and other raw material to the hotels.<br /><br /><strong>Over 9 million jobs impacted in the manufacturing cluster<br /><br /><div type="image" title="manu" msid="74941943" hostid="261"></div></strong><br />From food products to electronics to cement and ceramics, nearly nine million jobs may be affected within the manufacturing space, owing to the plant shutdowns, according to the temporary staffing firm Adecco Group. The lockdown has brought manufacturing and production projects to a standstill. <br /><br />For instance, the handset manufacturing industry is deep in losses at ₹15,000 crore because of production delays. “At present, we have a turnover of ₹500 crore to ₹700 crore per day. So, a shutdown for about three weeks essentially means a loss ranging between ₹10,000 crore and ₹15,000 crore,” Pankaj Mohindroo, chairman of the Indian Cellular &amp; Electronic Association of India (ICEA) <a href="https://economictimes.indiatimes.com/tech/hardware/covid-19-handset-manufacturers-stare-at-upto-rs-15000-cr-production-loss-amid-lockdown/articleshow/74813579.cms?from=mdr">told</a> ET. ICEA represents smartphone manufacturers including Apple, Oppo, Lava and more.<br /><br />As per a report by the <a href="https://gadgets.ndtv.com/mobiles/news/iphone-make-in-india-production-halt-april-14-lockdown-apple-foxconn-wistron-2200365">Wall Street Journal</a>, Apple seems to be going slow on its production of iPhone 11 in India. <br /><strong><br />Automobile sector can lose up to a million jobs<br /><br /><div type="image" title="Worker wearing a face mask is seen on a production line at the plant of Dongfeng Honda Automobile Co in Wuhan" msid="74941976" hostid="261" caption="&amp;lt;p&amp;gt;A worker wearing a face mask is seen on a production line at the plant of Dongfeng Honda Automobile Co in Wuhan, the epicenter of the novel coronavirus outbreak, in Hubei province, China March 16, 2020. Picture taken March 16, 2020.ATTENTION EDITORS - THIS IMAGE WAS PROVIDED BY A THIRD PARTY. CHINA OUT.&amp;lt;/p&amp;gt;"></div></strong><br />Meanwhile, the automobile industry, which has already been through massive production costs and falling sales for the last year, will also suffer more, thanks to the lockdown. This will cost the country a million jobs across dealerships, frontline workers among others.<br /><br />The auto industry is staring at losses of over ₹13,000 crore due to forced shutdowns. That will also impact the economy as a whole since the industry also contributes around 7.5% to India's overall GDP. <br /><strong><br />600,000 contractual jobs at risk in the aviation sector<br /><br /><div type="image" title="A pilot wearing a mask arrives at the international lounge at Pearson Airport in Toronto" msid="74942005" hostid="261" caption="&amp;lt;p&amp;gt;A pilot wearing a mask arrives, amid growing global numbers of coronavirus cases, at the international lounge at Pearson Airport in Toronto, Ontario, Canada March 15, 2020. REUTERS/Chris Helgren&amp;lt;/p&amp;gt;"></div></strong><br />Airlines is probably the worst affected sector as both domestic and international travel has come to a standstill. As per recent estimates, nearly 600,000 contractual workers are at risk of losing their jobs, especially those in on-ground and support roles.<br /><br />“Indigo, India’s largest airline, has reported a 15-20% decline in daily bookings over the past few days, compared with the week-ago period, and expects its quarterly earnings to be materially impacted,” Kapil Kaul, chief executive for aviation consultancy CAPA India <a href="https://economictimes.indiatimes.com/news/economy/policy/how-different-sectors-of-the-economy-are-bearing-the-brunt-of-the-coronavirus-outbreak/articleshow/74630297.cms?from=mdr">told</a> ET. <br /><br />IndiGo, GoAir and Spicejet have already cut the employee salaries across roles for the month of March — including the chairman. <br /><br /><strong>Over half of the revenue of the Indian apparel industry comes from exports — which has come to a halt<br /><br /><div type="image" title="apparel" msid="74942015" hostid="261"></div></strong><br />The pandemic has hit the global supply chain and trade has come to a grinding halt. Over half of the revenue of the Indian apparel industry comes from exports. More than a third of the apparel industry export orders are placed from Europe. According to the Ministry of Commerce, India exported garments worth <a href="https://economictimes.indiatimes.com/news/economy/policy/how-different-sectors-of-the-economy-are-bearing-the-brunt-of-the-coronavirus-outbreak/articleshow/74630297.cms?from=mdr">₹1 trillion in 2018-19</a>. <br /><br />Added to that is the shutting down of malls and retail stores due to lockdown. “With the region being declared the new epicentre for the disease by the World Health Organization, new orders are bound to be affected. But it is hard to assess the outcome now. We’ll know in the next couple of weeks,” says Raja Shanmugam, who is a manufacturer and heads the Tirupur Exporters’ Association.<br /><br />However, the Confederation of Indian Textile Industry (<a href="https://economictimes.indiatimes.com/topic/CITI">CITI</a>) has asked the government for a relief package for the workers in the industry.<br /><br />"Include cotton yarn and fabrics under Rebate of State and Central Taxes and Levies (RoSCTL), Interest Equalisation Scheme (IES) and Merchandise Exports from India Scheme (MEIS) benefits with immediate effect to prevent job losses for lakhs of people in the handloom, powerloom and spinning sectors," <a href="https://economictimes.indiatimes.com/news/economy/policy/how-different-sectors-of-the-economy-are-bearing-the-brunt-of-the-coronavirus-outbreak/articleshow/74630297.cms?from=mdr">said </a>T Rajkumar, chairman, CITI. <br /><br /><strong>Meanwhile...<br /><br /><div type="image" title="corona2" msid="74942027" hostid="261"></div></strong><br />On the other hand, telecom, healthcare are the <a href="https://www.bloombergquint.com/markets/three-sectors-remain-unscathed-so-far-from-covid-19-hit">sectors least affected by the global pandemic</a>. <br /><br />The telecom sector seems to be rebounding as most of India is working from home during the lockdown, thereby availing more data services. With more people practising social distancing, the data usage is expected to surge by up to 15% in India, Quint <a href="https://www.bloombergquint.com/markets/three-sectors-remain-unscathed-so-far-from-covid-19-hit">reported</a> citing Rajiv Sharma, head of equity research and telecom analyst at SBICAP Securities.<br /><br />While healthcare is at the forefront of battling the Coronavirus infections. The public health emergency has led to the country prioritising in-house manufacturing of pharmaceutical ingredients after Coronavirus disrupted the global supply chains — leading to shortage of medical drugs, face masks, ventilators and more. India said it will spend $1.3 billion for pharmaceuticals.<br />

Over 136 million jobs are at risk due to Corona lockdown — Here are the worst-hit sectors

<p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><p class="source"><span>Reuters/Susana Vera</span></p><p class="caption">A museum worker fixes the hair of a life-sized wax statue of U.S. President-elect Donald Trump during an unveiling ceremony at Madrid's wax museum in Madrid, Spain.</p></div><p></p></div></div>Here is what you need to know.</p><p><strong><a href="http://www.reuters.com/article/china-economy-homeprices-idUSL4N1F72OH">China's home price gains slow</a>.</strong> Home prices in China's 70 major cities rose 12.4% year-over-year in December, a bit slower than November's 12.6% pace, Reuters reports, citing National Bureau of Statistics data. Prices in Beijing and Shanghai gained 26.5% and 23.5%, respectively in 2016.</p><p><strong><a href="http://ec.europa.eu/eurostat/documents/2995521/7809603/2-18012017-BP-EN.pdf/dff05ed6-9fe1-4c88-b10c-186bcf99bd48">Euro area inflation jumps</a>. </strong>Consumer prices rose 1.1% in December, up from the 0.6% clip experienced in November as energy (+2.6%) saw the fastest appreciation, data released on Wednesday by Eurostat showed. The euro is weaker by 0.3% at 1.0685 versus the dollar.</p><p><strong><a href="http://www.businessinsider.com/uk-unemployment-wage-growth-brexit-2017-1?r=UK&amp;IR=T">UK unemployment keeps falling</a>.</strong>Data released by the Office for National Statistics showed 52,000 fewer people were unemployed in December as the unemployment rate held at a 10-year low of 4.8%. The British pound is down 1% at 1.2294 against the dollar.</p><p><strong><a href="http://www.businessinsider.com/ftc-says-qualcomm-entered-into-anticompetitive-deal-with-apple-2017-1?r=UK&amp;IR=T">Qualcomm allegedly paid Apple billions of dollars in rebates to use its chips</a>. </strong><span>The deal allegedly included "substantial incentive payments" on the condition that Apple would continue using Qualcomm's baseband processors "exclusively" in all iPhone and iPad models from 2011 and 2012.</span></p><p><strong><a href="http://www.businessinsider.com/united-airlines-beat-q4-earnings-estimates-2017-1">United Continental's Q4 profit tumbles</a>. </strong>The airline announced fourth quarter earnings of $1.78 per share on revenue of $9.1 billion but said its profit fell 51.8% to $397 million because of its huge tax bill.</p><p><strong><a href="http://www.businessinsider.com/electrified-cars-tipping-point-15-years-ford-ceo-2017-1?r=UK&amp;IR=T">Ford's CEO shares his vision of the future</a>. </strong>"Our view is that the industry offerings, 15 years from now, is that there are going to be more electrified offerings than there are internal combustion engines," Ford CEO Mark Fields told Business Insider.</p><p><strong><a href="http://markets.businessinsider.com/indices">Stock markets around the world trade mixed</a>. </strong>Hong Kong's Hang Seng (+1.1%) paced the gains in Asia and France's CAC (-0.4%) lags in Europe. The S&amp;P 500 is on track to open higher by 0.3% near 2,270.</p><p><strong><a href="https://www.federalreserve.gov/whatsnext.htm">Janet Yellen speaks</a>. </strong>Fed Chair Janet Yellen will be at the Commonwealth Club in San Francisco, speaking on<em>The Goals of Monetary Policy and How We Pursue Them. </em>The speech begins at 3 p.m. ET.</p><p><strong>Earnings reports flow. </strong>Goldman Sachs and Citigroup report ahead of the opening bell while Netflix releases its quarterly results after markets close.</p><p><strong>US economic data is moderate. </strong>CPI will be released at 8:30 a.m. ET before industrial production and the NAHB Housing Market Index cross the wires at 9:15 a.m. ET and 10 a.m. ET, respectively. The US 10-year yield is higher by 4 basis points at 2.36%.</p>

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