The Indicator from Planet Money Missing taxes, spiking copper and Napster's re-re-rebirth
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Mar 28, 2025 A looming tax shortfall of half a trillion dollars raises eyebrows as budget cuts hit the IRS hard. Meanwhile, copper prices are surging to record highs, sparking discussions on its vital role in tech and infrastructure. Nostalgia kicks in with a look at Napster, the pioneering file-sharing service, which refuses to fade away. From its rollercoaster history to new virtual concert ventures, Napster’s influence on the music industry remains strong.
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Tax Shortfall
- The IRS projects a $500 billion tax revenue drop, partly due to budget cuts and reduced enforcement.
- This drop may be worsened by decreased taxpayer compliance due to perceived lower audit risk.
Copper Prices Soar
- Copper prices hit a record high of $5.37 per pound due to increased demand and potential tariffs.
- President Trump's tariff investigation further fuels demand as buyers stock up before price hikes.
Napster's Rebirth
- Napster, the once-disruptive file-sharing service, was recently sold for $207 million.
- After legal battles and multiple acquisitions, Napster aims to re-enter the music industry via the metaverse.