The Indicator from Planet Money
Missing taxes, spiking copper and Napster's re-re-rebirth
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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Quick takeaways
- The IRS is projected to lose $500 billion in tax revenue due to budget cuts and reduced enforcement, encouraging tax evasion.
- Copper prices have skyrocketed to $5.37 per pound, driven by increased demand and potential tariffs, affecting construction and technology sectors.
Deep dives
Significant Tax Revenue Drop
The IRS is projected to face a roughly $500 billion decrease in tax revenue compared to the previous year, largely attributed to budget cuts and reduced enforcement. Recent congressional cuts of $20 billion to the IRS operating budget have resulted in a decrease in investigations of high earners and corporations, signaling a risk of increased tax evasion. This situation has created a perception among taxpayers that enforcement is waning, which further contributes to the anticipated revenue decline. Additionally, external factors such as natural disasters and a tense immigration climate are compounding the issue, but they are insufficient to explain the vast deficit.
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