Warning Labels for Social Apps? & IRS Closes $50B Loophole
Jun 18, 2024
28:27
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Unpacking warning labels for social media apps and IRS closing tax loopholes. Wells Fargo's costly partnership, thriving trend in print magazines. McDonald's AI drive-thru tech flaws, declining customer service satisfaction across sectors.
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Quick takeaways
The US Surgeon General advocates for warning labels on social media apps to protect teens' mental health.
The IRS is cracking down on tax loopholes to generate $50 billion in tax revenue.
Deep dives
Financial Challenges Faced by Finance Leaders
Finance leaders are constantly torn between cutting costs and driving growth. Brex offers a solution by providing a corporate card and AI-powered spend platform. This platform allows users to control spending before it occurs, streamlining processes and offering real-time visibility. Brex aims to optimize financial strategies and boost savings and growth opportunities.
Social Media Warning Labels
The US Surgeon General advocates for warning labels on social media platforms similar to those on alcohol. Studies indicate that excessive social media use contributes to mental health issues in teens. Despite differing opinions on the direct impact, the Surgeon General pushes for precautionary measures, proposing restrictions on harmful content exposure and safety audits for social media firms.
IRS Crackdown on Tax Avoidance
The IRS plans to close tax loopholes used by large partnerships to evade taxes, aiming to generate $50 billion in tax revenue over a decade. The crackdown targets practices like basis shifting, where assets are transferred between related parties to avoid taxation. The IRS seeks to enhance enforcement efforts to recoup tax revenue and strengthen fiscal compliance.
Wells Fargo's Co-Branded Credit Card Challenge
Wells Fargo's collaboration with Bilt, offering rent payments via a co-branded credit card, led to substantial financial losses for the bank. Consumer uptake exceeded expectations, resulting in significant monthly losses. The partnership highlighted miscalculations in revenue projections, emphasizing the importance of accurate forecasting and strategic business decisions.
Episode 346: Neal and Toby unpack US Surgeon General Dr. Vivek Murthy’s call for a warning label on social media apps before teens log on. Then, wealthy taxpayers have been exploiting a loophole and the IRS is fed up. Next, Wells Fargo’s partnership with Bilt Rewards has been a favorite among cardholders… Except it’s costing the bank millions of dollars. Plus, print magazines aren’t quite dead yet. Toby explains why he sees a thriving trend for high-end niche print magazines. Meanwhile, McDonald’s pulls back its AI-powered drive-thrus in over 100 stores due to its (quite comical) technical flaws. Lastly, customer satisfaction across 13 sectors are getting worse and worse. Have we lost the importance of customer service?
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