Morning Brew Daily Warning Labels for Social Apps? & IRS Closes $50B Loophole
Jun 18, 2024
The discussion kicks off with a call for warning labels on social media apps, highlighting teenage mental health concerns. Wealthy taxpayers facing IRS scrutiny over exploiting tax loopholes adds a layer of financial drama. Meanwhile, Wells Fargo's partnership with Bilt Rewards might be costing more than it gains. Niche print magazines are experiencing a renaissance, proving there’s still love for the tangible. On another note, McDonald's grapples with AI hiccups in drive-thrus, all while customer satisfaction continues to decline across various sectors.
AI Snips
Chapters
Transcript
Episode notes
Social Media Warning Labels
- The U.S. Surgeon General, Dr. Vivek Murthy, urges Congress to introduce warning labels on social media apps.
- These labels would warn parents and children of potential dangers like mental health issues.
IRS Closes Tax Loophole
- The IRS plans to close a tax loophole used by large partnerships, aiming to raise $50 billion over 10 years.
- This "basis shifting" loophole involves shuffling assets to avoid taxes.
Wells Fargo & Bilt
- Wells Fargo's partnership with Bilt Rewards, allowing rent payments with a credit card, cost the bank millions.
- Executives miscalculated revenue drivers, such as card balances and non-rent purchases.