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Quick takeaways
- Many U.S. businesses are implementing tariff surcharges and transparently attributing them to Trump-era trade policies, affecting consumer pricing.
- Wealthy consumers are increasingly shopping at budget-friendly retailers, indicating a significant change in purchasing behavior amidst rising financial pressures.
Deep dives
Identity Fraud and IRS Overhaul
The IRS flagged $16.5 billion for potential identity fraud in the previous year, highlighting a significant concern during tax season. This episode marks a notable shift in IRS leadership, as President Trump appointed a new acting commissioner after only three days, furthering the agency's upheaval with several key managers also departing. The new commissioner, Michael Falkender, takes over amidst criticism of the IRS's handling of politically sensitive investigations, such as the one involving Hunter Biden. These changes indicate ongoing turmoil within the agency as it navigates complex challenges in tax enforcement and management.
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