Business Update – January 31, 2023
Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward.
The Fair Tax Act explained
A group of House Republicans is supporting the Fair Tax Act, which would eliminate income, payroll, estate and gift taxes and replace them with a 23% national sales tax. However, it’s unlikely to make it through the Democrat-controlled Senate.
No more free grocery deliveries for some Prime orders
Amazon announced that new grocery delivery fees for Prime members would range between $3.95 and $9.95, depending on the order size, beginning next month. However, orders over $150 will still qualify for free delivery.
As we transition to EVs, auto dealers aren’t on the same page as manufacturers
Automakers are trying to figure out how to get franchised auto dealers on board as they transition to electric vehicles. Some ask luxury dealers to go all-in on EVs, while others offer a certification-level approach.
Asia’s richest man loses $50 billion in one day
Last week, US activist investment group Hindenburg Research released a report that accused the Adani Group of purportedly carrying out fraud for years.
5 things to know about filing your tax return
CNBC rounded up 5 things you should know ahead of tax time. Find them here.
Meta’s Chief AI scientist says ChatGPT isn’t groundbreaking
In an online lecture, Yann LeCun, Meta’s Chief AI Scientist, says that half a dozen other big tech companies are using similar technology regularly.
Hundreds of jobs lost as UK airline collapses for the second time
Flybe went into administration less than a year after returning to the skies following a previous collapse. All flights were immediately cancelled, and passengers were notified not to show up for trips scheduled to leave just hours later.
Joint agreement to limit China’s access to chipmaking equipment
The federal government has reportedly reached an agreement with the Netherlands and Japan to restrict China’s access to advanced chipmaking machinery. The agreement would reportedly see export controls imposed on companies that produce lithography systems, including ASML and Nikon.
EITC Awareness Day promotes major tax benefit
The IRS and partners held their Earned Income Tax Credit Awareness Day outreach campaign last week to help millions of Americans who earned $59,187 or less last year take advantage of the Earned Income Tax Credit (EITC). Find details here.
4 Cities Likely To See A 2008-Style Housing Crash
Goldman Sachs predicts that 4 cities are poised to experience a severe housing crash, similar to the 2008 crisis. All of the cities experienced a red-hot housing market during the pandemic.
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