🍗 New $80 Billion IRS Funding Plan Announced? What is it?
Morning Tendies
April 07, 2023
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$80 Billion IRS Funding Plan, Job Cuts Continuing, Largest Layoffs in 2023, United Airlines Bookings Rise, and More…
Let’s dive in!!!
📈 Markets
Quick Reminder: The U.S. Stock Market is Closed Today for Good Friday
🏦 IRS Unveils an $80 Billion Plan to Overhaul U.S. Tax Collection. This plan is intended to improve customer service and crack down on tax evasion by corporations and the wealthy.
The main effort is intended to reduce the nation’s $7 trillion of uncollected tax revenue. Also said, “the new money not be aimed at increasing audit rates for taxpayers who earn less than $400,000 per year”.
Will this new system work? Probably not. But that’s politics baby.
The IRS also announced they will be hiring 30,000 new employees. As of now, the IRS has about 80,000 full-time employees.
❌ Job Cuts Rise 15% in March, over 89,000 Jobs Cut throughout March. The layoffs continue this year as economic condition remain shaky.
The Largest Layoffs of 2023:
Amazon: 27,000 Employees
Google: 12,000 Employees
Meta: 10,000 Employees
Microsoft: 10,000 Employees
Salesforce: 8,000 Employees
Disney: 7,000 Employees
Goldman Sachs: 3,200 Employees
CoinBase: 25% of Employees
Zoom: 15% of Employees
What Else Is Happening?
Investors retreat from commercial real estate bonds - WSJ
United Airlines (UAL) internal bookings increase by 15% over year-ago - MW
Bath & Body Works (BBWI) CFO Wendy Arlin to step down in July - MW
Amazon (AMZN) takeover of iRobot faces UK watchdog probe - BBC
AMC (AMC) jumps over 20% after court denies quicker stock conversion
Robinhood (HOOD) to pay up to $10.2 Million for technical failures - BBG
Walmart (WMT) plans ‘thousands’ of EV fast-charging stations at stores, Sam’s Clubs - MW
🏛 Economic Events Today (EST)
8:30 AM - Nonfarm Payrolls
🍗 Tendie Time
*A Roundup of Stuff We Find Interesting, Informative, or Just Plain Funny*
Quote of the Day:
“If you look at what you have in life, you’ll always have more. If you look at what you don’t have in life, you’ll never have enough”
😂 Meme Refresher
That pretty much wraps it up for today!!
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