IRS’s Missing Taxes
Although the Bureau of Labor Statistics reported the fastest inflation rate increase since 2008, the stock market ended the day with record highs. — More on that in the “Overall Market” section.
Beyond the overall market, a Brazilian aircraft maker announced uplifted investors’ sentiment with Air Taxis’ news. Meanwhile, investors from a video game retailer were disappointed with the lack of a new business model plan. — More on that in the “What’s Up?” and “What’s Down?” sections.
By the way, do you know how much income taxes billionaires pay? — More on that in the “Water Cooler” section.
But, first, here is a recap of what happened in the market yesterday:
- U.S. markets: The stock market ended in the green zone on Thursday. Scroll down to the “Overall Market” section to read more.
- Cryptocurrency: After dropping under $31K per coin on the weekend, Bitcoin‘s price stayed at $36K per coin.
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Faster Than 2008
The stock market ended in the green zone on Thursday.
Although the Bureau of Labor Statistics’ May consumer price index registered a faster-than-expected increase in the inflation rate, the markets shook off inflation concerns and the S&P 500 index reached a record high. Despite the market’s reaction, May’s CPI increase was the fastest since 2008, displaying higher prices for consumer goods and business expenditures.
Investors Like Air Taxis
So, what happened?
Shares of Embraer (Ticker: ERJ) were up by more than 15% on Thursday. After announcing its entry into the air taxi business earlier this week, the Brazilian aircraft maker’s taxi business spin-off started negotiations to go public via a SPAC. Although the company stated the negotiations just began, analysts believe the deal could bring the spin-off company’s valuation to $3.3 billion. Furthermore, the company announced a contract to sell 200 air taxis. It is a lot of good news for investors.
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So what happened?
Shares of GameStop (Ticker: GME) were down by more than 27% on Thursday. Although retail traders expected significant surprises from the video game trailer on Wednesday, the company disappointed investors on its fiscal first-quarter report. Analysts believe GameStop did not present anything helpful related to its business model shift toward an eCommerce platform. Moreover, the company announced more common stocks. It seems that the company didn’t deliver what investors expected.
IRS’s Missing Taxes Leakage
So what happened?
Earlier this week, leaked IRS documents revealed income taxes from Warren Buffett to Amazon’s (Ticker: AMZN) founder Jeff Bezos. ProPublica started an investigation that showed how the wealthiest people in the U.S. pay almost no income taxes compared to their total net worth. Although leaking tax returns is a federal crime, ProPublica stated it received the IRS data from an anonymous insider. According to the investigation, Elon Musk, Jeff Bezos, and Warren Buffett paid less than 4% of their real income from 2014 to 2018. Despite taxing income, the US doesn’t tax net worth growth. It could explain how the richest got away with it. In social media, the news shocked many users as billionaires paid ultra-low tax rates.
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