Software-defined vehicles are the talk of the industry. So where are they?
Industry analysts and software companies agree the development of software-defined vehicles will require huge changes to supply chains and vehicle architecture.
US Supreme Court rejects plea to hear Florida online sports betting case
The U.S. Supreme Court decided not to hear the Florida online sports betting case Monday, one of the last remaining legal hurdles challenging the Seminole Tribe’s monopoly on online gambling in the state.
The rejection was announced after the justices discussed the case during a private conference Thursday. It was the most likely result, as the Supreme Court rejects over 95% of cases put before it. Still, some experts believed that the court might have taken interest due to the ongoing controversy surrounding the legality of online sports betting and its national implications.
The rejection of the case now paves the way for sports betting to continue unchallenged in Florida for the next several years.
“The Seminole Tribe of Florida applauds today’s decision by the U.S. Supreme Court to decline consideration of the case involving the Tribe’s Gaming Compact with the State of Florida,” Gary Bitner, a spokesperson for the Tribe, said Monday. “It means members of the Seminole Tribe and all Floridians can count on a bright future made possible by the Compact.”
When will America get its $25,000 electric car?
Electric-vehicle prices are falling fast in the U.S., but the cheapest models remain far more costly than what other countries have on offer. So where is America’s $25,000 EV?
Berkshire Hathaway trims stake in BYD
The latest stock sale reduced Berkshire’s stake in BYD’s issued H-shares to 6.9 percent from 7.02 percent.
The IRS wants to end another major tax loophole for the wealthy and raise $50 billion in the process
By JOSH BOAK and FATIMA HUSSEIN (Associated Press)
WASHINGTON (AP) — The IRS plans to end a major tax loophole for wealthy taxpayers that could raise more than $50 billion in revenue over the next decade, the U.S. Treasury Department says.
The proposed rule and guidance announced Monday includes plans to essentially stop “partnership basis shifting” — a process by which a business or person can move assets among a series of related parties to avoid paying taxes.
Biden administration officials said after evaluating the practice that there are no economic grounds for these transactions, with Deputy Treasury Secretary Wally Adeyemo calling it “really just a shell game.” The officials said the additional IRS funding provided through the 2022 Inflation Reduction Act had enabled increased oversight and greater awareness of the practice.
“These tax shelters allow wealthy taxpayers to avoid paying what they owe,” IRS commissioner Danny Werfel said.
Due to previous years of underfunding, the IRS had cut back on the auditing of wealthy individuals and the shifting of assets among partnerships and companies became common.