The Daily Valet. - 10/19/22, Wednesday

✔️ Good News From an Unlikely Source

October 19, 2022

Wednesday, October 19th Edition

Cory Ohlendorf, Editor in Chief of Valet.

As Benjamin Franklin said, “In this world, nothing is certain except death and taxes.”

Cory Ohlendorf , Editor ⋯ @coryohlendorf

Today’s Big Story

The IRS to Raise Tax Brackets

You can keep more money from the IRS next year, and it’s all thanks to inflation

The Internal Revenue Service released inflation-adjusted tax brackets for next year on Tuesday—raising the standard deduction and the income thresholds where tax rates take effect. What does that mean? Well, the changes could boost your paycheck in 2023.

The standard deduction—the baseline amount of income that filers can collect tax free—will increase to $13,850 for individuals and $27,700 for married couples. It’s the largest adjustment to deductions since 1985, when the IRS began annual automatic inflationary adjustments.

As the New York Times points out, those shifts “will not affect the tax rates of Americans whose salaries have kept pace with inflation over the last year. But for many Americans, that has not been the case.” Inflation-adjusted weekly earnings declined nearly 4% from September last year to this September, the Labor Department reported last week.

While tax rates remain the same, the income limits for each tax rate are different. And that means your top tax rate might have gone down. For example, if you were earning $90,000 a year in 2022, your top tax rate was 32%. But next year it’s 24%.

According to the Wall Street Journal, many, but not all, dollar figures in the tax code are adjusted annually for inflation. When inflation is high, tax deductions and credits that don’t change automatically lose their value more quickly.

Cost of living adjustments like these, and recent ones for Social Security payments, are now crucial in an era of soaring inflation. They’re aimed at avoiding “bracket creep,” which can push workers who received annual cost-of-living pay increases into higher tax brackets even though their standard of living hasn’t changed.

↦ FYI: According to Forbes, the standard deduction is now claimed (instead of itemized deductions) by more than 85% of taxpayers.

Netflix Is Turning Things Around

They added 2.4 million subscribers (but they’re coming for password-sharers)

Netflix said Tuesday that it added more than 2.4 million subscribers in the third quarter (mainly from outside the United States). The boost followed back-to-back quarters of customer defections that raised questions about the streamer's ability to expand its user base amid increased competition.

The era in which streamers are rewarded for chasing subscriptions at any cost is decidedly over. It now seems to be about quality and revenue. According to Deadline, the company in recent months has announced a freeze on content spending increases, laid off hundreds of staffers and, most notable of all, reversed a years-long stance on advertising.

They company also said that its password-sharing crackdown will roll out globally in 2023. After giving users the ability to transfer their profiles to new accounts, the streamer says it will start letting subscribers create sub-accounts starting next year in line with its plans to “monetize account sharing” more widely.

And despite rumors to the contrary, Netflix says it has no plans to stop dropping all episodes of a TV show at once for binge-friendly viewing.

Uber Eats Is Now Delivering Cannabis

At least, to one lucky city to start

Food delivery apps have made it all too easy to get a burger or some delicious Panda Express without ever leaving your couch—except for opening the front door. And now, cannabis users in Toronto can enjoy their flower and edibles with the same convenience.

Uber Eats has partnered with Leafly, an online marijuana retailer, to connect customers with local dispensaries. According to Leafly, this is the first time marijuana delivery is available on a third-party food ordering platform. According to Gizmodo, the companies say that this partnership will hopefully help tackle the underground marijuana market as well as encourage people not to drive while high.

It’s been about 10 years since apps like Drizly started delivering booze to U.S. customers. With cannabis becoming legal in more and more states, it seems that a delivery partnership wouldn’t be far behind, assuming companies can get past the regulatory red tape. But Uber CEO Dara Khosrowshahi told CNBC, “When the road is clear for cannabis, when federal laws come into play, we’re absolutely going to take a look at it.”

Of course, one of the first thoughts I had was whether or not a delivery driver would try to, uh sample the stash being ordered. After all, nearly 80% of delivery drivers admit to eating customers' food at one time or another. But Leafly confirmed that deliveries will be made by the cannabis retailer's staff rather than an independent driver.

Cadillac Outrolls Rolls-Royce With $300,000 EV

The advanced sedan features a host of 3D-printed parts for extensive customization

Three months ago, Cadillac revealed a “show car” version of the Celestiq, the brand’s ultra-luxury battery-powered sedan. But now, reviewers are getting to spend time with the production model and they seem to be blown away—by both the car and the price.

Sure, paying north of $300,000 for a car is out of reach for most of us, but Cadillac is going after the 1 percent of the 1 percent here with the 2024 Celestiq, offering customization that is beyond the scope of uber-luxury brands like Bentley and even Rolls-Royce.

Buyers can opt for custom paint, leather and wheel colors (like with other hand-built vehicles), but General Motors is taking personalization to a whole other level. Thanks to the myriad of 3D-printed parts—115 of them to be exact—the company can offer more options for personal flair. You want your signature on the steering wheel? No problem! How about a special crosshatch pattern on an interior bit? Sure! The promise of the Celestiq is simple, says Road & Track: No two will be alike.

Because this is a luxury for the future, it will, of course, run solely on electricity and make somewhere in the neighborhood of 600 hp. The dual-motor powertrain delivers a 0-60MPH sprint in 3.8 seconds with an estimated 300-mile range. That makes it one of the quickest cars “in the segment,” according to Engadget. While that might not beat the Lucid Air or Tesla Model S Plaid, the Celestiq will be one of the gentlest-riding electric cars you'll find. And that's the Caddy comfort we all know and love, right?

↦ FYI: Production for the upscale sedan will begin in December of 2023.

In Other News

↦ Biden to Release Another 15 Million Barrels of Oil From Strategic Reserve

↦ Why Firewood Is Suddenly in High Demand in Germany

↦ ‘It’s the Great Pumpkin, Charlie Brown’ Won’t Be on TV This Year. Here’s How to Watch.

Other Things We’re Talking About Today

Getting Botox, for your teeth

The new space race

Pothole art

How to Read a Whiskey Label

What to look for on a bottle (and what it means)

The more you know about something, the better you can appreciate it, right? And, it seems, we've all got a lot of love for whiskey these days—business is booming like never before. Last year, 684 million liters of whiskey were sold in the U.S., generating over nearly $5 billion in revenue for distillers.

Now that's a lot of booze. It's basically over 10 billion two-ounce pours of whiskey sold in America alone. But the world of whiskey is a vast and often bewildering place for anyone who hasn't spent years thoughtfully sipping the fine brown spirit or traveling to distilleries the world over.

It would take years to develop a connoisseur's knowledge. But we consulted bartenders, cocktail experts and bonafide bourbon masters to create a simple primer. Think of it as a cheat sheet of sorts so you'll know what to look for on a bottle (and what it means).

↦ Read: How to read a whiskey label.

What We’re Buying

MHL. by Margaret Howell Crewneck Sweater

This perfect crewneck sweatshirt is great to lounge in or layer with a topcoat. Featuring raglan sleeves, a substantial collar and soft organic cotton, Margaret Howell nails all the details.

↦ Get It: $175 / $89 by MHL. by Margaret Howell