The Daily Valet. - 12/17/19, Tuesday
✔️ Who Needs Taxes?
Tuesday, December 17th Edition
Don’t miss the coffee table at the bottom of this newsletter.
Cory Ohlendorf , Editor ⋯ @coryohlendorf
Today's edition is presented by
Today’s Big Story
Who Needs Taxes?
Nearly 25 percent of Fortune 500 companies paid no federal income at all last year
Since Congress and the Trump administration pushed through a major restructuring of our corporate tax laws that dropped the legal tax rate from 35 percent to 21 percent almost two years ago, it’s been difficult to know how well the new legislation was functioning—until now.
A report from the Institute on Taxation and Economic Policy (ITEP), which analyzed financial reports released by companies operating under the new tax law, show that tax avoidance is still as rampant under the new tax system as it was before the Trump tax cut took effect.
Now, it should be stated, that whatever the corporate tax rate is, American companies often pay far less because of deductions, tax breaks and various loopholes. And in 2018, the amount corporations paid in federal taxes on their incomes (their “effective rate”) was about 11 percent on average—its lowest level since the ITEP started analyzing data back in 1984.
What's more, the report found that 91 companies in the Fortune 500 —including Amazon, Netflix and Starbucks—paid no income taxes at all, despite posting a combined profit in 2018 of $101 billion.
According to the Washington Post, these tax cuts, when met with big spending increases, have led to an explosion in the federal deficit, which this year rose to almost $1 trillion. In October, the Treasury Department announced that the deficit had grown $205 billion, or 26 percent, in the past year, an unusual occurrence during a period of strong economic growth.
↦ Feel the Bern: Senator Bernie Sanders weighed in, tweeting Monday night "When politicians tell you we can't afford education, health care, childcare or clean water, they're lying. We're going to make huge corporations pay their fair share."
Boeing Will Shut Down 737 Max Production
Halting production could impact the economy
After much debate, Boeing is suspending production of its troubled 737 Max jetliner in January. But it doesn't plan to lay off the workers who build the plane, the company said in a statement Monday. The move likely will have significant ripple effects, not only for the airline industry but also for the US economy overall, reports NPR.
The planes have been grounded worldwide since March in the aftermath of two fatal crashes that killed a total of 346 people. The company has said the crashes were caused by software failures.
But Boeing has still has not delivered a software fix for MCAS that has met federal approval, but they have built about 400 new 737 Max airplanes that are currently in storage. And according to the New York Times, there's still no timeline for the plane’s return to the air.
Special Promotion
There’s no better season to be a homebody. Check out below what to get those friends and loved ones who love to stay in.
Some People Are Worried About 5G
According to science, there’s no need to be
The FCC recently decided to allow the rollout of new 5G wireless networks without making changes to federal safety limits for cellphone-radiation exposure, reports the Wall Street Journal.
The agency said after spending six years reviewing the issue and collecting public feedback, it found no basis for changing current exposure limits. It also took to heart the Food and Drug Administration’s comments that the weight of scientific evidence hadn’t linked cellphones to health problems.
According to Fast Company, the concerns date back roughly 20 years to when it was believed that the brain absorbs more radiation as radio frequencies get higher. That work has largely been debunked. But recent research into cellphone radiation has raised more questions than given answers, which may be fueling the unease about 5G’s new, higher frequency radio waves. Of course, I guess only time will tell. But no one's ready to give up their smartphones, right?
↦ What's 5G Exactly? It's a wireless technology that allows us to download big fat files (think movies, games) a lot faster, while generally increasing the speed of operating online.
Kumail Nanjiani Gets Superhero Jacked
But he’s refreshingly candid about the time, resources and money it takes to get there
The tweet sums it up perfectly: Kumail Nanjiani won the ‘beginning of the decade vs. end of the decade’ challenge.
On Monday, the actor posted a shirtless pic tagged #thirstyshirtless to showcase the superhero physique he's built in preparation for The Eternals, a new Marvel cinematic universe film coming out late next year.
But, once people were able to drag their eyes off the photos and down to the caption, they discovered a refreshingly honest explanation of the sheer amount of work, time and money that goes into such an extreme physical transformation, reports BuzzFeed.
This is why he's such a good dude. Because this is a transformation that deserves to be celebrated, but it's important to remember that getting into Hollywood shape isn't something we can just do at home with a few more reps or the right kind of protein powder.
↦ What it takes: Nanjiani names not one, but five different personal trainers he worked with, as well as the catering company that made all his nutritious meals for the year.
Other Things We’re Talking About Today
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Special Promotion
The Perfect Gifts for Homebodies
What to get those who’d prefer to stay in
Let’s be real: Homebodies have it good these days. Most of us can work from home, we can have practically anything delivered and there’s an endless amount of quality content to stream. If you’ve got a self-described hermit on your list, Dell has provided their top gift picks to make their season a bit brighter. These technological indulgences make going into hibernation mode sound downright inviting, including the covetable Samsung TheFrame series smart TV ($1,997.99 / $1,097.99).
Soundbar 700, $799 / $699 by Bose
2100 1080p 3LCD projector, $849.99 / $599.99 by Epson
86" LED 4K Ultra HD HDR Smart TV, $3,297 / $1,997 by LG
↦ Shop the full tech gift guide
We Just Had to Show You This ...
The “smart” coffee table with a built-in fridge
As you've likely noticed, we're in the thick of gift guide season, and part of my job as an editor is to research and test out all sort of cool (and sometimes not-so-cool) stuff.
When we came across this particular item, I knew it wasn't right for the Valet. gift guide, but I haven't been able to stop thinking about it. So I figured why not share it with you?
Apparently, Sobro's "cooler coffee table" was a hit on Indiegogo when it launched last year and it’s now available to the masses. The full-size coffee table features built-in Bluetooth speakers, four USB ports to charge all your devices, a touch-screen control panel and—the real kicker—a pull-out refrigerated drawer.
Is it a clever idea? You bet. Would I like to simply reach under my coffee table and pull out an icy refreshment? Sure. I just wish it were a tad more subtle. A few less bells and whistles. Because this is just a little too "TV bachelor pad" to be taken seriously. I mean, it's got programmable LED lights on the bottom of the table, because, well, of course it does.
↦ Shop: $1,799 / $999 at Macy's
Sales We’re Eyeing
Quilted crew sweatshirt $110 / $76.97
Nike has just added some 2,000 new styles to their sale section. Which means there's plenty of shoes and clothing to stock up on, as they're all now up to 30% off. There are even a few high profile collaborations included in the mix, from John Elliott to Gyakusou. Here are few things we've got in our carts already.
Metcon 4, $130 / $97.97
Sherpa fleece vest $90 / $62.97
AF1 tote bag $85 / $67.97
↦ Shop the Sale at Nike
Today’s Deals
Expires 12/17
Expires 12/22
Expires 1/4
↦ Want More? See all 52 sales
Morning Motto
There’s no time like the present, right?
↦ Follow: @acehotel
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