This week Sue’s compilation delves into the IRS recruitment setback, adopting the salmon diet, the demise of 24-hour food joints, and the availability of free houses in Nantucket. Enjoy!
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For Stats
IRS Recruitment Flop
Hold onto your calculators! ! Last April, the IRS kicked off a grand plan to recruit a whopping 20,000 new agents, aiming to crank up the heat on wealthy individuals and big corporations. But a year later? Well, let's just say their progress report isn't exactly glowing. Turns out, a whopping 63% of those shiny new tax audits are targeting folks earning less than $200K a year, leaving the highest earners with just a nibble of the audit pie.And here's the kicker: despite waving around hefty $125K salaries, the IRS is struggling to lure in mid-career professionals. Blame it on limited resources and some fierce competition from the private sector. But fear not! Where there's a financial fumble, there's an opportunity for some high-tech wizardry. Cue the entrance of innovative AI solutions, ready to swoop in and save the day! Now, onto the numbers game. Brace yourselves for an inequality stat overload! By the end of 2023, the top 1% of earners were swimming in a jaw-dropping $44.6 trillion—thanks to those skyrocketing equity values. Meanwhile, the rest of us were left squinting at our humble 401(k)s, wondering how we missed the bull market memo. With a record 58% of US households dipping their toes into the stock market, it's clear that investing is all the rage. But hold up! The bottom 50% of US households? They're left with just a measly 1% slice of the equity pie. Talk about a financial food fight! But wait, there's more! As the IRS sets its sights on the middle class, a seismic wealth shift is brewing on the horizon. Brace yourselves, millennials—apparently, you're about to inherit a cool $90 trillion! So, grab your wallets and buckle up, because the future of wealth management is about to get a whole lot juicier.
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For Unusual
Free houses in Nantucket
Once upon a time, on the idyllic crescent-shaped island of Nantucket, nestled 30 miles off the coast of Cape Cod, Massachusetts, there existed a world where the rich and famous sought solace in the lap of luxury. With its median sales price soaring to $3.6 million, Nantucket became synonymous with opulent summer retreats. Among the elite, whispers of jaw-dropping real estate transactions echoed through the salty air. In 2021, rumors swirled of Blackstone CEO Stephen Schwarzman's acquisition of a waterfront estate worth $32.5 million. Not to be outdone, Barstool Sports cofounder Dave Portnoy made waves in 2023 by shelling out a staggering $42 million for a six-bedroom haven. Yet, amidst the glitz and glamor of these multi-million-dollar abodes, another curious phenomenon thrived on the island: the practice of giving away homes. Yes, you read that right—homes, technically free but with a catch. You see, in Nantucket, where land is as precious as pearls, many well-heeled residents buy properties with dreams of erecting grand mansions. And what happens to the existing structures, you ask? They become, in essence, a teardown. Enter Anne Kuszpa, the guiding force behind Housing Nantucket, a nonprofit dedicated to providing affordable housing for the island's year-round community. She explained that due to Nantucket's "demolition delay" rule, any home with potential for reuse must be advertised for 30 days in the local paper. While not mandatory, offering these homes for free has become commonplace, as most owners prefer to avoid the hefty cost of removal. Enter Steven Cohen, a real-estate attorney representing one such "free" home in the Miacomet neighborhood. With a tax-assessed value of nearly $800,000, this gem had already garnered 25 interested parties before the ink dried on the listing. But there's a catch—the buyer must foot the bill to relocate the home, a process that can cost upwards of $100,000 for a modest 2,500-square-foot dwelling. However, for those brave enough to embark on this unconventional journey, the rewards are plentiful. You see, it's far cheaper to transport a "free" house than to construct one from scratch. In fact, building a new home on Nantucket can set you back a cool $2 million, thanks to the island's scarcity of resources. But house moves aren't just a whimsical novelty—they're a way of life on Nantucket. With permits issued for over 90 house moves in 2022 alone, the island's roads have become a stage for these slow-motion spectacles, drawing both awe and frustration from locals and tourists alike. Yet, amidst the chaos of homes inching their way across the island, there's a silver lining. Some of these "free" homes find new purpose as affordable housing for Nantucket's year-round workforce. Thanks to nonprofits like Housing Nantucket, over 600 families have found solace in these repurposed abodes, living out their island dreams without breaking the bank. And so, on the crescent-shaped island of Nantucket, where dreams are built and homes take flight, the lines between luxury and affordability blur, creating a tapestry of hope and opportunity for all who call this enchanted isle home.
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For Explore
Eat like a salmon
Forget being the salmon of knowledge; be the salmon of dietary wisdom! According to a recent peer-reviewed study, rather than gobbling up omega-3-rich fish like salmon, you might want to consider adopting its dietary preferences for better health benefits. Turns out, salmon raised on fish farms in Norway are a bit lacking in the nutrition department compared to their wild counterparts. So, why not follow their lead and dive deeper down the food chain? Munch on some sardines, mackerel, or anchovies instead! These "small fries" pack a punch, boasting just as much—if not more—nutritional diversity and density as farmed salmon, with a bonus of less mercury to worry about. Who knew swimming with the little guys could be so beneficial?
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For Special
Midnight Munchies Meltdown
Picture this: it's the witching hour, and you're struck with an insatiable craving for a tuna melt that just won't quit. But alas, the era of all-night diners has gone the way of the dodo since the pandemic hit. According to Yelp, the number of restaurants keeping the lights on 24/7 took a nosedive of 18% from 2020 to 2024. And poor Los Angeles? They got hit with a whopping 35% plunge, leaving Angelenos scratching their heads and their stomachs. So, what's behind this nocturnal nightmare? Well, it's a classic case of economics 101. The rising cost of doing business has thrown a wrench in our late-night noshing plans. Food costs? Up a hefty 25%. Labor costs? Skyrocketing by a jaw-dropping 29%, according to the Bureau of Labor Statistics. It's enough to make you want to cry into your cold, empty plate. However, amidst the darkness, there shines a beacon of hope—the indomitable Waffle House. Yes, you heard that right. While the rest of the culinary world struggles to keep the lights on past midnight, Waffle House stands tall and proud, with all its locations proudly proclaiming, "We're open 24 hours, baby!" So, grab your fork and knife, because when all else fails, there's always Waffle House.
Thanks for reading the entire list.
See you next week-
Sue
