Good morning and welcome to Friday. In today’s edition:

• 🇯🇵 Japan’s nuclear option
• 🎶 Get ready for more virtual concerts
• ​​🛰📱 SpaceX is getting into the text biz

… and more.

🚀⏰ Ready, Set, Go: Today’s news takes 4.05 minutes to read.

"Life is about not knowing, having to change, taking the moment and making the best of it."

–Gilda Radner (1946-1989)

Last week, President Biden signed into law a Democrat-backed budget reconciliation bill that includes $80 billion in additional IRS funding over the next decade, nearly doubling the agency’s current budget.

According to the Treasury Department’s plan, part of the funding will go to hire 87,000 workers across all categories, including agents and administrative staff. The IRS currently has ~80,000 employees, but some 50,000 of them are eligible for retirement over the next five years.

🤑 Follow the money... In a statement, the Treasury Department said the new funding “will crack down on tax evaders among the wealthy and large corporations, invest in technology upgrades that help taxpayers, and hire more customer support staff to prevent backlogs."

• The IRS is currently facing a backlog of 21+ million unprocessed 2021 tax returns, and government figures show the agency answered just 10% of taxpayer phone calls during the 2022 filing season.

📑 Does this increase my chances of being audited?... Short answer: yes, across all tax brackets. Treasury and IRS officials have promised new funds for tax enforcement won’t increase “audit rates” on Americans making less than $400,000… but that doesn’t mean the total number of audits won’t go up (and they will).

• When the bill was being debated in the Senate, Republican Sen. Mike Crapo (ID) introduced an amendment that would prohibit any of the new funds from being used to audit Americans with taxable incomes below $400,000; it was later rejected via strict party-line vote.
• Per the nonpartisan Congressional Budget Office, Sen. Crapo’s amendment would have reduced tax revenues by $20 billion over the next decade. In plain English, that total represents the extra tax revenue that’ll be collected from Americans earning <$400,000 as a result of the new IRS funding.

What’s not going to increase is “the share of small business or households below the $400,000 threshold that are audited relative to historical levels,” per Treasury Secretary Janet Yellen, who has the final say in the matter. And it’ll take some time before taxpayers see increased audits, as newly-hired IRS agents aren’t fully productive for the first three years of their career, per the CBO.

📸 Big picture: The nonpartisan CBO estimated the increase in IRS funding over the next decade will result in an additional $200 billion in tax revenue over that same period.

📊 Flash poll: Do you agree with the decision to increase IRS funding by $80 billion over the next decade?

Yes

No

Unsure/other

NASA’s James Webb Space Telescope has captured the first clear evidence of carbon dioxide in the atmosphere of a planet outside our solar system, per new research accepted for publication in Nature.

🪐 More deets… The exoplanet, called “WASP-39b,” is a gas giant orbiting a sunlike star 700 light-years from Earth. And while seasonal variations in carbon dioxide represent a “powerful indicator of the presence of life,” per NASA, we probably won’t find aliens here. Surface temps consistently average around 1,600°F, making it… shall we say, *difficult* to sustain life (plus seasonal variations in CO2 are generally hard to detect).

But, but, but – the recent finding ​​does offer evidence that, in the future, Webb may be able to detect and measure carbon dioxide in smaller rocky planets more similar to Earth.

🌊🔭 Speaking of… An international team of astronomers announced the discovery of a new ocean planet this week. And initial data shows the planet could potentially support life.

• Dubbed TOI-1452b, it’s made up of 30% water by mass. It’s also located at a distance from its star where surface temps would be ideal for liquid water (0°C–100°C).

The researchers’ next step? Sending Mr. Webb on an errand, aka pointing it at the planet.

Stay tuned.

Japan will restart more idled nuclear power plants and explore the idea of developing next-gen reactors for future use, Prime Minister Fumio Kishida announced on Wednesday, marking a major energy policy shift for the island nation.

⏩ Driving the move… Kishida cited the war in Ukraine, rising energy prices amidst uncertain market conditions, and Japan’s commitment to carbon-neutrality by 2050 as reasons for embracing nuclear energy.

🗾☢️ Background: Japan imports 90+% of its energy supply due to lack of natural resources. Prior to 2011, it supplemented those imports with electricity produced by nuclear reactors… until the Fukushima incident.

• In March of that year, Japan experienced the strongest earthquake in its history (9.0-magnitude) that, along with a resulting tsunami, caused meltdowns in three of the six reactors at a nuclear plant in Fukushima, Japan.
• It ranks as the second-worst nuclear accident of all time on the International Nuclear Event Scale (behind only Chernobyl) – though it caused no fatalities, and only a “comparatively small” amount of radiation was released.

All of Japan’s nuclear plants were shut down in the aftermath, and most have remained idle ever since. A handful were restarted beginning in 2015, and more could soon be on the way. Public support for nuclear energy currently stands at over 60%, the highest level since 2011, per the former director of the International Energy Agency.

🌎 Zoom out: Roughly 10% of the world’s electricity comes from nuclear power, with some countries more reliant on it than others. For example: nuclear plants provide over 70% of all electricity in France, more than 40% in Sweden, and about 19% in the US.

+In other nuclear news: Ukraine's state nuclear company said the Russian-held Zaporizhzhia power station was fully disconnected from the grid yesterday "for the first time in the history of the plant," though it was reportedly later reconnected. (Inside the battle at Europe’s largest nuclear power plant.)

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Like it or not, virtual concerts are coming full steam ahead – and what better place to hold ‘em than in a game known for its emotes (aka dances). This week, iHeartMedia launched iHeartLand, its ​​first virtual world on Fortnite, as part of the radio giant’s larger Web3 strategy.

❤️🏢🎶 More deets… The virtual world includes a main stage, multiple mini-games, and an iHeart “headquarters” with a recording studio and replica of the tunnel entrance to iHeart’s NYC HQ.

• All concerts, mini-games, and other events in iHeartLand are free for players, who can also earn in-game “gold” to trade for items like fireworks and Boogie Bombs (iykyk).

☝️ One interesting thing: Despite iHeartMedia’s virtual world residing in Fortnite, it’s not sponsored, endorsed, or administered by Epic Games. Company execs told The Hollywood Reporter that the initial iHeartLand will serve as a testing ground for future versions on other virtual platforms, like Roblox or Meta’s Horizon Worlds.

🎤 Looking ahead… State Farm Park, the main stage, is set to host 20 virtual concerts over the next year. Things kick off on September 9 with a performance from Charlie Puth, who’ll debut new songs from his upcoming album.

+In the know: Virtual concerts are hot, hot, hot. Travis Scott’s Astronomical tour on Fortnite drew 27.7 million unique users, Lil Nas X’s Roblox performance was “attended” 33 million times, and Ariana Grande reportedly made $20+ million from the Fortnite x Ariana Grande Rift Tour.

💬 Quoted…​​ “Some of these pedestrians are distracted.”

In Hong Kong, smartphones are distracting pedestrians as they cross the street so badly that officials are piloting a new kind of street light to help keep them from walking into traffic.

• The new lights, which give off a red glow on the crosswalk and sidewalk (so it can be seen while looking down + walking), are being tested at four locations over the next six months.

⛪️ Stat of the Day: The percentage of Latinos identifying as Protestant is expected to double by 2030, rising from 25% to 50% in less than a decade, Axios reports. As recently as 2010, 67% of Hispanic adults identified as Catholic.

🤯 Did You Know?... Studies have shown a positive correlation between income levels and fast-food consumption – aka the more money you make, the more fast food you eat.

📖 Worth a Read: If Your Co-Workers Are ‘Quiet Quitting,’ Here’s What That Means → (WSJ)

📊 Poll results: Yesterday, we asked whether y’all agreed with President Biden’s decision to forgive some federal student loans.

• 43% of y’all said yes, 46% said no, and 11% were unsure or had a more nuanced opinion.

See the full 360° view here.

• ☝️ Two astrophotographers recently published what they call "the most ridiculously detailed picture" of the Moon – the result of roughly two years and over 200,000 frames.

BUSINESS & MARKETS

• 🚲📉 Peloton’s stock fell ~20% following its quarterly earnings report; the company posted a $1.2 billion loss in the most recent quarter as sales fell 30%.
• 🪙 Bitcoin Depot, a crypto ATM firm, announced plans to go public via an $885 million SPAC deal.
• 🛰📱 SpaceX and T-Mobile announced plans to use satellites to deliver texts (and someday calls) to cell phones across the US; service would theoretically work even in remote areas, similar to Starlink.

SPORTS, MEDIA & ENTERTAINMENT

• 🏀 Oklahoma City Thunder forward Chet Holmgren, the No. 2 overall pick this past June, will miss the upcoming NBA season after suffering a Lisfranc injury to his right foot.
• 🙅‍♀️ Barbie Ferreira, aka Kat, announced she won’t be returning to the third season of Euphoria.
• 🎾 Novak Djokovic withdrew from the US Open due to his Covid vaccination status.

SCIENCE, SPACE & EMERGING TECH

• 🐁 Scientists have created synthetic mouse embryos from stem cells without using a male mouse's sperm or a female mouse's egg.
• 🦠 As many as 4.1 million people may remain out of work due to long COVID symptoms, per a new estimate from Kate Bach of the Brookings Institution. (Background) | Monkeypox cases dropped 21% over last week, per the WHO.

EVERYTHING ELSE

• 🚪 Rep. Marjorie Taylor Greene’s (R-Ga.) home was “swatted” early Thursday morning, the second such incident in two days.
• 📑 It's set to be a big day: The DOJ yesterday submitted proposed redactions to the affidavit underpinning its search of former President Trump’s Mar-a-Lago residence earlier this month; the presiding judge said he would release the redacted materials sometime today. | Fed Chair Jerome Powell will give a speech this morning at the central bank's annual conference in Jackson Hole, Wyoming.
• 🦸‍♂️ Looking for new podcasts? Check out What’s In My Head, a weekly chat with animation and pop culture icons. Experience the nostalgia of childhood, all over again. Learn more.*

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😳 Ok… yes, it’s impossible to not sing along to your favorite jams, but think of your productivity, too… Lyrics are distracting, especially when working with words. You might accidentally incorporate them into your work, and get caught between a landslide and champagne supernova.

🌊 Enter: Flow State… A free weekday newsletter with curated recommendations of music without lyrics – ambient, electronic, jazz, soul… songs that stimulate your mind and get you in the zone without distraction.

In each email, expect 2 hours of music along with simple, short writeups to educate. Flow State strives to represent music across all spectrums, and it even runs climate neutral while contributing 1% of all revenue to climate efforts.

Boost your productivity today and subscribe to Flow State for free.

It's official – Arat Montoya has the cutest job ever. 

The Oregon man is the creator and driver of the Doggie School Bus, which proudly escorts pups around the neighborhood to and from daycare.

• Arat gave up his family's dreams of being a baker to own his doggie daycare and school bus. He escorts up to 30 dogs at any time, and has around 300 total clients – each of whom he knows by name. 

❤️ Do what you love... “I’m the happiest man in the world doing what I’m doing,” he explained. In another interview, he told KOIN 6 News: “I just love dogs. I love dogs and I’m always looking for the best for them.”

Below are three lists of ingredients. All you have to do is give us the completed dish they make. Easy peasy! (The rules, at least.)

☝️ Recipe #1:

• Vegetable oil
• Eggs
• Vanilla extract
• Milk
• Sugar
• Flour
• Baking powder
• Salt
• Brown sugar
• Cinnamon
• Butter

✌️ Recipe #2:

• Fish filet
• Orgeno
• Paprika
• Garlic powder
• Salt & pepper
• Flour
• Olive oil
• Butter
• Lemon juice
• White wine/chicken broth
• Capers
• Fresh parsley

3️⃣ Recipe #3:

• Green & purple cabbage
• Carrot
• Mayonnaise
• White & cider vinegar
• Sugar
• Celery seeds
• Salt & pepper

(keep scrolling for the answers)

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What to do: Copy your unique link below, then send it to anyone who you think would like the DONUT. Once you hit each milestone, you'll get an email with a link to claim your prize. (Pro tip: there's no need to ration points, you're entitled to a prize at each tier.)

Start referring.👇

☝️ Recipe #1: Coffee cake

✌️ Recipe #2: Fish piccata

3️⃣ Recipe #3: Coleslaw