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For the first time in the history of the United States, billionaires had a lower effective tax rate than working-class Americans. Opinion Guest Essay Make Billionaires Pay (Their Taxes)Until recently, it was hard to know just how good the superrich are at avoiding taxes. Let’s agree that billionaires should pay income taxes equivalent to a small portion — say, 2 percent — of their wealth each year. Billionaires who already pay the baseline amount of income tax would have no extra tax to pay. The idea that billionaires should pay a minimum amount of income tax is not a radical idea.

Persons: Emmanuel Saez, Gabriel Zucman, we’ve, Demetrio Guzzardi, Jeff Bezos, Bezos, Berkshire Hathaway, Warren Buffett, Elon Musk, Bernard Arnault, Arnault’s, Arnault, Reagan, Critics, haven’t, Biden Organizations: Government, Social Security, European Economic Association, Institut des Politiques, Economic, Amazon, Elon, Twitter, Shepard, Getty, Trump, Internal, Abaca, New York, Facebook Locations: United States, Netherlands, States Netherlands Italy France, Italy, France, Tesla, LVMH, America, Europe, Sweden, Germany, Switzerland, U.S, Brazil, South Africa, Spain

☆ Gen Zers say they're hooked on fast fashion, but regret their Shein hauls when the 'high' wears off
▼ + stars: | 2024-05-03 | by ( Lindsay Dodgson | ) www.businessinsider.com time to read: +5 min

Maddy Lane, a Gen Z TikToker, shared what it's like in a recent video, showing the detritus of her latest haul all over her bed. A survey of 1,000 people from January by the digital analytics platform Quantum Metric found that 64% of Gen Z respondents were buying more than they did last year. Contradictory to Gen Z beliefsCheap clothing hauls do not sit well with the much-discussed Gen Z passion for environmentalism. AdvertisementGaby Mendes, a Zoomer and founder of Talk Twenties, a media and events company for Gen Z, told BI she tries to avoid fast fashion but has her lapses. Gen Z was dubbed the "Depop generation" by Vogue Business, and makes up 90% of the app's user base.

Persons: —, Maddy Lane, Lane, Zers, ThredUp, Gen, TikTok, pang, Melanie Parncutt, Parncutt, Gaby Mendes, Gen Z, JADE GAO, Siena Barry, Taylor, There's Organizations: Service, Business, Bryant University, Otter Public Relations, Vogue Business, Barry Locations: cardigan

☆ Taylor Swift and Drake's label UMG strikes new licensing deal with TikTok to end spat
▼ + stars: | 2024-05-02 | by ( ) www.cnbc.com time to read: 1 min

The headline and text of this story have been amended to say that Taylor Swift's music was restored on TikTok on April 12.

Persons: Taylor Locations: TikTok

☆ Woman Who Sold Misbranded Ozempic on TikTok Faces Smuggling Charge
▼ + stars: | 2024-05-02 | by ( Matthew Mpoke Bigg | More About Matthew Mpoke Bigg | ) www.nytimes.com time to read: +1 min

A woman in New York who was using TikTok to sell unauthorized weight-loss drugs, including products labeled Ozempic, is facing charges of smuggling and receiving and distributing misbranded drugs, federal prosecutors said. The arrest on Wednesday of Isis Navarro Reyes, 36, who also went by Beraly Navarro and, according to prosecutors, was not licensed to administer medication, followed an investigation that involved an undercover officer. Late last year, the officer sent a message to a cellphone number listed by her at the end of a TikTok video. In the video, Ms. Reyes, of Shirley, N.Y., on Long Island, showed her viewers how to inject what she claimed was Ozempic and shared her experience using the drug. In January, after exchanging messages with Ms. Reyes, the officer asked to buy some Ozempic, a drug for diabetes that has become popular for weight loss.

Persons: Isis Navarro Reyes, Beraly Navarro, Reyes Organizations: Southern, of Locations: New York, Shirley, N.Y, Long, of New York

☆ TikTok agrees deal with Universal Music Group, bringing back the world’s biggest artists
▼ + stars: | 2024-05-02 | by ( Hanna Ziady | ) edition.cnn.com time to read: +2 min

London CNN —Ariana Grande, Adele and Rihanna will soon be back on TikTok, joining Taylor Swift after a deal with Universal Music Group ended a feud that saw one of the world’s biggest record labels pull its music from the video platform. The licensing agreement, announced Wednesday, means that within one to two weeks TikTok’s 1 billion-plus users will be able to use music by UMG artists in their videos. All videos featuring Universal artists’ music that had previously been muted because of copyright violations will be unmuted. “We are pleased to have found a path forward with Universal Music Group,” TikTok CEO Shou Chew said in a joint statement. Universal pulled its music off TikTok in February after the two companies failed to reach an agreement on royalty fees for Universal’s artists, who also include Lady Gaga, Coldplay and Justin Bieber.

Persons: London CNN — Ariana Grande, Adele, Rihanna, Taylor Swift, Michael Nash, Shou Chew, Lady Gaga, Coldplay, Justin Bieber, TikTok, ” Organizations: London CNN, Universal Music Group, ”, UBS, Universal, TikTok, Poets Department Locations: TikTok

☆ Gen Z Status Symbol: Why Everyone Is Getting Botox Injections
▼ + stars: | 2024-05-02 | by ( Eve Upton-Clark | ) www.businessinsider.com time to read: +9 min

The faces that hold social currency on social media — with fox-lift brows and buccal fat removed — are increasingly bleeding into real life. AdvertisementEven before the remote-work boom, writers noticed social media was shaping the way people looked. The shift from surgical procedures to minimally invasive injections has also made cosmetic work safer and more available to average people. "The gap between the identity we present on social media and the self we see in the mirror is growing," Widdows told me. As more people get cosmetic work done, the rest of us lose touch with what's normal.

Persons: it's, Z, It's, Heather Widdows, else's, Snapchat, Anne, Mette Hermans, Widdows, Gen Zers, Hermans, you've, we've Organizations: American Academy of, New Yorker, University of Warwick, American Psychological Association, Boston University School of Medicine, City University of London, Tilburg University Locations: Instagram, United States, Netherlands

☆ Wally Gator: Emotional support alligator is missing
▼ + stars: | 2024-05-02 | by ( Sydney Bishop | ) edition.cnn.com time to read: +4 min

CNN —Emotional support animals registrations in the United States reached 115,832 last year, by an industry group’s count. But in the eyes of reptile rescuer Joie Henney, there’s only one:“Wally Gator” – his “gentle” certified emotional support alligator. The department “routinely” gets calls about “nuisance alligators,” she said, and refers callers to a permitted alligator agent trapper, per its protocols. Wally is often shown letting others pet and hold him, with Henney telling CNN in 2022, “He doesn’t show anger. We never could understand why.”Emotional support alligator, Wally, wanders in 2022 around Love Park in Philadelphia.

Persons: Joie Henney, Wally Gator ”, Wally, “, Melissa Cummings, ”, Cummings, Henney, Halle Sivalingam Henney, don’t, “ He’s, ” Henney, ” Cummings, Wally hasn’t, ” CNN’s Ben Morse, Zoe Sottile, Sara Smart Organizations: CNN, Georgia Department of Natural Resources, Wildlife Resources, Henney, Halle, State, Philadelphia Phillies, Citizens Bank, US Department of Transportation, Phillies Locations: United, Pennsylvania, Brunswick, Georgia, Love, Philadelphia, Florida

☆ Drake and Olivia Rodrigo fans can rejoice. TikTok is getting their music back.
▼ + stars: | 2024-05-02 | by ( Jordan Hart | ) www.businessinsider.com time to read: +1 min

TikTok said it reached a deal with music company UMG to bring back some of its biggest musicians. In February, music from stars like Drake, Olivia Rodrigo, and Taylor Swift was removed from TikTok. AdvertisementUniversal Music Group has inked a new deal with TikTok that will return some of the hottest hits to the video-sharing app. TikTok announced Thursday that the two businesses reached a "multi-dimensional licensing agreement" that fans of artists like Drake and Olivia Rodrigo will be relieved to hear about. It comes after TikTok removed UMG artists' music in February after negotiations over an expired licensing contract heated up, meaning people couldn't post content on TikTok featuring overlaid UMG songs, for example.

Persons: TikTok, UMG, Drake, Olivia Rodrigo, Taylor Swift, — Organizations: Service, Business

Many influencers seek out talent managers to help them grow their brands and make more money. Business Insider is seeking nominations for rising stars in influencer talent management. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementSome talent managers have recently come into the spotlight in the past few years, representing some of the most sought-after influencers or helping their clients execute particularly successful partnerships. BI is seeking nominations for this year's rising stars in talent management.

Persons: —, Brittany Bright Organizations: Business, Service, YouTube, Influencer League

☆ Taylor Swift's music returns to TikTok after Universal Music agrees new licensing deal, ending spat
▼ + stars: | 2024-05-02 | by ( Ryan Browne | ) www.cnbc.com time to read: +1 min

Taylor Swift attends the 66th GRAMMY Awards at Crypto.com Arena on February 04, 2024 in Los Angeles, California. Universal Music Group , the record label for top music artists including Taylor Swift, struck a new licensing agreement with TikTok, putting an end to a spat between the two companies. In a statement Thursday, UMG said the licensing deal would lead to the return of its artists' music to TikTok. Music by artists including Swift and Drake became unavailable on TikTok, which is owned by Chinese internet giant ByteDance. At the heart of the spat was the contention that TikTok allowed its platform to undermine artists' intellectual property with unauthorized AI-generated songs.

Persons: Taylor Swift, UMG, TikTok, Swift, Drake Organizations: Crypto.com Arena, Universal Music Group, TikTok, Poets Department, CNBC, UMG Locations: Los Angeles , California

☆ Opinion | Israel and Saudi Arabia Are Trading Places
▼ + stars: | 2024-05-02 | by ( Thomas L. Friedman | ) www.nytimes.com time to read: +3 min

But the other part of the deal, which is seen as critical to winning support in Congress, is for Saudi Arabia to normalize relations with Israel. There are a lot of “ifs” and “provided thats” in this equation that seem most unlikely today. As a result, the U.S. and the Saudis are considering finalizing the deal and taking it to Congress with the stated proviso that Saudi Arabia will normalize relations with Israel the minute Israel has a government ready to meet the Saudi-U.S. terms. Hopefully, though, if there can be a permanent end of fighting and a return of all Israelis taken hostage, Israel will hold new elections. And then — maybe, just maybe — the choice on the table for Israelis will not be Bibi or no Bibi, but Bibi or a credible pathway to peace with Saudi Arabia and the Palestinians.

Persons: Biden, Israel, “, Netanyahu, Bibi Organizations: U.S, West Bank, Palestinian, Saudi, New York, Facebook Locations: U.S, Saudi Arabia, Japan, Taiwan, Israel, Gaza

☆ Snapchat avoided 'AI' and leaned into real experiences in its annual pitch to brands
▼ + stars: | 2024-05-02 | by ( Dan Whateley | Sydney Bradley | ) www.businessinsider.com time to read: +6 min

During the Snap-owned app's pitch to brands at its NewFronts presentation on Wednesday in New York, the company emphasized the value of real-world experiences, or IRL, over social-media scrolling. Sharing became contrived, and social media as a whole began feeling like an inauthentic version of our lives rather than a source of genuine connection." It's plastered ads on competitive social media platforms and billboards with its "Less Social Media. Related storiesSnapchat executives mentioned AI just once during the NewFronts presentation, saying the company had used AI models to build augmented-reality lenses. Snap is not the only social platform addressing lonelinessSnapchat's war against social media taps into a broader trend.

Persons: —, Colleen DeCourcy, Cipriani, DeCourcy, TikTok, Dan Whateley, NewFront, Meta's, Mervana Parekh, Snapchat, Patrick Harris, Piper Sandler Organizations: Service, Facebook, Meta, Business, NFL, NBA, NBC, Entertainment, Media, Snap's, Acrew, Big Tech Locations: New York, Manhattan, Americas

☆ A millennial who quit Fidelity and Salesforce is one of many choosing to 'descend the corporate ladder' — for less stress
▼ + stars: | 2024-05-02 | by ( Maria Noyen | ) www.businessinsider.com time to read: +5 min

Read previewDespite years of believing it was the only path, a Los Angeles-based millennial decided against climbing the corporate ladder. Kirra Dickinson, a 27-year-old content creator and manifestation coach, told Business Insider she spent years in technology research after graduating from UC Berkeley. Dickinson said she felt pressure to climb the corporate ladder growing up. In the video, which has over 1.1 million views, Yin said he is electing to "descend the corporate ladder" to better his health. Like some commentators on Yin's video, Dickinson said she felt "relieved" after ditching the corporate ladder.

Persons: —, Kirra Dickinson, Dickinson, we're, Octavia Goredema, Zers gravitating, Goredema, Aaron Yin, Yin Organizations: Service, UC Berkeley, Business, Fidelity Locations: Los Angeles, Boston, Salesforce, Southern California, New York

☆ PowerPoint Parties: Gen Z Trend Shows How Work Invades Social Lives
▼ + stars: | 2024-05-02 | by ( Emily Stewart | ) www.businessinsider.com time to read: +7 min

Case in point: the PowerPoint party, where people get together to show each other presentations on various topics in the name of having fun. It's a chance to be creative and turn something you do at work into something silly and social. The rise of the PowerPoint party also speaks to the workification of our day-to-day lives. Perhaps it's no surprise that young adults who had their childhood activities scheduled down to the minute are embracing the PowerPoint party. If you absolutely insist on having a PowerPoint party, God bless.

Persons: —, it's, we've, hotness, It's, Anna North, Emily Stewart Organizations: Harvard, it's Harvard, Cosmopolitan, Microsoft, Google, Monopoly, Business Locations: Canada

☆ Universal Music Artists Will Return to TikTok
▼ + stars: | 2024-05-02 | by ( Ben Sisario | More About Ben Sisario | ) www.nytimes.com time to read: +1 min

But the deal also comes amid wider uncertainty for TikTok as the app faces a possible ban or sale in the United States because of national security concerns over the app’s Chinese owner, ByteDance. Last month, President Biden signed a bill that would allow TikTok to continue to operate in the United States if it was sold in nine months, though the company is expected to challenge the law in court. Universal began to withdraw permission for its music from TikTok on Feb. 1, after an impasse in negotiations to renew its previous licensing agreement. At the time, Universal said that TikTok “attempted to bully us into accepting a deal worth less than the previous deal, far less than fair market value and not reflective of their exponential growth.”Millions of videos that included Universal music — including many artists’ own official music videos — were muted on the platform. TikTok said that by withdrawing its songs, Universal had “put their own greed above the interests of their artists and songwriters.”TikTok and Universal have not commented on their negotiations since then.

Persons: Biden, TikTok, Universal, TikTok “, ’, “, ” TikTok, Swift, — Organizations: ByteDance, Universal Locations: United States, TikTok

"It is becoming clearer and clearer that the Fed isn't going to lower interest rates anytime soon," said Matt Schulz, chief credit analyst at LendingTree. "If Americans want lower interest rates, they're going to have to do it themselves." What determines your credit card rateSince most credit cards have a variable rate, there's a direct connection to the Fed's benchmark. It's also an ideal time for consumers to take advantage of all the options credit card issuers are offering. A balance transfer credit card moves your outstanding debt from one or more credit cards onto a new card, typically with a lower interest rate.

Persons: —, Matt Schulz, Michele Raneri, aren't, Schulz, Ted Rossman, Rossman, It's Organizations: Federal Reserve, TransUnion, Finance, Treasury Department Locations: U.S

☆ A sports startup for bettors and creators raised $3.7 million. Read 10 key pitch-deck slides it used to get seed funding.
▼ + stars: | 2024-05-02 | by ( Ashley Rodriguez | Tiara White | ) www.businessinsider.com time to read: +3 min

Sports-media startup SoBet is building a sports-betting community around content creators. Its platform, which launched in June 2022, distributes exclusive short-form videos and other content from sports creators popular on social platforms like Instagram and TikTok. The company announced on May 1 that it closed a $3.7 million seed round led by Third Kind Venture Capital to help grow the platform. "We've built a platform that looks and feels a lot like a social-media platform that houses exclusive content in the form of short-form writeups, short-form videos, etc. — all posted by sports-betting creators in the space."

Persons: Cooper Lycan, Lycan, that's, SoBet Organizations: Third Kind Venture, Business, Action, BI

☆ Rep. Khanna on curbing China's aid to Russia, fate of TikTok and House Speaker Johnson's job status
▼ + stars: | 2024-05-02 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailRep. Khanna on curbing China's aid to Russia, fate of TikTok and House Speaker Johnson's job statusHouse Select Committee on China Member Rep. Ro Khanna (D-Calif.) joins 'Squawk Box' to discuss the Biden administration imposing sanctions on Chinese companies over suspected support for Russia in its war against Ukraine, who China wants as the next U.S. president, fate of TikTok in the U.S., and more.

Persons: Khanna, TikTok, Ro Khanna Organizations: China, Biden, Russia, Ukraine Locations: Russia, China, U.S

The judge overseeing a landmark U.S. antitrust challenge to Google tried to poke holes in both sides’ cases during closing arguments Thursday, as he weighs a ruling that could reshape the technology industry. Judge Amit P. Mehta was presiding over the first day of closing arguments in the most consequential tech antitrust case since the U.S. government sued Microsoft in the late 1990s. The Justice Department has sued Google, accusing it of illegally shoring up a monopoly in online search. On Thursday, Judge Mehta questioned the government’s argument that Google’s dominance had hurt the quality of the experience for searching for information online. “Certainly I don’t think the average person would say, ‘Google and Amazon are the same thing,’” Judge Mehta said.

Persons: Judge Amit P, Mehta, Judge Mehta Organizations: Google, Microsoft, The

"Everybody can say anything they want except for President Trump!" AdvertisementBiden "mocked President Trump," Blanche complained to the judge, quoting into the record a joke the president had made at the White House Correspondents' dinner on Saturday. Likewise, Trump's ex-personal attorney-turned-nemesis, Michael Cohen, can take whatever potshot he chooses, Blanche told the judge. pic.twitter.com/FVsWbRnNkB — Michael Cohen (@MichaelCohen212) April 22, 2024"Everybody can say anything they want except for President Trump," Blanche told the judge. Related storiesProsecutors are asking that Trump be fined another $4,000, the maximum allowed, for the four on-camera statements Trump made last week.

Persons: Donald Trump's, Trump, Michael Cohen's Donald, Von, —, Donald Trump —, Todd Blanche, Joe Biden, Biden, Blanche, Donald, Stormy Daniels, Daniels, Juan Merchan, Trump's, Michael Cohen, Cohen, Von ShitzInPantz, FVsWbRnNkB — Michael Cohen, Merchan, He's, Christopher Conroy, Conroy, David Pecker, They're Organizations: Service, White, Correspondents, GOP, Trump, New, National Enquirer Locations: New York

☆ China is an enemy of the U.S. for a growing number of Americans, Pew poll shows
▼ + stars: | 2024-05-02 | by ( Dylan Butts | ) www.cnbc.com time to read: +1 min

The flag of the United States of America and the flag of the Republic of China. Americans overwhelmingly hold an unfavorable view of China, with an increasing number labeling the nation as an enemy of the United States, according to a Pew Research Center survey released Wednesday. Half the respondents identified China as a competitor, while 6% saw it as a partner to the U.S. The polling results come at a contentious time between the world's top two economies and ahead of the U.S. presidential elections. The survey also found that those who say the current U.S. economic situation is bad are more likely to blame China and hold unfavorable opinions of the country.

Persons: Joe Biden, Donald Trump, ByteDance, Pew Organizations: Pew Research Center, D.C, U.S, Democratic Locations: United States, America, Republic of China, China, Washington, U.S

☆ Youthforia: ‘Shark Tank’ Makeup brand faces backlash over shade compared to ‘black face paint’
▼ + stars: | 2024-05-02 | by ( Kaila Nichols | ) edition.cnn.com time to read: +7 min

In her series, “The Darkest Shade,” George reviews the darkest shade in a brand’s lineup to see if it could match her complexion. The darkest Youthforia shade, she claimed, was lighter than what was advertised online and didn’t match her skin tone. In March, the beauty brand added 10 new shades to its “Date Night” collection, many for darker complexions. “Which side of my face is the black face paint or the Youthforia foundation?” she asked in a Tiktok video posted April 30. Last week, Youthforia replied to a comment about the brand’s darkest shade by resharing the video from March.

Persons: Youthforia, Golloria George, TikTok, ” George, Fiona Co Chan, Mark Cuban, George, Chan, “, —, ”, ” Karen Chambers, Rhianna’s, influencers, ” Chambers, IMAN Cosmetics, Posner, Chambers, you’ve, we’re, We’ve, It’s Organizations: CNN, Hourglass Locations: Texas, ”

☆ Starbucks says it's launching boba-inspired drinks this summer
▼ + stars: | 2024-05-01 | by ( Grace Dean | ) www.businessinsider.com time to read: +1 min

Starbucks is set to roll out its own version of boba in May, CEO Laxman Narasimhan said Tuesday. "We are launching our first texture innovation, Pearls," he said. Some Starbucks baristas have posted TikTok videos making drinks with "raspberry-popping pearls." AdvertisementStarbucks is set to roll out its own version of boba at its stores this summer, more than two years after it first confirmed that it was testing drinks with pearls. "For summer, we are launching our first texture innovation, Pearls," CEO Laxman Narasimhan told analysts at the company's earnings call Tuesday.

Persons: boba, Laxman Narasimhan, — Organizations: Starbucks, Service, Business

☆ Columbia's Tim Wu: TikTok can't be controlled by a country that has violated every internet norm
▼ + stars: | 2024-05-01 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailColumbia's Tim Wu: TikTok can't be controlled by a country that has violated every internet normTim Wu, Columbia University Law School professor and former Biden administration antitrust advisor, joins 'Squawk Box' to discuss China's influence on TikTok, fate of the social media app, DOJ's antitrust case against Google, and more.

Persons: Tim Wu, Biden Organizations: Columbia University Law School, Google

☆ A 'Shark Tank' beauty brand was criticized for lacking deep foundation shades. It tried to fix it and made it worse.
▼ + stars: | 2024-05-01 | by ( Amanda Krause | ) www.businessinsider.com time to read: +5 min

So, when Youthforia launched 10 new makeup shades in March, George gave the new darkest option — shade 600 — a chance. Widespread beauty backlashFollowing George's video, beauty fans and creators across the internet have criticized Youthforia and its attempt to make its foundation range more inclusive. George posted another TikTok video on Wednesday, which she captioned: "It's biologically impossible to be PURE black. Shade 600 seems to have no undertone, but it looks like they had more of a red undertone. Specifically, Rihanna's Fenty Beauty changed the game with its massive foundation range — it now boasts 51 shades — and the foundation from Halsey's brand About Face has become a new favorite.

Persons: —, Golloria George, influencer, Fiona, Chan, George, Youthforia, Mark Cuban, Jackie Aina, Javon Ford, George's, didn't Organizations: Service, Business Locations: The California

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