Thursday’s business headlines
INDIANAPOLIS (WISH) — Here’s a look at Thursday’s business headlines with Jane King.
IRS pledges paperless tax processing
The IRS will allow taxpayers to file every major tax form online and will digitize its paper catalog by 2025.
This will dramatically increase its customer service and speed up refunds by four weeks to millions of taxpayers. The tax agency estimates 94% of individual taxpayers will no longer need to send mail to the IRS once the program begins in January.
Federal ban on incandescent light bulbs in effect
The federal government’s ban on incandescent light bulbs took effect this week, more than a decade and a half after such a rule was first proposed. The Doe said in announcing the incandescent bulb regulation that it expects American consumers to save nearly $3 billion on annual utility bills but the bulbs are more expensive to buy.
Some employers ending insurance coverage for weight loss drug
Some employers are ending insurance coverage for weight-loss drugs like Ozempic and Wegovy as their popularity — and cost — skyrockets. However, some proponents say that by covering weight-loss drugs, employers will save money on health issues; according to a 2018 report by the milken institute, obesity-related complications resulted in $1.39 trillion worth of direct medical treatments and indirect productivity losses from chronic diseases in the United States.
Survey: School supply lists getting longer, more expensive
A survey of 2,000 millennial parents of school-age kids found that school supply lists are getting longer and more costly. More than half of parents think their kids need more items for school than they did in their youth. Conducted by OnePoll on behalf of cricket wireless, 70% of respondents said most or all of their back-to-school budget is reserved for tech items.
Stock update
Stocks had the worst day in months Wednesday. Markets fell after Fitch lowered the credit rating of the United States.
Kraft Heinz sales show shoppers pushing back on inflation
Kraft Heinz’s latest quarter shows shoppers are pushing back against higher prices on their favorite brands by buying less. The consumer staples company, whose brands include Velveeta, Oscar Mayer, and Jell-O, saw net sales.