INDIANAPOLIS (WISH) — Here is a look at Wednesday’s business headlines with Jane King.

Generation X ‘wealth gap’

The more than 65 million Americans in Generation X, ages 43 to 58, have the largest wealth gap of any generation, according to new research.

Gen X says it will take just over $1.1 million to retire, though most expect to have just $660 thousand saved when they hit age 67.

‘Fairphone’ promises to last 10 years

A Dutch company is working on a smartphone that will last ten years. Fairphone promises software updates through 2031 and features modular components you can replace yourself, so you needn’t buy an entire phone if something breaks.

The Fairphone five costs $50 less than the iPhone 15.

Judge deals setback to acetaminophen lawsuits

A federal judge dealt a likely fatal blow to hundreds of lawsuits against manufacturers of Tylenol and Acetaminophen. The ruling being that these drugs don’t cause Autism and ADHD.

In short, Judge Sais plaintiffs don’t have admissible evidence to support claims that using pain reliever during pregnancy raises a child’s risk.

The catalyst for the lawsuits was a 2021 statement in the medical journal nature revies endocrinology, supported by more than 90 scientists and health professionals.

This called for increased awareness and research into the potential risks of prenatal exposure to the drug.

IRS to waive penalties on back taxes

Americans who owe back taxes will be given an incentive to pay up after the Internal Revenue Service said Tuesday it would waive nearly $1 billion in late-payment penalties.

Roughly 4.6 million individual taxpayers who owe for tax years 2020 and 2021 will be eligible for the penalty relief.

The IRS is extending the olive branch because it stopped sending out many collection letters during the pandemic. American’s debt on unpaid back taxes had been growing with interest and penalties, and many were likely in the dark about just how much they owed.

Study: 77% of Americans using artificial trees

This year, 77% of Americans displaying a Christmas tree say they’ll opt for an aritificial one, according to a survey. from the American Christmas Tree Association.

There has been a steady shift from fake to real trees. Imports of artificial trees have been climbing since the mid-90’s, and spiked in 2021 despite COVID-19 related supply chain issues. This is according to the Census Bureau, which started tracking tree imports in 1994.

Two factors drive this shift, fake trees looking more real, and there are fewer Christmas tree farms.