IRS to Cut 7,000 Jobs Nationwide

FINANCE
IRS to Cut 7,000 Jobs Nationwide

The IRS is set to lay off approximately 7,000 employees nationwide, starting Thursday, as part of the Trump administration’s effort to reduce the federal workforce. The cuts primarily affect probationary employees with less than a year of service, particularly in compliance roles responsible for tax enforcement and collections.

Despite the layoffs, the IRS recently collected over $1.3 billion in back taxes from wealthy tax evaders, part of efforts to address the U.S. government’s $36 trillion debt. The agency employs around 90,000 people, with minorities making up 56% of the workforce and women representing 65%.

Additionally, the Trump administration plans to reassign IRS workers to assist the Department of Homeland Security with immigration enforcement. This shift could impact tax collection operations, though the full effects remain uncertain. Neither the IRS nor the Treasury Department has commented on the decision, leaving questions about how these changes will affect the 2025 tax season.

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TECH
Apple Unveils Budget-Friendly iPhone 16e

Apple has unveiled the iPhone 16e, a more affordable model priced at $599, targeting budget-conscious consumers. Unlike its predecessors, the iPhone 16e eliminates the home button and fingerprint sensor, opting for Face ID and a modern notch design. It features Apple’s A18 chip, ensuring performance on par with the premium iPhone 16 models, and introduces Apple’s first in-house cellular modem, the C1, replacing Qualcomm’s.

With a single camera lens instead of the Pro models’ three, the 16e is positioned as Apple’s least expensive phone supporting Apple Intelligence, offering features like image generation and notification summaries. Apple hopes this release will boost sales, which declined 1% year-over-year to $69 billion in Q4 2024.

The iPhone SE, previously Apple’s budget option, is being phased out, marking the end of fingerprint scanners in new models. Apple’s shift to press release launches signals a changing marketing strategy, as seen with recent Mac releases.

TECH
Microsoft Unveils Breakthrough Quantum Chip

Microsoft has unveiled Majorana 1, a breakthrough quantum computing chip designed to solve real-world challenges like pollution reduction and drug discovery. Unlike traditional computers that rely on binary code (1s and 0s), quantum computers harness qubits, allowing them to process complex calculations at speeds unimaginable with today’s technology.

Microsoft claims Majorana 1 overcomes a major hurdle in quantum computing: stability and scalability. While Google and IBM lead the field, Microsoft’s new approach could make quantum computers practical within years, not decades. The research, published in Nature, validates the chip’s potential.

Quantum computing is a strategic priority for the U.S., with Washington investing heavily while restricting exports to rivals like China. The Department of Defense has selected Microsoft for its elite quantum program, underscoring the technology’s national security significance. As competition heats up, breakthroughs like Majorana 1 could reshape industries from environmental science to advanced materials.

DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. Please be careful and do your own research.