07-07-24 FED Fisico News PM

So, Helping Kids to Read is Racist…and the Treasury Department is Coming After Crypto

Author

Daniel Belyaks
July 07, 2024

Your Evening News

Before you log off for the night, we thought we’d send you a bit more news so that you know what’s going on in the world, as well as an inspirational quote.

Inspirational Quote

“I can’t change the direction of the wind, but I can adjust my sails to always reach my destination.

Jimmy Dean

The Latest Stories

Dolly Parton Now Called “Racist” Because of Free Book Program

In recent discourse, an academic critique has labeled Dolly Parton's charitable efforts through her Imagination Library as an example of "white saviorism." This initiative, which distributes free books to children under the age of five, has been scrutinized for allegedly promoting traditional family structures and the notion that employment is beneficial. Critics argue that such themes are outdated and problematic.

Dolly Parton established the Imagination Library in 1995, motivated by her father's inability to read and write. Originally aimed at benefiting children in her home county in Tennessee, the program has since expanded significantly. By 2003, it had distributed its millionth book in the United States, and by 2006, it had extended to Canada, followed by the UK in 2007.

This initiative, while criticized by some, continues to be a beacon of positive influence, promoting educational growth and early literacy across several nations. As debates about its thematic content continue, the core mission of the Imagination Library—to instill a love of reading among the youngest members of society—remains undeniably impactful.

IRS, Treasury Declare War with New Crypto Tax Rule!

The U.S. Department of the Treasury, through its Internal Revenue Service (IRS), has announced new tax regulations for cryptocurrency transactions, which will require crypto brokers to file 1099 forms similar to traditional investment firms. However, decentralized finance (DeFi) operations and non-hosted wallet providers will receive specific guidelines later this year.

Starting in 2025, the regulations will apply to transactions, with brokers required to track the cost basis of customers' tokens from 2026. The IRS has set a $600 annual threshold for reporting NFT proceeds and has decided not to require reporting on most routine stablecoin sales.

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Sam Bennett

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