The three-week-old antitrust trial between Apple and Epic Games will wrap up on Monday, but not before an appearance from a high-profile defendant. CEO Tim Cook will take the stand today before the companies make their closing arguments and Judge Yvonne Gonzalez Rogers issues a final ruling (neither side wanted a jury trial). The legal fight started last year when Epic created its own direct payment method within popular game Fortnite, circumventing fees paid for App Store purchases. Apple then issued a warning to Epic regarding the workaround, but the latter refused to remove it, and Apple kicked the developer off its platform.
Things seem to be calming down in the crypto market following a serious plunge and some wild swings seen earlier in the week. The U.S. Treasury is proposing a requirement that any crypto transfers over $10K be reported to the IRS, among other plans, given that crypto markets pose a "significant" tax-evasion risk. The news is part of a broader Biden plan to raise $700B in revenue over the coming decade by stepping up IRS scrutiny of Americans, including doubling the size of the IRS workforce by hiring 87K additional employees by 2031
The Biden administration has signaled it will accept a 15 per cent global minimum tax on large multinational companies, in international talks aimed at increasing revenues from corporations that operate across borders.The US plans for a tax regime overhaul, set out in April, proposed applying a new tax based on sales in each country to the global profits of the very largest companies, including big US technology groups, regardless of their physical presence in a given country.