🧾 Who's Saying: "Tax The Rich!"

Good morning. US stock futures were mostly flat in Monday morning trading as investors look ahead to Fed Chair Jerome Powell’s Jackson Hole, Wyoming, speech for more clarity on the outlook for rate cuts.

💵 Bank exec: Want to reduce US debt? Tax the rich

📝 Our report: Looks like the 1% might have to start sharing a bit more of the pie! In a bid to tackle the growing U.S. debt crisis, JPMorgan Chase CEO Jamie Dimon has floated a novel idea: taxing the wealthy at the same, or even higher, rates than the middle class.

 🔑 Key points:

• During a "PBS News Hour" interview, Dimon expressed his belief that the U.S. could manage its growing debt without resorting to drastic spending cuts.

• Dimon's proposal echoes the "Warren Buffett rule," which advocates that households earning over $1 million annually should not pay a smaller share of their taxes than middle-class earners. This principle was named after billionaire investor Warren Buffett, who famously criticized the fact that his secretary paid a higher tax rate than he did.

• The call for wealthier Americans to pay higher taxes has grown louder over the past year as economists look for solutions to the federal government's skyrocketing debt, which has reached a record $35 trillion.

💡 So what: Jamie Dimon's suggestion to tax the wealthy at the same or higher rates than the middle class could help reduce the U.S. debt by generating more revenue. However, it might also face resistance from those who argue it could hinder investment and economic growth. Politically, it could intensify debates about wealth inequality and fairness in the tax system. While potentially increasing the perception of fairness, such a policy could also deepen class divisions if not implemented carefully.

Monday - Fed Governor Christopher Waller Welcoming Remarks, U.S. Leading Economic Indicators

Tuesday - Atlanta Fed President Raphael Bostic Speech

Wednesday - Minutes of Fed's July FOMC Meeting

Thursday - Initial Jobless Claims

Friday - Fed Chair Jerome Powell Speech at Jackson Hole Retreat

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📺 Mega streaming joint venture blocked

WHAT: Looks like the game’s been postponed until further notice! The launch of Venu Sports has hit a timeout after a federal judge sided with FuboTV and issued an injunction against the new sports streaming venture by ESPN, Fox, and Warner Bros. Discovery.

WHY: “This ruling is a victory not only for Fubo but also for consumers. This decision will help ensure that consumers have access to a more competitive marketplace with multiple sports streaming options," Fubo co-founder and CEO David Gandler said in a statement. “But our fight continues. Fubo has said all along that we seek equal treatment from these media giants, and a level playing field in our industry."

☕ Starbucks sued over “coffee-flavored” lipstick

WHAT: Guess Starbucks isn’t just spilling coffee, but legal drama too! The company is facing its third lawsuit from a company claiming the coffee giant swiped its idea for coffee-flavored lipstick and lip gloss. Balmuccino, whose leaders have included a sister-in-law of TV doctor Mehmet Oz, filed its complaint in Manhattan federal court recently. Balmuccino originally sued Starbucks in Los Angeles in October 2019.

WHY: Balmuccino said it began developing coffee-flavored lip balms in 2016 and pitched them at an October 2018 meeting in Starbucks' New York office, where it provided prototypes and other confidential information. The company said Starbucks "stole" its fully developed concept for lip balms by launching its "S'mores Frappuccino Sip Kit" in April 2019.

💊 X suspends operations in Brazil, cites censorship

WHAT: Social media platform X announced it’s pulling the plug on its operations in Brazil, alleging that Brazilian Supreme Court Justice Alexandre de Moraes threatened to throw its legal rep in jail if they didn't play nice and comply with orders. X is removing all remaining Brazil staff in the country “effective immediately,” though the company said service will still be available to the people of Brazil.

WHY: Earlier this year, the company clashed with de Moraes over free speech, far-right accounts and misinformation on X. The company said his most recent orders amounted to censorship, and shared a copy of the document on X.

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