🔥 ^{Hot off the press: Here’s what’s burning up our news feed.} 🔥

• Here’s what a world with universal income would look like

• The IRS takes aim. Will tax filing be free?

• 5 (no charge) steps to improve your credit health

Let’s Chop It Up…

It’s Called “Worldcoin” and It May Be the First Successful Intro to Universal Income

Worldcoin, a controversial iris-scanning (yes, as in scanning your actual eye) cryptocurrency venture led by Sam Altman (the creator of ChatGPT), has announced its partnership with Ethereum Layer 2 Optimism.

The project’s goal? To establish a prototype universal basic income.

In a world where AI automation threatens millions of jobs, Sam Altman and his venture capital-backed project, Worldcoin, seek to address the potential mass unemployment crisis.

Their ambitious goal is to introduce a global digital currency as a form of universal basic income to help people navigate economic challenges. However, their approach comes with controversy….

Worldcoin requires users to undergo iris scanning 😬 — yes like something out of Men in Black, Batman’s Cave, or Mission Impossible. This method of identity verification is to ensure that individuals receive their designated distribution accurately. (mmmk).

While we’re lovin’ the energy here, their use of iris scanning raises concerns regarding privacy and the potential collection of vast amounts of biometric data. The Worldcoin Foundation emphasizes that its intention is to build the world's largest identity and financial network as a public utility, with the ultimate goal of benefiting every person on the planet.

As of now, Worldcoin is still in the development phase, but its ambitions and partnerships with Ethereum's Optimism demonstrate a bold attempt to address economic challenges through innovative technology and the concept of universal basic income.

or, you know — go all terminator.

Time will tell I suppose. 🤷🏾‍♀️

Now let’s set aside the creepy eye-scanning part for a moment and discuss the idea of universal basic income or UBI….

Pros of Universal Basic Income:

1. Poverty Alleviation: UBI can provide a financial safety net, ensuring that every individual receives a minimum level of income to cover their basic needs, reducing poverty and inequality.

2. Economic Stimulus: UBI injects money directly into the hands of individuals, boosting consumer spending and stimulating economic growth as people have more resources to invest, save, or spend.

3. Simplification of Welfare Programs: UBI has the potential to streamline and simplify existing welfare systems, reducing bureaucracy and administrative costs.

Cons of Universal Basic Income:

1. Financial Feasibility: Implementing UBI on a large scale would require significant financial resources. Funding such a program may require higher taxes, reallocation of existing budgets, or exploring alternative funding models.

2. Disincentive to Work: Critics argue that UBI could discourage people from seeking employment or pursuing higher-paying jobs if the basic income provided is comparable to or exceeds their potential earnings.

3. Inflationary Pressure: Critics also contend that the injection of additional money into the economy through UBI could lead to inflation, potentially eroding the purchasing power of the basic income over time.

🔑 Pepper’s Key Takeaways:

Universal Basic Income (UBI) has us all playing a tug-of-war. On one end, we have the hopefuls, singing praises about its potential to level out income inequality. On the other, we've got the skeptics squinting at its practicality.

Amidst the commotion, Worldcoin and Ethereum Layer 2 Optimism strut onto the stage, trying to make UBI more than a trendy acronym. But let's not forget, the path to UBI is more maze than motorway. And while Worldcoin's futuristic iris-scanner might be aiming for inclusivity, it's setting off alarm bells for the privacy-conscious among us.

So, before we get carried away by the UBI wave, let's take a step back. This needs a scientific touch—more research, trials, debates—and some good old critical thinking. This isn't a reality show; it's real life with genuine implications. So as we watch the UBI drama unfold, let's make sure we're not just passive spectators but active, informed participants.

IRS Takes Aim: Free Tax-Filing?

I know we just got through tax season. But next year’s filing could be free for a select group of people. And that’s worth bringing the topic up again. If you haven’t heard the IRS is stepping into the ring to give the big-name tax preparation companies a run for their money…literally.

On Tuesday, the agency dropped the bombshell that it will be launching a test run of a direct, free online tax-filing system for the 2024 tax season. The move was fueled by the high levels of taxpayer interest in such a system and the relatively low cost. So, for those of you daydreaming about filing your taxes without shelling out for TurboTax, H&R Block, or the like, this could be a game-changer.

But, the cost of this new venture? Just a drop in the bucket compared to the $80 billion budget boost the IRS received from the Inflation Reduction Act. With estimated annual costs between $64 million (for 5 million users) and $249 million (for 25 million users), it seems like a bargain compared to the billions we taxpayers spend on tax preparation each year.

🔑 Salt’s Key Takeaways:

The pilot program (a prototype of the system) is like the IRS's new baby. And like any proud parent, the IRS is going to be watching closely, with a select number of taxpayers participating and limited functionality for now. They're dipping their toes in, seeing how taxpayers interact with it before diving headfirst into the deep end.

This could be a big win for the average taxpayer, but let's be honest, the tax prep industry isn't likely to take this lying down. So this should be pretty interesting to watch unfold. And remember, free doesn't always mean easy, but hey, at least it's free!

Cracking the Code on Credit and How to Improve It— For Free

Oh, the woes of bad credit! It's like having a nagging shadow that follows you around, making it harder to achieve your financial goals.

Here’s just a few things you pay MORE for when you have bad credit:

• Auto loans (up to 25% more)

• Car insurance (can double in cost)

• Any type of rent-to-own items (4Xs as much)

Step 1: Know Your Score (Without Breaking the Bank)

Now, don't fall for those sneaky credit monitoring companies that make you shell out your hard-earned cash. You can easily check your credit score for free! Head over to reputable websites like Credit Karma, Credit Sesame, or even your own bank. They provide free access to your credit score and helpful insights (no wallet damage required).

Step 2: Decode the Magic Numbers

Okay, you've got your credit score in hand (or on the screen, to be precise). But what do those numbers even mean? Well, the range typically falls between 300 and 850. The higher, the better! Scores above 700 are generally considered good, while anything below 600 may raise eyebrows. Keep an eye out for red flags like late payments, high credit utilization, or errors that might be dragging your score down.

Step 3: Unveil the Credit Report Secrets

Here's where the real magic happens. Request your free credit reports (yes, plural!) from the three major credit bureaus: Experian, TransUnion, and Equifax.

Head over to AnnualCreditReport.com, the official site authorized by the Federal Trade Commission.

Step 4: Get Your Detective Mode On

Once you have your credit reports in hand, it's time to become a credit detective. Look for any suspicious activity, incorrect information, or accounts you don't recognize.

Dispute errors with the credit bureaus and get those inaccuracies wiped off your record. Remember, you have the right to accurate and up-to-date information (cue superhero theme music)!

Step 5: Spice Up Your Credit Habits

To truly transform your credit health, you've got to embrace some good habits.

• Pay your bills on time (late payments are credit score villains)

• Keep your credit card balances low (aim for that sweet spot of 30% utilization or less)

• Resist the urge to open unnecessary new accounts (no FOMO here)

• Don’t close existing accounts either (the more credit history, the merrier)

🔑 Pepper’s Key Takeaways:

• Know your credit score for free using reputable websites like Credit Karma or Credit Sesame.

• Decode the numbers: Scores above 700 are generally good, while scores below 600 may raise concerns.

• Access your credit reports from Experian, TransUnion, and Equifax for free at AnnualCreditReport.com.

• Review your credit reports thoroughly, dispute any errors or inaccuracies, and get them corrected.

• Adopt healthy credit habits: Pay bills on time, maintain low credit card balances, and avoid unnecessary new accounts.

Buckle up for some real talk. Our candid, no-nonsense advice may not win popularity contests, but it sure gets results.

1. Invest in yourself: Boost your earning potential by investing in your skills and education 📚. Acquiring new knowledge or honing existing talents can lead to better job prospects or even entrepreneurial opportunities, providing a solid foundation for long-term financial success.

2. Automate your savings: Take advantage of technology and set up automatic transfers to your savings or investment accounts 📈. By making saving a priority and removing the temptation to spend, you can steadily grow your wealth over time without relying solely on willpower.

3. Protect your financial future: Don't overlook the importance of insurance and estate planning 🏦. Ensure you have appropriate coverage for your health, home, and other assets, and consider drafting a will or establishing a trust to protect your loved ones and preserve your wealth for future generations.

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