IRS collects $1B from tax cheats

The IRS has collected $1 billion in back taxes from high-wealth tax cheats — a milestone meant to showcase how the agency is making use of the money it received as part of the Biden administration’s signature climate, health care and tax package signed into law in 2022. The announcement Thursday comes as the much-maligned agency shows the public how much work it is getting done. In a statement, Treasury Secretary Janet Yellen praises the Inflation Reduction Act for “increasing tax fairness and ensuring that all wealthy taxpayers pay the taxes they owe, just like working families do.”

Marathon Oil reaches $241M deal

The federal government announced a $241.5 million settlement with Marathon Oil on Thursday for alleged air quality violations at the company’s oil and gas operations on the Fort Berthold Indian Reservation in North Dakota. The Environmental Protection Agency and Department of Justice said the settlement requires Marathon to reduce climate- and health-harming emissions from those facilities and will result in over 2.3 millions tons worth of pollution reduction. Attorney General Merrick Garland calls the settlement “historic” and says it “will ensure cleaner air for the Fort Berthold Indian Reservation and other communities in North Dakota, while holding Marathon accountable for its illegal pollution.”

Biden awards $1.7B for electric vehicles

The Biden administration is awarding nearly $2 billion in grants to help restart or expand electric vehicle manufacturing and assembly sites in eight states, including the presidential battlegrounds of Michigan, Pennsylvania and Georgia. The Energy Department will issue grants totaling $1.7 billion to General Motors, Volvo and other automakers to create or retain thousands of union jobs and support auto-based communities. Besides the three battleground states, grants also will go to EV facilities in Ohio, Illinois, Indiana, Maryland and Virginia. The grants cover a broad range of the automotive supply chain, the White House said, including electric motorcycles and school buses, hybrid powertrains, heavy-duty commercial truck batteries and electric SUVs.

PepsiCo’s second quarter profits jump

PepsiCo reported higher-than-expected earnings in the second quarter but acknowledged that after raising prices every quarter for more than two years, customers are not buying as many of its snacks and drinks. PepsiCo said Thursday that North American demand for its Frito-Lay snacks was “subdued” during the quarter as customers become more value-conscious. The company plans to amp up deals and advertising in the second half of this year. PepsiCo said its net income rose 12% but revenue grew less than 1%. PepsiCo shares fell 2%.

— Bulletin wire reports