The leaked tapes that show how the rich avoid taxes

The sneaky way companies get new chemicals into our food

99% of chemicals in our food right now were added without FDA approval. Many were added in secret, through a sneaky loophole built into the 1958 Food Additives Amendment. It was supposed to require FDA approval for new additives. But food companies and chemical makers found a workaround. And the FDA formally okayed the loophole in the 90s — in the process bringing attention to a loophole to the loophole. The FDA has essentially admitted it doesn’t have the capacity to verify the safety of new food chemicals. So they leave it up to food companies and chemical makers to declare their brand new chemicals are safe. These chemicals are used in everything from chocolate and smoked fish, to tea bags, protein drinks, popcorn, and seeds. So, how’d the loophole get there, and what does it tell us about the priority the U.S. places on safety versus speed and innovation? And, how much can one lawyer do about it? Live show tour and book info. [https://www.planetmoneybook.com] / Subscribe to Planet Money+ [https://n.pr/3HlREPz] Listen free: Apple Podcasts [http://n.pr/PM-digital], Spotify [https://n.pr/3gTkQlR], the NPR app [https://n.pr/3Bkb17W] or anywhere you get podcasts. Facebook [https://n.pr/3h92GwS] / Instagram [https://n.pr/3FqLuws] / TikTok [https://n.pr/3sGZdrq] / Our weekly Newsletter [https://n.pr/3zrFvUB]. This episode was hosted by Sarah Gonzalez, produced by Sam Yellowhorse Kesler, edited by Jess Jiang, fact checked by Sierra Juarez, and engineered by Robert Rodrguez with help from Kwesi Lee. Alex Goldmark is Planet Money’s executive producer.   See pcm.adswizz.com [https://pcm.adswizz.com] for information about our collection and use of personal data for sponsorship and to manage your podcast sponsorship preferences. NPR Privacy Policy [https://www.npr.org/about-npr/179878450/privacy-policy]

The leaked tapes that show how the rich avoid taxes

Tax avoidance -- that is, legally reducing your tax bill -- is as American as apple pie. But the line between tax avoidance and tax evasion is often a grey one.  On today’s show, a collaboration with Tax Notes [https://www.taxnotes.com/featured-news/crackdown-malta-pension-plans-may-be-quietly-ending/2026/02/09/7tyml], we listen in on the secret tapes that show how the wealthiest Americans avoid taxes.  We trace the lifecycle of a tax loophole: how it was born (in Malta), how it grew, how the Feds cracked down, and how the industry came to its rescue -- with the help of one high-ranking Trump administration official.   Support: * Planet Money+ [https://n.pr/3HlREPz] Read:  * Our book: Planet Money: A Guide to the Economic Forces That Shape Your Life [https://lnk.to/i3AukBdD]  * Our weekly longform Planet Money newsletter [https://n.pr/3zrFvUB] * Our weekly Indicator round-up newsletter [https://www.npr.org/newsletter/indicator] Follow:  * Instagram [https://n.pr/3FqLuws] * TikTok [https://n.pr/3sGZdrq] * YouTube [https://lnk.to/iCVDaW3C] * Facebook [https://n.pr/3h92GwS] This episode was produced by Luis Gallo and Emma Peaslee and edited by Marianne McCune. It was fact-checked by Sierra Juarez and engineered by Cena Loffredo and Robert Rodriguez. Alex Goldmark is Planet Money’s executive producer. See pcm.adswizz.com [https://pcm.adswizz.com] for information about our collection and use of personal data for sponsorship and to manage your podcast sponsorship preferences. NPR Privacy Policy [https://www.npr.org/about-npr/179878450/privacy-policy]

The giant factory town that might be a giant mistake

How does a poor country become a rich country? There's a simple blueprint — or at least, that's what many economists used to believe. But over the years, a lot of rapidly developing economies have stalled out. These countries aren't poor anymore, but they're not rich either. They're stuck in the middle. The World Bank calls this problem the "middle income trap." And if there's a poster child for the middle income trap, many would point to Brazil. For a time, Brazil had one of the fastest growing economies in the world. On today's show, we head to Brazil to understand why the old blueprint for economic development might not work so well anymore. The story starts in the Amazon rainforest. With an audacious plan to industrialize the country as fast as possible. Support: * Planet Money+ [https://n.pr/3HlREPz] Read:  * Our book: Planet Money: A Guide to the Economic Forces That Shape Your Life [https://lnk.to/i3AukBdD]  * Our weekly longform Planet Money newsletter [https://n.pr/3zrFvUB] * Our weekly Indicator round-up newsletter [https://www.npr.org/newsletter/indicator] Follow:  * Instagram [https://n.pr/3FqLuws] * TikTok [https://n.pr/3sGZdrq] * YouTube [https://lnk.to/iCVDaW3C] * Facebook [https://n.pr/3h92GwS] This episode of Planet Money was hosted by Jeff Guo. It was produced by James Sneed and Luis Gallo. It was edited by Marianne McCune, fact-checked by Sierra Juarez, translation help from Sarah Robbins. It was engineered by Robert Rodriguez and Jimmy Keeley. Alex Goldmark is our executive producer. A very, very special thanks to Carrie Kahn and Valdemar Geo from NPR’s Rio bureau. Also to Otaviano Canuto and Denis Minev. See pcm.adswizz.com [https://pcm.adswizz.com] for information about our collection and use of personal data for sponsorship and to manage your podcast sponsorship preferences. NPR Privacy Policy [https://www.npr.org/about-npr/179878450/privacy-policy]

Vacation and why Americans take so little

Do you work more for more money? Or work less for more time? For some, this is the ultimate economic choice.  Every single worker in the European Union is guaranteed four weeks of paid vacation. No matter how long they’ve been at a company. No matter how low paying the job is. Vacation is a right.  In fact, all but one of the richest countries in the world guarantees paid vacation, except: the U.S.  According to a 2019 study [https://cepr.net/images/stories/reports/no-vacation-nation-2019-05.pdf], people in Japan get 10 paid vacation days and 15 paid holidays; in Australia it’s 20 paid vacation days and 8 paid holidays; and in Spain it’s 25 paid vacation days and 14 paid holidays.  And it’s not just a rich country thing: Mexico, Afghanistan, Thailand, Tanzania - they all guarantee paid vacation from work, at least in the formal job sector.  In the U.S: Zero paid vacation days and zero paid holidays.  So, why is the United States the outlier? We go to several labor economists and historians, to find out what makes Americans different from Europeans. It’s a winding journey, so maybe put in a request for some paid time off and take a listen! Note: This episode originally ran in 2023 [https://www.npr.org/2023/08/17/1194467863/europe-vacation-holiday-paid-time-off]. Some articles we mention in this episode: “No Vacation Nation [https://cepr.net/images/stories/reports/no-vacation-nation-2019-05.pdf]” “Study: A Record 768 Million U.S. Vacation Days Went Unused in ‘18, Opportunity Cost in the Billions [https://www.ustravel.org/press/study-record-768-million-us-vacation-days-went-unused-18-opportunity-cost-billions]” “Why the US is one of only a few countries with no paid time off [https://www.vox.com/policy-and-politics/2019/12/24/21035628/new-york-paid-time-off]” This episode was hosted by Sarah Gonzalez, produced by Sam Yellowhorse Kesler, edited by Jess Jiang, engineered by Maggie Luthar, and fact-checked by Sierra Juarez. Alex Goldmark is our executive producer.  Book info. [https://www.planetmoneybook.com/] / Subscribe to Planet Money+ [https://n.pr/3HlREPz] Listen free: Apple Podcasts [http://n.pr/PM-digital], Spotify [https://n.pr/3gTkQlR], Google Podcasts [https://n.pr/3iMBXqz], NPR One [https://n.pr/3Bkb17W] or anywhere you get podcasts. Find more Planet Money: Facebook [https://n.pr/3h92GwS] / Instagram [https://n.pr/3FqLuws] / TikTok [https://n.pr/3sGZdrq] / Our weekly Newsletter [https://n.pr/3zrFvUB]. See pcm.adswizz.com [https://pcm.adswizz.com] for information about our collection and use of personal data for sponsorship and to manage your podcast sponsorship preferences. NPR Privacy Policy [https://www.npr.org/about-npr/179878450/privacy-policy]

Jerome Powell and the Future of Fed Independence

If you have a credit card, hope to buy a house, or just want stable grocery prices – let’s talk about the future of Fed independence! It’s impossibly important for the Federal Reserve to steer monetary policy without political interference – an ideal pushed to its brink during Jerome Powell’s time as Fed Chair. Powell’s Fed faced a once-in-a-century pandemic, oversaw the economy as inflation spiked to about 9 percent … went back down to nearly 2 percent … and has started to go back up as the U.S. has gone to war and continued to try and implement the most comprehensive tariffs since the early 1900s. But perhaps Powell will be best remembered as a target – of angry tweets, speeches, and ultimately a criminal investigation, by the very president who nominated him in the first place. On Powell’s last day as chair, we ask where his story fits into the sweep of history. We’ll hear from someone who was on the Fed Board when Powell was appointed … and when President Trump started to pressure Powell. Plus, we learn what to watch for to see if Fed Independence is crumbling – or holding – as a new Fed Chair nominated by President Trump takes office. Recommend Listening: - Happy Fed Independence Day [https://www.npr.org/sections/money/2019/03/01/699546781/episode-898-happy-fed-independence-day] - The case for Fed independence in the Nixon tapes [https://www.npr.org/2025/01/10/1223918033/richard-nixon-arthur-burns-fed-independence] - A primer on the Federal Reserve's independence [https://www.npr.org/2025/04/23/1246593555/federal-reserve-independence] - Trump's unprecedented attack on the Fed [https://www.npr.org/2025/08/26/nx-s1-5518335/trumps-unprecedented-attack-on-the-fed] - Should presidents have more of a say in interest rates? [https://www.npr.org/2024/08/14/1197968126/should-presidents-have-more-of-a-say-in-interest-rates] - Lisa Cook and the fight for the Fed [https://www.npr.org/2025/08/29/nx-s1-5522330/lisa-cook-trump-lawsuit-federal-reserve-independence] - What happens to central banks under pressure? [https://www.npr.org/2025/09/05/nx-s1-5532144/central-bank-independence-federal-reserve] Book info. [https://www.planetmoneybook.com] / Subscribe to Planet Money+ [https://n.pr/3HlREPz] Listen free: Apple Podcasts [http://n.pr/PM-digital], Spotify [https://n.pr/3gTkQlR], the NPR app [https://n.pr/3Bkb17W] or anywhere you get podcasts. Facebook [https://n.pr/3h92GwS] / Instagram [https://n.pr/3FqLuws] / TikTok [https://n.pr/3sGZdrq] / Our weekly Newsletter [https://n.pr/3zrFvUB]. This episode was hosted by Kenny Malone and Erika Beras. It was produced by Sam Yellowhorse Kesler, edited by Jess Jiang, fact-checked by Sierra Juarez, and engineered by Robert Rodriguez and Cena Loffredo. Planet Money’s executive producer is Alex Goldmark.  See pcm.adswizz.com [https://pcm.adswizz.com] for information about our collection and use of personal data for sponsorship and to manage your podcast sponsorship preferences. NPR Privacy Policy [https://www.npr.org/about-npr/179878450/privacy-policy]