Good afternoon. The number of billionaires in Asia surpassed the U.S. for the first time in 2016. On average, a new billionaire is minted there every other day. But don’t feel too bad for the richest folks in America—billionaires in the states still control the most wealth at $2.8 trillion. They’re also the ones closely watching the GOP’s tax overhaul for that fourth tax bracket. —Megan Hess |
| The race is on | House Adopts Budget Setting Up Release of Tax Bill Next Week | House Republicans narrowly adopted a budget that will clear the way for tax overhaul discussions next week. While Republicans haven’t outlined a full plan, their framework calls for doubling the standard deduction for individuals and reducing the current seven income brackets to three, with a possible fourth bracket for top earners. The next step will be releasing a draft tax measure on Nov. 1, but there’s one big obstacle. |
| Here are today's top stories... | | President Trump’s opioid announcement follows months of debate over whether to use emergency funds typically reserved for hurricanes or flu epidemics to deal with the drug crisis, a controversial move the president resisted. His declaration of a public health emergency will waive certain regulations and allow states greeter leeway in how they use federal funds to combat the epidemic. | | Rising rents are pushing more tenants past the breaking point. Almost one in five respondents in a new survey reported struggling to make monthly rent payments. Among households earning up to $30,000 a year, 27.5 percent failed to pay the rent in full in at least one of the past three months. For those earning $30,000 to $60,000, it was 14.8 percent. Of those making more than $60,000 a year, it was 8.8 percent. | | The top companies for tech workers. SpaceX, Google, Shopify and Tesla are the most appealing companies in technology, according to a survey by online jobs marketplace Hired. Notable companies excluded from the global top-ten were Amazon, Uber and Airbnb, though Amazon did come in at No. 3 in its hometown of Seattle. | | If you want to fly to America, get ready to be interrogated. The Department of Homeland Security now requires airlines to ask U.S.-bound passengers additional screening questions on about 2,100 daily flights starting on Thursday — including the purpose of the trip and whether a bag has been in the traveler’s possession at all times. It’s the latest in a series of moves by the White House to increase security protocols at airports. | | How the humble hospital scrub became a $10 billion business. Scrubs are a given for most of America’s 19 million healthcare workers. They’ve emerged as one of the safest spots in retail: While also seen as a disease risk for patients, they’re immensely profitable for sellers. And at the moment, much of the business goes to one company. | |
| our electric future | The Most Amazing Futuristic Cars at the Tokyo Motor Show | The show has been forced to reinvent itself as a way for Japan’s automakers to tout the latest technologies, as rival exhibits in China get even more of the spotlight. This year, it featured the hottest concept cars, self-balancing motorbikes and a host of high-tech innovations that will make Blade Runner fans go weak at the knees. | | |
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