Your Evening Briefing
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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
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.
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.
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.