Week of October 30th, 2017

Kai gets into a weedy economic conversation about the tax bill with Kevin Hassett, chairman of the White House Council of Economic Advisers. There’s still a lot to unpack about the bill, which we also discuss with Sudeep Reddy of Politico and the Los Angeles Times’ Don Lee on the Weekly Wrap, and with advocates for small business owners. And in not-tax-related news, a preview of President Donald Trump’s upcoming travels to Asia as America’s brand ambassador and why an unconventional faction will be leading the U.S. envoy at next week’s United Nations climate talks in Germany.

And what will Jerome Powell do for the Fed?

Some fear recent federal policies will overshadow significant American climate efforts.

Broadway looks to tech to lure millennials.

On this episode, we look at the financial effect of workplace sexual harassment, dig into the details of the GOP’s new tax plan and examine the economics of boycotts. Plus, we join fans on the hunt for Hamilton tickets with a scavenger hunt in Los Angeles. And, Imagine Dragons takes the Marketplace Quiz.

They often move to lower-paying jobs in fields where harassment less likely to occur, a study finds.

The Fed does more than just set interest rates.

The Republican tax plan includes changes to mortgage interest deductions that would have the biggest impact on regions with high housing costs.

White House Council of Economic Advisers Chair Kevin Hassett talked about the tax bill, and how he sees workers getting that $4,000 raise.

Homicide detective? Park ranger? Dan Reynolds and Ben McKee consider the "what ifs."

Boycotts and protests can have a big effect when it comes to regulating businesses.

(Markets Edition) The October jobs report is officially in, and the numbers reveal that the U.S. added 261,000 jobs last month while the unemployment rate dipped to 4.1 percent — the lowest in 17 years. We’ll look briefly at whether this labor market is doing as well as it seems, and then chat with Glenn Hubbard, former chair of George W. Bush’s Council of Economic Advisers, about the divisiveness surrounding the House GOP’s new tax bill. Will this potential tax overhaul actually promote growth? Afterwards, we’ll discuss the history of the alternative minimum tax, which this bill wants to ax, and how it works. And finally, we’ll give an overview of how the CEO of local news websites Gothamist and DNAinfo has decided to shut them down after a union vote.

The country is important to Apple's growth.

The unemployment rate declined to 4.1 percent, the lowest in nearly 17 years.

(U.S. Edition) The House GOP has finally released its plan for a new tax code, which we’ll be trying to decode in the coming days. The first item on our agenda: looking at what Republicans want to do with mortgage interest. The proposed bill would limit the deduction on that to the first $500,000. Afterwards, we’ll discuss how Republicans want to treat “pass throughs,” where your company’s profits are taxed as your income. And then to cap off today’s show, we’ll chat with Greece’s former finance minister Yanis Varoufakis about the eurozone and his issue with Greek people being viewed as a separate group from Europeans.

(Global Edition) From the BBC World Service…Venezuela’s president announced he’ll try to restructure the country’s debt payments in order to offset the effect of low oil prices from the last three years on his country, which has relied heavily on oil revenue. Then, with data leaks almost commonplace, and government storing more personal information in cyberspace, we explore whether privacy issues are the same for various parts of the world. Afterwards, we’ll take you to the London Metal Exchange to meet enthusiastic traders still partaking in day-to-day trading operations … and find out how much life the so-called open outcry model has left. 

"When you treat one European people as expendable and as collateral damage in a kind of war, a dirty war…you're condemning Europe to constant fragmentation and disintegration at the economic, financial and moral level."

The iPhone X hits Apple stores today. Apple is a major player in the U.S., but it also needs China to continue to grow. On this episode, we talk with Marketplace’s China correspondent, Jennifer Pak, about the country’s rival market for fakes and why consumers there may not shell out for Apple’s most expensive phone yet.

It’s tax day. Well, not that tax day. But the Republicans’ tax plan is finally here and we’re doing a full analysis. Here are a few highlights: fewer brackets, a new family credit, goodbye to most exemptions, and lower corporate rates. We talked to people across the country about their thoughts on these changes. Taxes were not the only big news today out of Washington. President Donald Trump announced that Jerome Powell will succeed Janet Yellen as Fed chair. Plus, how residents of a Colorado suburb are trying to stand up to the oil and gas companies that want to drill in their neighborhood.   

A look into Japan's lifetime employment system.

As economic fears mount, some Brits wonder if the decision to leave the European Union can be reversed.

A quick look at some of her options.

Talking about them leads to change, Julie Smolyansky says.

The key difference? Jerome Powell was selected by Trump and Yellen wasn't.

(Markets Edition) One key issue to be looking at as Republicans try to overhaul our tax system: the expiration date of some these changes. Economist Diane Swonk joined us to discuss why it could be a problem if some of these potential tax cuts are just temporary. Afterwards, we’ll talk with Phillip Swagel, a former Treasury Department official in the George W. Bush administration, about what Jerome Powell’s potential nomination as Fed chair could mean for monetary policy. And finally, we’ll look at the $1.2 billion Venezuela owes to creditors, which it could risk defaulting on.  

The GOP is reducing the number of tax brackets to four and making changes to popular deductions.

Residents of Broomfield, Colorado are fighting to keep oil and gas drilling out of residential areas.

(U.S. Edition) The House GOP is planning on releasing its tax bill soon, and in the plan we’ll finally learn more about tax brackets and tax rates. But there’s another part of the tax code that’s currently very important to many low- and middle-income households: payroll taxes, also known FICA. On today’s show, we’ll look at what these taxes are and why economists say employers are passing on the costs of this tax to employees in the form of lower wages. Afterwards, we’ll look at how the current Fed chair frontrunner, Jerome Powell, might approach future policy. Plus: A conversation with Julie Smolyansky, CEO of Lifeway Foods and an outspoken champion for survivors of sexual assault, about how our culture needs to change.

(Global Edition) From the BBC World Service … On podcasts, billboards and your social media pages, advertisements for meal-kit delivery businesses are nearly inescapable. Today, Berlin-based HelloFresh begins trading in Germany, but will investors gobble up shares after witnessing U.S. rival Blue Apron’s four-month struggle? Afterwards, the CEO of London’s biggest-listed gold miner, Randgold Resources, explains whether he sees the price of the precious metal letting up on the accelerator anytime soon. Then, the Bank of England is set to raise interest rates for the first time in a decade. A founding member of its monetary policy committee explains how much central banking has changed since she was in charge … and how much of an influence the U.S. Federal Reserve’s decision making has in Britain.

During the election, 146 million people on Facebook and Instagram might have been reached by Russian-linked political ads. Facebook and other social media companies are reliant on ad revenue to survive. So their business model is also the very thing that allows misinformation to spread. Marketplace Tech host Molly Wood talks with Geoffrey Parker, one of the authors of the book “Platform Revolution,” about the value of a “like.”

Words of wisdom from former chairs of the Federal Reserve.

That’s what Bruce Bartlett, former adviser to Ronald Reagan and treasury official under George H.W. Bush, tells us on today’s show. He also debunks the Republican tax myth, which is the insistence that Reagan’s 1981 tax cuts for the rich gave way to vast prosperity, and suggests Republicans take a look at another tax reform model from the ’80s. We also check in on how things are going at the Fed, discuss why California is the only state where a 12-cents-a-gallon gas tax could work and talk about who Administrator Scott Pruitt chose for the EPA’s science advisory panel. Plus, on this week’s Corner Office, we get into antibiotic-free poultry and plant-based protein with Tyson Foods CEO Tom Hayes.

Tax cuts for the rich is the only economic solution Republicans know, says Bruce Bartlett, a former presidential adviser.

Tom Hayes says the company is looking at affordable, sustainable options that consumers want.

There are flaws in our retirement system, but GOP changes could make it worse, one expert says.

(Markets Edition) As you may have already heard, the GOP tax plan may cap the annual amount you can contribute to your 401(k). And that’ll mean Republicans could start pushing for the expansion of Roth IRAs, where you opt to be taxed now, not later. Marketplace contributor Chris Farrell stopped by to explain the flaws in our current retirement-savings system, and why these new changes could just end up making things worse. Afterwards, we’ll look at the blurry ways of classifying Google, Twitter and Facebook. Should they be considered newspapers, publishers, or just platforms for information? And finally, we’ll discuss Facebook’s (very successful) business model, and the value of its return on investment for advertisers.

A look at how the government determines what ingredients are allowed in bread, and how that has changed over time.

(U.S. Edition) Republicans are delaying the release of their proposed tax bill today, but are expected to unveil it tomorrow. One part of the measure could include a “millionaire’s tax,” which may just be a way to make the bill more marketable to the uber wealthy — we’ll explain why. Afterwards, we’ll discuss the background of the suspect involved in yesterday’s New York truck attack, which left eight people dead and 11 injured. Plus: Patrick Foulis, the New York bureau chief for The Economist, stopped by to discuss whether the $100 billion Saudi Aramco IPO will actually happen. 

(Global Edition) From the BBC World Service … Malaysian officials are probing a data breach impacting 46 million mobile subscribers – that’s more people than the population of the entire country. Afterwards, global commodities from cobalt to zinc are seeing a broad rally. What’s behind the grind higher and can you expect to see steeper prices on consumer goods like electric car batteries and gold products? Then, we’ll take you to Iceland where an avalanche of visitors have descended upon the country. While tourism dollars have benefits, the sudden influx is putting a strain on some locals. 

Facebook's general counsel told Congress that Russian propaganda remains a problem.

Representatives from Facebook, Google, and Twitter are testifying before Congress this week about propaganda and misinformation on their networks. Russian operatives created fake accounts across the political divide: one called “Secured Borders,” raised concerns about illegal immigration, while another, called “Blacktivist,” called for more activism in the African-American community. Marketplace Tech host Molly Wood talks with Loyola communications and African-American studies professor Karsonya Wise Whitehead about whether these accounts were successful in exacerbating racial tensions in America.

Otherwise known as people.

The tax prevents individuals worth $5.5 million or more from passing on their estate untaxed, and Republicans have sworn it will be the first thing to go when tax reform comes. Plus, the story behind the lethal toxin that became Botox, and the company guarding it. And Kai Ryssdal interviews activist investor Bill Ackman, who is vying for control over payroll processing company ADP.

For the Pershing Square Capital Management CEO, activist investing is just as much a moral calling as it is a lucrative one

The product comes from a substance so lethal that it could be used as a potential agent of bioterrorism.

(Markets Edition) Republicans are planning to turn their tax blueprint into an actual plan tomorrow, but not everyone is on board with it. On today’s show, we’ll recap some of the concerns key lawmakers and groups have. Republican Senator Susan Collins has pushed back against the removal of the estate tax rate, while the National Association of Home Builders has issue with the GOP’s plan for the mortgage interest rate. Afterwards, we’ll discuss Facebook’s upcoming testimony in front of Congress as part of an investigation into Russian meddling in the 2016 presidential election. And finally, we’ll discuss one of the latest fashion trends: spider silk for military uniforms.

Barbie was born in 1959. So why is she having a quinceañera? This is the story of how Mattel is trying to get into the quinceañera business.

(U.S. Edition) As Robert Mueller’s Russia investigation unfolds, we’ll chat with Eurasia Group President Ian Bremmer about what this means for global political risk. Afterwards, we’ll discuss how Republicans plan to pay for their proposed tax plan, which may include cuts to Medicare and Medicaid. Then to cap off today’s show, we’ll look at how FEMA deals with post-disaster contracts amid Puerto Rico’s decision to cancel a $300 million contract with Whitefish Energy. 

The silky strands made by spiders are strong and supple. Now, scientists in Michigan are using genetic engineering to reproduce spider silk for a wide range of uses, including military uniforms.

(Global Edition) From the BBC World Service … Eurozone growth figures were released today, showing a mixed bag. But what about Europe’s problem child Greece? The author of “Greekonomics” explains why things are looking up. Afterwards, President Trump heads to Asia on Friday. Ahead of his visit to the region, Taiwan announced today it would increase its military budget. We look at why the country is spending more on military might to woo President Trump. Then, New Zealand announced it would ban foreigners from buying property. The country’s new Prime Minister Jacinda Ardern — the world’s youngest female leader — says the move will help curb soaring house prices, but not everyone agrees.

The next census is coming up in 2020, when the government will set out to count every single person living in the U.S. It’s a system that helps determine how federal money gets spent and who and where businesses are investing. But some populations are harder to count than others, even as the Census Bureau moves more of their data collection online. The Center for Urban Research at the Graduate Center of the City University of New York created an interactive map highlighting those populations. Marketplace Tech host Molly Wood talks with Steven Romalewski of CUNY’s Center for Urban Research about what’s at stake for these communities.

The census influences how hundreds of billions of dollars are spent. Will reaching out online improve the response rate?

…and paying taxes on things (or not paying taxes on things) always leaves one. That’s probably why special counsel Robert Mueller is starting with indictments of former Trump campaign chief Paul Manafort and his business associate, Rick Gates, on charges including funneling money through overseas shell companies. And lucky for us, tax evasion and money laundering are the kind of things we talk about every day. While that situation unfolds in the coming weeks, we’re looking to a more immediate date: this Wednesday, which is the first day of health care open enrollment and supposedly when we’ll see the Republicans’ tax bill. Plus, ever wondered how much money is in the whole, wide world? We take a stab at answering that question on today’s edition of I’ve Always Wondered.  

Victoria Guida from Politico talks about Fed Chair Janet Yellen and her possible successor.

Prosecutors love a paper trail.

Jerry Howard, CEO of the National Association of Home Builders, discusses why the group is against the tax bill.

Depending on how money is defined, the answer ranges from a few trillion to tens of trillions of dollars.

Once it's released their real work begins: hunting for new loopholes.

Can consumers regulate businesses with the power of PR?

(Markets Edition) On today’s show, we’ll discuss the state of the housing sector and the new frontrunner for the Fed chair: Jerome Powell, a current member of the Federal Reserve Board of Governors. How do the markets feel about this candidate? Pretty good, given that he’s likely to follow Janet Yellen’s policies. Afterwards, we’ll hear from Mark Surman, executive director of the Mozilla Foundation, about taking our agency back from big tech companies. And finally, we’ll look at Mattel’s decision to dive into the quinceañera industry by creating its own quinceañera Barbie.

The role of HR has changed over the years.

The head of the Mozilla Foundation warns that the internet is "sick" and needs treatment.

(U.S. Edition) We may get details on the House bill to overhaul taxes as soon as Wednesday. One big component of this measure: how U.S. corporations are taxed on overseas earnings. We’ll take a look at how America’s tax system differs from most other countries, which have a territorial system in place. Afterwards, we’ll discuss how a cut in Obamacare ad dollars may lead to lower enrollment, and then cap off today’s show by checking out Washington state’s fishing woes. At least 150,000 Atlantic salmon escaped into Puget Sound this August, leading fish farm opponents to renew their calls to end aquaculture in state waters.

Healthy people need a reminder to sign up for insurance.

Fish farm break: 150,000 Atlantic salmon escaped into Washington state's Puget Sound in August. Now comes the fallout.

(Global Edition) From the BBC World Service … Europe’s largest bank, HSBC, posted quarterly profits that were up five-fold from the same time last year. What’s behind the rise? Afterwards, as Google, Facebook and Twitter head to Congress this week, the Mozilla Foundation warns that the internet is becoming increasingly “unhealthy.” Executive Director Mark Surman gives an overview of this very sick patient. Then, Macedonia’s capital Skopje has undergone an estimated $600 million architectural transformation to attract foreign visitors. While some chalk up improved tourist numbers to the new skyline, others have said the new buildings – which include dead-ringers of Paris’s Arc de Triomphe and Berlin’s Brandenburg Gate – have turned the city into the “Las Vegas” of Europe.

Companies are required to file equal employment opportunity reports with the government. But few make that information public. Reporters at Reveal from The Center for Investigative Reporting and PRX looked into how diversity stacks up in Silicon Valley. Marketplace Tech host Molly Wood talked with reporter Will Evans about why hard data on diversity in tech remains a bit of a mystery.