GOP unveils tax plan, Tesla's latest setback, and more trending news

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House Republicans unveiled their $1.51 trillion tax plan — “the biggest transformation of the US tax code in more than 30 years,” according to The Wall Street Journal. Among its changes, the draft permanently cuts the corporate tax rate to 20% from 35%, lowers individual tax rates for many Americans, and, over six years, phases out the estate tax. The plan would also leave intact some popular tax breaks — including one for pretax 401(k) savings accounts — but would limit the deduction for mortgage interest to $500,000 and state/local taxes to $10,000. The House Ways and Means Committee is set to take up the bill on Monday, beginning “a legislative and lobbying fight” as Congress works to pass tax reform before Christmas. ? Share your thoughts: #GOPTaxPlan

Tesla's Elon Musk said the company won’t hit its Model 3 production goals: It had planned to make 5,000 Model 3s per week by the end of the year, a deadline now being pushed to late in the first quarter of 2018. It's the latest setback for the carmaker, which reported a $619 million loss in an investor call on Wednesday — its worst financial quarter yet. There's a lot riding on the Model 3, a mid-price sedan meant to bring Tesla into the mainstream. ? Share your thoughts: #TeslaModel3Delay

US businesses added 235,000 jobs in October, the most in seven months and more than the 200,000 expected by analysts. The survey by payroll processor ADP showed hiring rebounded after September’s hurricanes, driven by an additional 62,000 construction jobs — the most in 11 years. The Labor Department’s upcoming October report is expected to show an even greater gain of 308,000 jobs. Even as employment expands, companies are struggling to find qualified workers in a tightening job market. ? Share your thoughts: #JobsReport

President Trump will nominate Jerome “Jay” Powell as the next Fed chair, reports The Wall Street Journal. Powell, a member of the Federal Reserve Board of Governors, is considered the continuity candidate for current chair Janet Yellen, whose terms ends in February. The announcement is expected today. ? Share your thoughts: #FedChair

Brett Ratner, a prominent Hollywood producer known for films such as “Rush Hour” and “The Revenant,” has been accused of sexual misconduct by six women, including actress Olivia Munn. The allegations came to light in a Los Angeles Times exposé on Wednesday, prompting Warner Bros., with which Ratner has a first-look deal, to sever ties. An increasing number of allegations against powerful men in Hollywood have come out following an onslaught of recent harassment claims against producer Harvey Weinstein. ? Share your thoughts: #BrettRatner

Idea of the Day: No matter how big companies get, it’s important they act like startups, says Walmart.com CEO Marc Lore. “While an established company will always be different than a startup in terms of size and style, it can still structure itself to behave more like a startup,” Lore writes. 

“In today’s fast-moving landscape, it’s more important than ever to move quickly and take risks. And when you create a startup-like culture at your company, it will ultimately feed on itself in terms of successes and attracting the talent you need to keep growing.”

What's your take? Join the conversations on today's stories: #GOPTaxPlan | #TeslaModel3Delay | #JobsReport | #FedChair | #BrettRatner

From earlier: #ManhattanIncident

— Lorraine K. Lee / Share this using #DailyRundown