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Category: Economy

The US Economy

Trump Mulls Capital Gains and Middle-Income Tax Cuts to Revive Economy
Posted inEconomy

Trump Mulls Capital Gains and Middle-Income Tax Cuts to Revive Economy

USNN World Newsby USNN World NewsAugust 11, 2020June 4, 2025
PPP responsible for 'majority' of jobs created since May, SBA administrator says
Posted inEconomy

PPP responsible for ‘majority’ of jobs created since May, SBA administrator says

USNN World Newsby USNN World NewsAugust 10, 2020June 20, 2024
Trump payroll tax executive order likely worth $1,200 per worker: Kudlow
Posted inEconomy

Trump payroll tax executive order likely worth $1,200 per worker: Kudlow

USNN World Newsby USNN World NewsAugust 9, 2020August 9, 2020
Canada slaps back at new Trump tariffs with $2.7B in aluminum duties
Posted inEconomy

Canada slaps back at new Trump tariffs with $2.7B in aluminum duties

USNN World Newsby USNN World NewsAugust 8, 2020August 8, 2020
Trump orders $400 weekly unemployment payments amid COVID crisis, accuses Dems of stonewalling
Posted inEconomy

Trump orders $400 weekly unemployment payments amid COVID crisis, accuses Dems of stonewalling

USNN World Newsby USNN World NewsAugust 8, 2020October 14, 2024
President Trump will sign executive orders Saturday aimed at delivering relief to Americans struggling with the economic fallout of the coronavirus pandemic, Fox News has learned. Trump is expected to announce the presidential action during a 3:30 p.m news conference at Trump National Golf Club Bedminster, N.J., before heading to the Hamptons for fundraising events. Trump blamed Democrats Friday for the coronavirus deal stalemate in Congress and said he'd take matters into his own hands. Earlier this week, he previewed executive orders that would extend enhanced federal unemployment benefits, suspend payroll taxes until the end of the year, extend a moratorium on evictions and help with student loan payments. TRUMP SAYS CORONAVIRUS RELIEF EXECUTIVE ORDER COULD COME BY THE END OF THE WEEK 'IF DEMOCRATS CONTINUE TO HOLD RELIEF HOSTAGE' “The president is taking action to provide relief to unemployed Americans, among other actions to provide relief," a senior administration official told Fox News Saturday. Acting unilaterally has its limits and could prompt legal challenges. Trump's orders are narrower in scope than the trillions of dollars Congress is mulling for a massive stimulus to the virus-damaged economy. Congress controls new federal spending and Trump already predicted sidestepping lawmakers will have consequences. “We’ll see, yeah, probably we’ll get sued," Trump told reporters Friday. House Democrats already passed their $3 trillion coronavirus relief bill in May. The Senate GOP last month proposed a $1 trillion plan, though didn't bring the measure to a vote as Republicans were divided on whether more aid is even needed. placeholder DESPITE POLLS AND PANDEMIC, TRUMP CAMPAIGN ARGUES CANDIDATE BETTER POSITIONED THAN IN 2016 House Speaker Nancy Pelosi and Senate Democratic Leader Chuck Schumer have been in talks all week with White House Chief of Staff Mark Meadows and Treasury Secretary Steven Mnuchin, but the two sides couldn't strike a deal. Democrats blamed the GOP for failing to understand the gravity of the crisis and for trying to "nickel and dime" struggling Americans, while the White House accused Democrats of not willing to compromise. Trump's actions aren't expected to address some of the big issues that Congressional proposals sought to tackle, including another round of $1,200 stimulus checks, aid to schools to reopen safely, an infusion of cash to revenue-strapped state and local governments, food assistance, new lawsuit protections for businesses and money for mail-in voting for the 2020 elections. Because of provisions in the Constitution that grant the legislative branch spending power, the White House can't just pull hundreds of billions out of the ether without Congressional approval. PELOSI SAYS DEMOCRATS WILLING TO COMPROMISE AT $2T FOR CORONAVIRUS BILL, REJECTED BY TRUMP ADMIN But the Trump administration believes it has access to $140 billion which it can “reprogram.” That includes $80 billion in untapped money from the big coronavirus bill signed into law in March and $40 billion from the Disaster Relief Fund. placeholder The White House believes it can divert some of this funding without congressional blessing, similar to how Trump in 2019 declared a national emergency at the border with Mexico to shift billions of dollars from the Pentagon budget to help pay for a border wall. Pelosi and Schumer earlier this week expressed skepticism about Trump's executive powers. "You can't move that much money," Pelosi said. "We're talking about a major investment." GOP OFFICIALS PREVIEW ‘EPIC’ TRUMP ADDRESS, FIRST FAMILY ROLE IN EVOLVING CONVENTION PROGRAM The Democrats want the White House to continue negotiating with Congress on a big package. "A better way to do this is [to] come to an agreement that meets the needs of the American people -- a much better way," Schumer said. The need for relief is pressing as millions of Americans lost out on the $600-per-week federal unemployment benefit that expired at the end of July. A partial moratorium on evictions on properties with government-backed mortgages also expired at the end of last month. placeholder There are some 110 million Americans living in rental households; up to 23 million renters – or 20 percent – are at risk of eviction by Sept. 30, according to an analysis by the COVID-19 Eviction Defense Project. With the supplemental $600 in unemployment benefits now officially lapsed, about 24 million Americans say they have little to no chance of being able to pay next month's rent, according to a survey by the U.S. Census Bureau. CLICK HERE TO GET THE FOX NEWS APP Rent and mortgage payments are typically the largest monthly expense for Americans: One in four tenant families pays more than half of its income for rent, a rate that’s even higher in cities like San Francisco and New York, according to Harvard’s Joint Center for Housing Studies. New jobless figures from the Labor Department, which cover the week ending August 1, show that more than 1.18 million workers sought aid last week, the lowest since March 14. The latest figures bring the total number of unemployment claims since the shutdown began to more than 55 million. The unemployment rate fell to 10.2%, down from 11.1% in June. Fox News' Mark Meredith, John Roberts, Jon Decker, Chad Pergram, Brooke Singman and Megan Henney contributed to this report.
Posted inEconomy

Trump to sign coronavirus relief executive orders Saturday to help unemployed Americans, others

USNN World Newsby USNN World NewsAugust 8, 2020August 8, 2020
Trump officials recommend executive action as stimulus talks break down
Posted inEconomy

Trump officials recommend executive action as stimulus talks break down

USNN World Newsby USNN World NewsAugust 7, 2020August 7, 2020
US employers hire 1.8M despite new COVID-19 shutdowns
Posted inEconomy

US employers hire 1.8M despite new COVID-19 shutdowns

USNN World Newsby USNN World NewsAugust 7, 2020December 5, 2024
GOP senators pitch extending extra unemployment aid through end of year
Posted inEconomy

GOP senators pitch extending extra unemployment aid through end of year

USNN World Newsby USNN World NewsAugust 6, 2020August 6, 2020
Capital One slapped with $80M fine for 2019 data hack
Posted inEconomy

Capital One slapped with $80M fine for 2019 data hack

USNN World Newsby USNN World NewsAugust 6, 2020August 6, 2020
Republicans and Democrats are trying to find a middle ground on several provisions in order to pass another coronavirus stimulus package, including whether to repeal a $10,000 cap on state and local tax deductions. Senate Minority Leader Chuck Schumer, D-N.Y., unveiled a proposal in mid-July along with Congressman Tom Suozzi, D-N.Y., to fully restore the deduction in the next relief package. However, Republicans have traditionally opposed repealing the cap – which was implemented as part of the 2017 Tax Cuts and Jobs Act – arguing that it primarily favors wealthy individuals in high-tax states, which have been accused of budget mismanagement prior to the pandemic. SALT CAP REPEAL THE 'SINGLE BEST' ACTION TO HELP NEW YORK, CUOMO SAYS Earlier this week, Senate Majority Leader Mitch McConnell blamed Democrats for holding up the package over “’an unrelated tax cut for rich people.” The Kentucky Republican made similar comments at the end of July. Schumer has maintained that the bill needs to support state and local governments. CORONAVIRUS HIT HIGH-TAX STATES RENEW SALT CAP REPEAL EFFORTS While the Republican-sponsored HEALS Act does not adjust the measure, House Democrats approved a stimulus proposal in May that called for reinstating the SALT deduction for 2020 and 2021. Repealing the cap could be helpful in high-tax states as they consider how to return to business as usual once the coronavirus crisis subsides. It has caused an exodus from these higher-tax states, which has, in turn, resulted in a loss of state tax revenues. “We need to bring our federal dollars back home and cushion the blow this virus –and this harmful SALT cap--has dealt so many homeowners and families locally,” Schumer said in a statement. Suozzi added that families would leave New York without the measure. The White House has repeatedly pushed back at efforts to overturn the provision for years. A legal challenge that was launched by New York, New Jersey, Connecticut and Maryland is making its way through the courts. CLICK HERE TO READ MORE ON FOX BUSINESS A handful of local officials have been outspoken about repealing the provision, including New York Gov. Andrew Cuomo, who is trying to get Manhattan’s wealthiest taxpayers to return to the city. Cuomo said in May that repealing the cap would be the “single best piece of action” to help the state, claiming it costs New York state about $29 billion per year. New Jersey Gov. Phil Murphy also said undoing the cap would be a form of “main street stimulus.”
Posted inEconomy

In SALT cap stimulus square-off, lawmakers squabble over $10,000 deduction limit

USNN World Newsby USNN World NewsAugust 5, 2020August 5, 2020
McConnell open to extending $600 unemployment boost in coronavirus stimulus deal
Posted inEconomy

McConnell open to extending $600 unemployment boost in coronavirus stimulus deal

USNN World Newsby USNN World NewsAugust 5, 2020August 19, 2024

Posts pagination

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NATIONAL NEWS

  • Georgia Election Workers Sealed Ballots Before Observers, Media Left on Election Night: InvestigatorGeorgia Election Workers Sealed Ballots Before Observers, Media Left on Election Night: Investigator
    By Zachary Stieber Workers in Georgia’s largest county on election night sealed ballots in boxes and shoved the boxes under a table that was brought into an absentee ballot counting ...
  • Sidney Powell Files Notice of Appeal in Georgia Election LawsuitSidney Powell Files Notice of Appeal in Georgia Election Lawsuit
    By Ivan Pentchoukov The legal team led by Sidney Powell informed a federal court in Georgia late on Monday that it is appealing the dismissal of its ...
  • Trump Campaign Asks Michigan Supreme Court to Declare That Election Process Violated State ConstitutionTrump Campaign Asks Michigan Supreme Court to Declare That Election Process Violated State Constitution
    By Janita Kan The Trump campaign on Monday asked the Michigan Supreme Court to review a legal challenge seeking “meaningful access” for poll challengers to ...
  • Representative Elect Boebert Vows to End ‘Socialist Agenda’ in the USRepresentative Elect Boebert Vows to End ‘Socialist Agenda’ in the US
    By Isabel Van Brugen and Jan Jekielek Rep.-elect Lauren Boebert (R-Colo.) said Sunday that her team’s vision is to put an end to the “socialist agenda” that ...
  • Trump: ‘Big Things Happening Over the Next Couple of Days’Trump: ‘Big Things Happening Over the Next Couple of Days’
    By Jack Phillips President Donald Trump told reporters Monday that people can expect to “see a lot of big things” over the coming days. On alleged election fraud, ...
  • Georgia Lawmakers: Special Session on Potential Electors Needed Because of FraudGeorgia Lawmakers: Special Session on Potential Electors Needed Because of Fraud
    By Zachary Stieber A group of Georgia senators are pushing for a special session of the legislature to consider choosing electors for President Donald Trump because of ...
  • Michigan GOP Poll Challenger: ‘They Didn’t Disqualify a Single Ballot’Michigan GOP Poll Challenger: ‘They Didn’t Disqualify a Single Ballot’
    By Jack Phillips A GOP poll observer in Detroit’s TCF Center in Michigan on Nov. 3 alleged that election workers didn’t disqualify any ballots, suggesting such a practice is highly unusual. “I ...
  • Law Enforcement Seizes Devices as Part of Probe Into Voter Data TheftLaw Enforcement Seizes Devices as Part of Probe Into Voter Data Theft
    By Zachary Stieber Law enforcement officers two days after the Nov. 3 election served a search warrant on a home in Arizona and took computers and other ...
  • Reported Burst Pipe in Atlanta Ballot Counting Area Was Overflowing Urinal: InvestigatorReported Burst Pipe in Atlanta Ballot Counting Area Was Overflowing Urinal: Investigator
    By Zachary Stieber The Election Day incident in Atlanta’s State Farm Arena that was first reported as a burst pipe was an overflowing urinal, a ...
  • Rudy Giuliani: 3 State Legislatures May Change Electoral College VotersRudy Giuliani: 3 State Legislatures May Change Electoral College Voters
    By Jack Phillips President Donald Trump’s lawyer Rudy Giuliani said Sunday that the legislatures in Arizona, Georgia, and Michigan might end up deciding what electors are sent to the Electoral ...
  • US Pension Money Flows Into ‘Malign’ Chinese Companies: State DepartmentUS Pension Money Flows Into ‘Malign’ Chinese Companies: State Department
    By Emel Akan WASHINGTON—U.S. investors are unwittingly financing companies tied to the Chinese communist regime and its military through major index funds, according to a fact ...
  • Coalition Groups Urge US to Designate the Chinese Communist Party a Transnational Criminal OrganizationCoalition Groups Urge US to Designate the Chinese Communist Party a Transnational Criminal Organization
    By Cathy He U.S. Secretary of State Mike Pompeo recently met with representatives of groups victimized by the Chinese Communist Party (CCP). They urged the administration to ...
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