Economy - USNN World News

Economy

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

by 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.”

Economy

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

by USNN World NewsAugust 5, 2020August 5, 2020

Economy

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

by USNN World NewsAugust 5, 2020August 19, 2024

Economy

McConnell mocks Malibu for seeking stimulus funding to help with electric car conversion

by USNN World NewsAugust 5, 2020August 5, 2020

Economy

Stocks rally as slow coronavirus-relief talks move in ‘right direction’

by USNN World NewsAugust 4, 2020December 5, 2024

Economy

White House considering unilateral actions with coronavirus aid bill stuck in Congress

by USNN World NewsAugust 3, 2020August 3, 2020

Economy

Democrats, White House still at odds over extra coronavirus unemployment benefits

by USNN World NewsAugust 2, 2020August 2, 2020

Economy

Bipartisan leaders of Problem Solvers Caucus predict deal on horizon for coronavirus stimulus bill

by USNN World NewsAugust 1, 2020August 1, 2020

Economy

Trump says second stimulus check could be ‘way higher’ than $1,200

by USNN World NewsJuly 30, 2020July 30, 2020

Economy

Trump calls GOP coronavirus proposal ‘semi-irrelevant’ as deal appears far off

by USNN World NewsJuly 29, 2020July 29, 2020

Economy

SBA disaster loan investigation reveals rampant fraud: Report

by USNN World NewsJuly 29, 2020July 29, 2020

Economy

Rep. Gohmert compares GOP and Democrat coronavirus stimulus proposals

by USNN World NewsJuly 28, 2020July 28, 2020

NATIONAL NEWS

Lindsey Graham Backtracks on Statement, Suggests Trump Argument Is ‘Legitimate’

By Jack Phillips Sen. Lindsey Graham (R-S.C.) on Sunday suggested that former President Donald Trump’s legal arguments that he is immune from prosecution is legitimate. The ...

RFK Jr.’s Request for Secret Service Protection Is Denied for a Third Time

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Tulsi Gabbard Says Democrats ‘Will Stop at Nothing’ to Keep Trump Off 2024 Ballot

By Caden Pearson Former Democratic congresswoman Tulsi Gabbard, responding to efforts to keep former President Donald Trump off the 2024 ballot, said Democrats “will stop ...

IRS ‘Collection Notices’ Going Out to Millions of Americans Starting Next Week

By Jack Phillips The Internal Revenue Service (IRS) next week will start sending letters to millions of Americans regarding unpaid tax bills, resuming a practice ...

Space Force Sends Highly Classified Unmanned Plane Back Into Orbit

By T. J. Muscaro A fiery light returned to the skies over Cape Canaveral, Florida, shortly after sunset on Dec. 28 as a SpaceX Falcon ...

RFK Jr. Passes Hurdle to Qualify for His First 2024 Ballot in Utah

By Jeff Louderback Robert F. Kennedy Jr.’s quest to get on the ballot in all 50 states and Washington surpassed its first hurdle with the ...

Trump Attorney Responds to Jack Smith Filing: ‘Should Be Scared’

By Jack Phillips An attorney for former President Donald Trump responded to a recent court filing that called for the former president to be banned ...

This Hidden Voting Bloc Could Swing the 2024 Election

By Janice Hisle Tina DeMedeiros, 53, of Dartmouth, Massachusetts, is a typical “Trump-or-bust” voter. After casting her first presidential election ballot for Democrat Bill Clinton in ...

Trump VP Talk Ramps Up as Well-Known GOP Women Join Iowa Rally Blitz

By Janice Hisle As of early last week, former President Donald Trump had no new campaign events scheduled. But over the past few days, the ...

Twice as Many Democrats as Republicans Not Seeking Reelection in 2024

By Mark Tapscott Nearly 40 Congressional lawmakers aren’t seeking reelection in 2024—and most of them are Democrats. Twenty-one House Democrats are opting out of another term ...

Behind the Democrats’ Efforts to Regulate the Supreme Court

By Matthew Vadum Democrats’ push to impose a code of conduct on the U.S. Supreme Court is driven by their desire to exert power over ...

Supreme Court Filing: Jack Smith’s Appointment Is Unconstitutional

By Jack Phillips Former Attorney General Edwin Meese and two scholars submitted an amicus brief with the Supreme Court that the Department of Justice’s (DOJ) ...