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

Supreme Court Declines to Fast-Track Special Counsel Petition, Handing Trump a Win

By Catherine Yang The U.S. Supreme Court rejected on Friday a petition by special counsel Jack Smith for an immediate review of a defense in ...

Democrat 2024 Candidate Says Colorado Court ‘Wrong’ to Bar Trump From Ballot

By Ryan Morgan A Democratic congressman and 2024 presidential candidate has denounced the Colorado Supreme Court’s decision this week to order former President Donald Trump ...

‘Not a Real Democracy’: RFK Jr. Blasts Colorado Supreme Court Blocking Trump From Ballot

By Tom Ozimek Independent presidential candidate Robert Kennedy Jr. has sharply criticized the Colorado Supreme Court’s decision to block former President Donald Trump from the ...

Colorado Supreme Court’s Ruling a ‘Massive Denial of Due Process’ Against Trump: Former DOJ Official

By Ryan Morgan and Steve Lance The Colorado Supreme Court’s order removing former President Donald Trump from the state’s election ballot appears designed to exhaust ...

Court to Identify Over 150 People Linked to Jeffrey Epstein

By Zachary Stieber A federal judge has ruled that many names linked to the late sex offender Jeffrey Epstein will be made public in the ...

Landmark Supreme Court Case Could Upend Jan. 6 Prosecutions

By Joseph M. Hanneman The U.S. Supreme Court’s decision to take up a Jan. 6 case that challenges the most frequently charged felony from that ...

President’s Daughter Ashley Biden Owes Thousands in Taxes

By Zachary Stieber President Joe Biden’s daughter owes thousands in taxes, according to a newly disclosed document. Ashley Biden, 42, owes $4,985 in person income tax, ...

Hunter Biden’s First Court Date Set for Tax Evasion Charges

By Caden Pearson Hunter Biden, son of U.S. President Joe Biden, is scheduled to make his initial court appearance and arraignment in California next month, ...

Texas Governor Signs Law Giving Police Power to Arrest Illegal Immigrants

By Savannah Hulsey Pointer Texas Gov. Greg Abbott has signed a border security bill into law that will give state law enforcement broad authority to ...

Trump Attorney Reveals Why Jack Smith Wants Quick Supreme Court Ruling

By Jack Phillips Former President Donald Trump’s attorney was critical of special counsel Jack Smith’s urgency to obtain a Supreme Court ruling on whether the ...

Many Republicans Find Ally in RFK Over Vaccines, but Remain Loyal to Trump

By Jeff Louderback Many Republicans are still wanting a reckoning over the government-imposed lockdowns, the mask mandates, and particularly the vaccine mandates. While they support ...

US Space Command Reaches Full Operational Capability

By Frank Fang The U.S. Space Command, the Pentagon’s newest and 11th combat command, has reached full operating capability, according to its commander Army Gen. ...