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

Nevada Grand Jury Indicts 6 for Certifying Trump Won State in 2020

By Sam Dorman A Nevada grand jury has indicted six individuals after they told Congress and the National Archives that former President Donald Trump won ...

Supreme Court Considers Constitutional Limits on Federal Taxing Power

By Matthew Vadum A retired Washington state couple urged the Supreme Court on Dec. 5 to strike down a 2017 tax on “unrealized” income from ...

House Republicans Launch Probe Into Georgia Prosecutor in Trump Case, Allege Collusion With Jan. 6 Committee

By Gary Bai Two House Republican lawmakers on Dec. 5 launched an inquiry into what they allege was collusion between Fani Willis, the Georgia prosecutor ...

Joe Biden Received Monthly Payments From Son’s Business

By Zachary Stieber President Joe Biden received payments from one of his son’s businesses, according to bank records made public on Dec. 4. President Biden received ...

Trump Can’t Go on Trial If He’s Elected in 2024, Lawyer Says

By Jack Phillips Former President Donald Trump’s lawyers argued in the Georgia election case that the charges should be thrown out because it’s a violation ...

US Signs New Climate Pact to Shut Down All Coal Plants

By Tom Ozimek John Kerry, special presidential envoy on climate matters, announced Saturday that the United States has “proudly” committed to not to build any ...

House Republicans Demand Jack Smith Provide Trump Indictment Documents

By Gary Bai Three House Republican lawmakers on Friday asked Special Counsel Jack Smith to turn over documents related to his criminal indictments of former ...

Top House Republican Vows to Take Hunter Biden to Court if President’s Son Skips Deposition

By Zachary Stieber A top Republican in the U.S. House of Representatives is prepared to take President Joe Biden’s son to court if he refuses ...

George Santos Expelled From Congress in Historic Vote

By Jackson Richman and Joseph Lord For the sixth time in U.S. history, the 234-year-old House of Representatives expelled a member, Rep. George Santos (R-N.Y.), ...

Democrats Blaming Crime Epidemic on ‘Law-Abiding Gun Owners’ Instead of ‘Soft on Crime’ Policies

By Katabella Roberts Democratic lawmakers in the U.S. Senate are trying to blame the violent crime epidemic sweeping through various parts of the nation on ...

Bank Investigator Raised Alarm Over Hunter Biden’s ‘Unusual’ Payments From China

By Zachary Stieber Payments from Chinese entities to businesses owned by President Joe Biden’s son raised concerns with a bank investigator, who said one of ...

Texas Sues Pfizer for Allegedly Misrepresenting Its COVID-19 Vaccine’s Efficacy

By Zachary Stieber Texas Attorney General Ken Paxton on Nov. 30 filed a lawsuit against Pfizer, alleging that the drug maker misrepresented the efficacy of ...