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

Arizona County Votes Again Against Hand-Counting 2024 Election Ballots

By Jack Phillips Arizona’s Mohave County on Nov. 20 voted against hand-counting all ballots for the 2024 election—the second time the county has done so ...

Consumer Watchdog Lists 5 ‘Woke’ Companies to Avoid During Holiday Buying

By Naveen Athrappully Consumers’ Research issued a “Woke Alert” on Tuesday warning Americans not to buy from five prominent businesses in the country this holiday season. The consumer ...

Federal Investigation Uncovers ‘Massive’ Cross-country Fentanyl Ring, Dozens Charged

By Jana J. Pruet A federal investigation that began with the fatal overdose of a young mother two years ago has led to the bust ...

Army Turns to New Source for Recruits—Unvaccinated Former Soldiers

By Zachary Stieber The U.S. Army is telling unvaccinated former soldiers who were kicked out of the military for refusing to receive a COVID-19 vaccine ...

‘New Years’ Nightmare’: IRS Targets Gig Workers, Sends 30 Million New Tax Forms

By Naveen Athrappully A new IRS tax on gig workers would result in additional documentation that will create confusion among individual taxpayers as the agency ...

JFK Assassination Doctors Break Silence, Dispute Key Government Claim

By Jack Phillips Several doctors who were in the emergency room when former President John F. Kennedy was assassinated in 1963 raised serious doubts about ...

Trump Vows Renewed Illegal Immigration Crackdown, Will Target ‘Gangs and Thugs’

By Jack Phillips Former President Donald Trump vowed to renew his crackdown on illegal immigration while visiting the U.S.-Mexico border in Texas on Sunday. “We’re going ...

Trump Reacts to Rumors Biden Won’t Face Charges in Classified Docs Probe

By Tom Ozimek Former President Donald Trump has reacted critically to rumors that President Joe Biden won’t face any charges in his classified documents probe, ...

Sen. Mike Lee Calls for Investigation of Jan. 6 Committee After Release of Jan. 6 Tapes

By Tom Ozimek Sen. Mike Lee (R-Utah) is calling for the Jan. 6 Committee to be investigated after House Speaker Mike Johnson (R-La.) announced the ...

Trump Praises Speaker Johnson for Releasing J6 Tapes to Public

By Tom Ozimek Former President Donald Trump praised House Speaker Mike Johnson (R-La.) for “having the courage and fortitude” to begin releasing over 40,000 hours ...

Appeals Court to Hear Arguments on Trump Gag Order

By Catherine Yang A panel of three judges in the U.S. Court of Appeals for the D.C. Circuit will hear arguments regarding the gag order ...

RFK Jr. Combats ‘Censorship’ and ‘Misinformation’ With Alternative Campaign Strategy

By Jeff Louderback So-called censorship and misinformation, Robert F. Kennedy Jr. has said, are hurdles that he must overcome in his bid to become president. ...