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

Investigation Underway After Second Newborn’s Body Discovered at Massachusetts Recycling Center

By Caden Pearson Massachusetts State Police say the body of a newborn infant was found on Thursday at a Rochester recycling center. The incident, marking the ...

Veterans Flock to See Trump in NH, Agree GOP Leadership Failing Party

By Alice Giordano CLAREMONT, N.H.—Former U.S. president and 2024 presidential candidate Donald Trump earned new key endorsements at a packed New Hampshire rally on Nov. ...

Election Offices Across US Get Voter Envelopes Laced With Fentanyl: Officials

By Jack Phillips Suspicious letters have been reported at election offices in multiple states this week, and officials said that fentanyl was found in several ...

US Military Aircraft Crashes Over Eastern Mediterranean, 5 Crew Members Killed

By Melanie Sun Five U.S. servicemen were killed when a military aircraft crashed over the eastern Mediterranean Sea during a training mission, U.S. European Command ...

Speaker Mike Johnson Unveils Plan to Avert Government Shutdown

By Tom Ozimek House Speaker Mike Johnson (R-La.) has unveiled a unique “laddered” stopgap funding plan to avert the looming government shutdown. Mr. Johnson’s proposed measure is in ...

Trump Asks Court to Televise Federal Trial

By Zachary Stieber Former President Donald Trump wants his upcoming federal trial televised, siding with media outlets. The U.S. Department of Justice (DOJ) opposes the effort. Lawyers ...

Trump Fraud Trial Heralds ‘Selective Prosecution,’ Not Anti-Business Crackdown, Experts Say

By Michael Washburn When New York Attorney General Letitia James’s civil fraud proceedings against former president and 2024 candidate Donald J. Trump resume on Monday, ...

NH Secretary of State Due to Announce Date for New Hampshire Primary

By Alice Giordano The New Hampshire secretary of state will announce the new date of the state’s presidential primary in four days at an upcoming ...

50 Percent of Countries Pose Heightened Risk for Americans

By Jack Phillips The U.S. State Department on Thursday issued another “worldwide caution” alert for American citizens as about 50 percent of countries worldwide are ...

Republicans Grapple With Funding Bill Plan Amid Looming Shutdown

By Savannah Hulsey Pointer and Joseph Lord Congress is once again debating a continuing resolution (CR), an interim measure designed to sustain government operations until ...

EVs Driven Far Less Than Gas-Powered Cars, Suggesting Overhyped Benefits of EV Push

By Tom Ozimek A new study shows that electric vehicles (EV) are being driven much less than than their gas-powered counterparts, suggesting that the claimed ...

Hunter Biden’s Art Dealer Subpoenaed as Investigation Widens

By Zachary Stieber The House of Representatives issued fresh subpoenas on Nov. 9 as it widens its probe of the finances of President Joe Biden ...