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

Several Senior Democrats Call for Biden to Drop out of 2024 Presidential Race

By Thomas Manning A growing number of prominent Democrats are calling on President Joe Biden to drop out of the 2024 race amid an ongoing ...

Upstart Republican Beats Establishment Democrat in New Hampshire Election

By Tom Ozimek A Republican candidate has beaten his Democrat rival for mayor of New Hampshire’s biggest city, Manchester, despite the odds stacked against the ...

Republicans Subpoena President Biden’s Son, Brother

By Zachary Stieber Republicans investigating President Joe Biden and his family’s business dealings issued subpoenas on Nov. 8 for the president’s son and brother. Rep. James Comer ...

Hunter Biden Prosecutor Tells Congress He Asked for Special Status, Was Denied

By Zachary Stieber and Joseph Lord WASHINGTON—Special counsel David Weiss says he asked the U.S. Department of Justice for an elevated position while investigating President ...

Republican Mississippi Gov. Tate Reeves Wins Reelection Over Challenger Brandon Presley

By Lawrence Wilson JACKSON, Miss.—Republican Gov. Tate Reeves of Mississippi has been reelected, fending off a strong challenge from Democrat Brandon Presley to continue the ...

Federal Government and Universities Censored Americans Pre-2020 Election

By Katabella Roberts The U.S. government “coordinated” with Stanford University and other entities to censor Americans’ speech in the lead-up to the 2020 election, according ...

Biden Family Faces ‘Two Dozen’ Subpoenas In ‘Very Near Future’: Rep. Comer

By Tom Ozimek House Oversight Committee Chairman James Comer (R-Ky.) has revealed plans to issue around two dozen subpoenas to members of President Joe Biden’s ...

How the US Spent $4.1 Billion on Global LGBT Initiatives

By Jackson Elliott During the past three fiscal years, $4.1 billion in federal money from taxpayers has flowed to LGBT initiatives in the United States ...

Here’s How Many US Military Troops Have Recently Been Sent to the Middle East

By Jack Phillips The United States has sent or redirected much more than 15,000 military personnel to the Middle East since the Israel–Hamas conflict began ...

Trump Testifies About Properties, Net Worth, Tells AG ‘You Have No Case’

By Catherine Yang and Michael Washburn NEW YORK—Former President Donald Trump will testify today as the defendant in a civil fraud petition brought by New ...

Trump Gag Order Is ‘Unconstitutional’ and ‘Dangerous,’ Says Prominent Law Professor

By Tom Ozimek Prominent legal scholar Prof. Jonathan Turley at George Washington University said on Friday that the gag order imposed on former President Donald ...

Jack Smith Could Be Shaky Ground in Trump Charge: Analysts

By Jack Phillips Two analysts have noted that special counsel Jack Smith might be on shaky legal ground in his federal election-related case against former ...