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

Behind a $500 Million Donation to ‘Finish the Job on Coal’

By Kevin Stocklin Billionaire philanthropist and former New York Mayor Michael Bloomberg pledged $500 million in September toward shifting electricity production in the United States ...

Republican Presidential Candidates Appeal for Support at Florida Summit

By Janice Hisle and T.J. Muscaro KISSIMMEE, Fla.–The Florida Freedom Summit presented a chance for the state’s governor, Ron DeSantis, to shine. And he did. Former ...

Is Gavin Newsom Running a Shadow Presidential Campaign

By Nathan Worcester His vetoes, his foreign trips, his upcoming debate with Florida Gov. Ron DeSantis: It all adds up to something like a shadow presidential campaign ...

Speaker Johnson Floats Novel Idea for Avoiding Government Shutdown

By Lawrence Wilson House Speaker Mike Johnson (R-La.) floated the idea of a “laddered” continuing resolution (CR), a novel idea for avoiding a potential government ...

‘Historic Transition’ to EVs Hits a Roadblock: Buyers Don’t Seem to Want Them

By Kevin Stocklin As the Biden administration hails America’s “historic transition to electric vehicles” over the next decade, and carmakers pledge that they are revamping ...

2 Elections Groups Fight Out Voter Intimidation Charges in Court

By Dan M. Berger GAINESVILLE, Ga.—In the small town of Gainesville, just outside Atlanta, two powerful election advocacy groups are duking it out in court ...

Chinese Funds Moved Through Biden Family Accounts to Joe Biden, Bank Records and Documents Suggest

By Samantha Flom Bank records and other documents suggest that a $40,000 payment President Joe Biden received from his brother in 2017 may have originated ...

Biden’s Approval Ratings Tank Amid Hamas-Israel War

By The Epoch Times Staff The unexpected attack on Israel has sharply divided liberals in the United States. The ongoing Hamas-Israel conflict is causing a ...

House Passes $14.3 Billion Israel Aid Bill That Cuts IRS Funding

By Jackson Richman and Joseph Lord The House passed a bill on Nov. 2 to provide $14.3 billion in funding to Israel amid its conflict ...

Judge to Consider Delaying Trial in Trump Mar-a-Lago Case

By T.J. Muscaro and Catherine Yang FORT PIERCE, Fla.—U.S. District Judge Aileen Cannon heard arguments from special counsel Jack Smith’s office and attorneys for former ...

Maine Mass Shooter’s Family Contacted Law Enforcement Months Before Rampage: Sheriff’s Office

By Zachary Stieber Family members of Robert Card contacted local law enforcement about the man in the spring, months before he carried out a mass ...

FBI Director Warns Hamas Could Inspire Terrorist Attacks Inside US

By Jack Phillips FBI Director Christopher Wray on Tuesday told members of Congress that the Hamas–Israel war could spark attacks on targets within the United ...