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

RFK Jr. Announces Independent Run for President, Switching From Democratic Party

By Jeff Louderback PHILADELPHIA—Citing his belief in a path to victory and moved by his claim that the Democratic National Committee (DNC) is “rigging” the ...

2024 Election to Be Most Expensive With Super PACs, Dark Money, and ‘Trump Factor’

By Patricia Tolson In a little over one year, the 2024 presidential election cycle will come to an end. In the meantime, some experts predict ...

Judge Hands Trump a Win in DC Election Case

By Jack Phillips A federal judge in Washington partially granted a request by former President Donald Trump’s attorneys to allow for extra time to file ...

Maine Secretary of State Fights to Preserve Restrictions, Penalties for Publicizing Errors on Voter Rolls

By Steven Kovac The Public Interest Legal Foundation (PILF) wants to know if some people are registered to vote in the state of Maine and ...

California Governor Signs Bill Banning Hand Counting of Ballots in Most Elections

By Zachary Stieber California Gov. Gavin Newsom signed legislation on Oct. 4 that bans hand counts in nearly all elections in California, drawing opposition from ...

Blue States Turn On Biden Over Border Crisis

By Emel Akan WASHINGTON—President Joe Biden is facing significant backlash from Democratic elected leaders, particularly in northern U.S. cities that are struggling to deal with ...

A Taxiing Airplane Collides With a Chicago Airport Shuttle, Injuring 2 People

By The Associated Press CHICAGO—Two people were injured at Chicago’s O’Hare International Airport Friday evening during an accident on the ground involving an airplane preparing ...

Trump Endorses Jim Jordan for House Speaker

By Mimi Nguyen Ly Former President Donald Trump has endorsed Rep. Jim Jordan (R-Ohio) for the next speaker of the House when lawmakers return to ...

Iowa Democrats Plan to Delay Caucus Results Until Super Tuesday in ‘Compromise’ With DNC

By Samantha Flom Iowa Democrats have proposed a plan to cast aside the state’s historic tradition of voting for their preferred presidential nominee via caucus ...

Appeals Court Rules for Trump Amid NY Fraud Trial

By Catherine Yang After a hearing on Friday, an appeals court granted a stay, or pause, on a judge’s order that Former President Donald Trump’s ...

RFK Jr. Speaks to Restoring Critical Thinking, Finding Common Ground During Mississippi Visit

By Matt McGregor JACKSON, Miss.—At the Mississippi Civil Rights Museum on Oct. 2, Robert F. Kennedy Jr. spoke of the nation’s old wounds—and new—while addressing ...

Trump Responds to Biden Administration’s Move to Build Border Wall

By Catherine Yang Former President Donald Trump had made building a wall at the southern border a hallmark of his first campaign and presidency, and ...