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

DHS Announces $374.9 Million in Grant Funding for State, Local Cybersecurity

By Savannah Hulsey Pointer The Department of Homeland Security (DHS) announced the availability of $374.9 million in grant funding to boost state, and local cybersecurity, ...

‘Significant Constitutional Infirmities’ in Federal Indictment Against Trump: Law Professor

By Bill Pan and Jan Jekielek The federal indictment against former President Donald Trump over his disputing the result of the 2020 presidential election has ...

FBI Agent Lied Under Oath About Knowledge of Hunter Biden Laptop: Rep. Jordan

By Samantha Flom FBI Special Agent Elvis Chan made “false statements” under oath about the bureau’s investigation and suppression of Hunter Biden’s laptop, House Judiciary ...

Court Freezes Part of Biden’s Debt Relief for Defrauded Students

By Tom Ozimek In the latest challenge to President Joe Biden’s wide-ranging efforts to find ways to forgive student debt, a federal appeals court has ...

DOJ Responds to Trump’s Accusation of First Amendment Infringement

By Naveen Athrappully The Department of Justice (DOJ) said that former President Donald Trump intended to try the Jan. 6 indictment case in the media, ...

Judge Demands Special Counsel Explain Why He Used DC Grand Jury in Trump Documents Case

By Matthew Vadum Florida-based federal Judge Aileen Cannon asked the U.S. Department of Justice (DOJ) to justify its continuing use of a Washington grand jury ...

Trump Says Special Counsel’s Requested Gag Order Would Violate His Free Speech Rights

By Tom Ozimek Former President Donald Trump said Monday that he should not be subjected to a gag order requested by special counsel Jack Smith ...

More Biden Bank Records to Be Released This Week, Comer Says

By Samantha Flom More bank records pertaining to the House Oversight and Accountability Committee’s probe of the Biden family’s business dealings will be released this ...

‘An Omission Lie’: Jack Smith Can Be Indicted Under Terms of Trump Indictment, Says Dershowitz

By Naveen Athrappully Harvard Law School professor emeritus Alan Dershowitz says that special counsel Jack Smith, who recently indicted former President Donald Trump, could be ...

Yellow Files for Bankruptcy, Blames Union for Downfall

By Naveen Athrappully U.S. trucking firm Yellow Corp. filed for Chapter 11 bankruptcy protection on Sunday after the company buckled under pressure from a mounting ...

Trump Attorney Says Pence’s Testimony Could Prove Trump’s Innocence in Jan. 6 Case

By Tom Ozimek Former President Donald Trump’s attorney said Sunday that he welcomes former Vice President Mike Pence’s testimony and expects it could be key ...

‘I’m Being Indicted for You’: Trump at GOP Dinner in South Carolina

By Mimi Nguyen Ly Former President Donald Trump shared with Republicans at a fundraising event in South Carolina late on Aug. 5 his thoughts on ...