Economy - USNN World News

Economy

GOP senators pitch extending extra unemployment aid through end of year

by USNN World NewsAugust 6, 2020August 6, 2020

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

NATIONAL NEWS

US Judge Orders Former Fox News Reporter to Reveal Sources for Story Involving FBI

By Zachary Stieber A federal judge has ordered a reporter to disclose her sources for an investigative series on an FBI investigation into a Chinese ...

States Stop Credit Card Companies From Tracking Gun Purchases, It May Not Last

By Patricia Tolson Credit card companies were preparing to track the purchase of firearms and ammunition of every American citizen. While a flurry of bills ...

Trump Indictment Criminalizes Legal Counsel: Former Prosecutor

By Petr Svab The indictment of former President Donald Trump for his trying to reverse the results of the 2020 election stretches the law to ...

Ex-Capitol Police Chief Calls Jan. 6 Events ‘Cover Up’ in Buried Tucker Carlson Interview

By Tom Ozimek As former president Donald Trump arrived in Washington on Thursday to face an indictment on charges related to the Jan. 6 Capitol ...

US Labor Market Continues to Slow as Economy Adds 187,000 New Jobs

By Andrew Moran The U.S. economy added 187,000 new jobs in July, according to the Bureau of Labor Statistics (BLS), falling short of the consensus estimate ...

‘Election Interference at Its Finest’: Trump Attorney Addresses Arraignment in Front of Courthouse

By Katabella Roberts Alina Habba, one of the attorneys defending Donald Trump, has branded the latest indictment against the former president “election interference at its ...

Florida CFO Says State ‘Thriving’ With Earnings of $1.1 Billion Despite Abandoning BlackRock

By T. J. Muscaro The asset management giant BlackRock continues to face growing scrutiny for investment decisions that have been criticized for pushing Environmental Social ...

Trump’s Belief in Election Claims Defends Him Against Criminal Charges, Says Attorney

By Jan Jekielek, Cathy He and Ross Muscato The latest criminal charges against former President Donald Trump will give him an unprecedented opportunity to expose ...

Vast Majority of Cars Cost More to Charge Than Fill Up With Gas: Study

By Tom Ozimek Most electric cars, crossovers, and trucks cost more to charge than their gasoline-powered counterparts, according to a new study that highlights the ...

Trump Pleads Not Guilty to Charges in 2020 Election Case

By Janice Hisle WASHINGTON—Former President Trump has pleaded not guilty to a third set of criminal charges. Wearing his trademark blue suit, white shirt, and red ...

‘Abuse of Soft Power’: Hunter Biden Associate Tells Tucker Carlson of Hearing Vice President on Speaker Phone

By Catherine Yang Everyone in Washington understands that advisory and consulting positions generally mean selling access, Devon Archer told Tucker Carlson in the latest episode ...

Devon Archer Testimony Lays Roadmap for Further Probes Into Biden Family: Rep. Comer

By Tom Ozimek Rep. James Comer (R-Ky.) said that congressional testimony by former Hunter Biden business partner Devon Archer provides a roadmap for the next ...