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

Trump Hit With 3 More Charges in Documents Case, 3rd Defendant Added

By Janice Hisle The U.S. Department of Justice (DOJ) has issued an updated indictment, adding new charges and a third defendant to the classified documents ...

Republicans, Democrats React to New Charges Against Trump in Documents Case

By Frank Fang The Department of Justice came under fire from Republican lawmakers following new charges against former President Donald Trump in the classified documents ...

SEC Will No Longer Allow Companies to Delay Reporting of Hacking Attempts and Data Breaches

By Naveen Athrappully The U.S. Securities and Exchange Commission (SEC) adopted new rules on Wednesday that will require companies to report incidents related to cybersecurity ...

‘Questionable Political Prosecutions’: House Republicans Ask Garland to Release Jack Smith Conflict-of-Interest Documents

By Catherine Yang Republican members of Congress have sent a letter asking Attorney General Merrick Garland to release the conflict-of-interest review of special counsel Jack ...

Supreme Court Issues Order Allowing Work to Resume on West Virginia Gas Pipe

By Jack Phillips The U.S. Supreme Court on Thursday allowed Equitrans Midstream Corp. to resume the building of the Mountain Valley Pipeline, granting what some ...

RFK Jr. Refuses to Weigh in on Biden’s Fitness, Says Russia ‘Will Not Lose the War’ in Town Hall

By Jeff Louderback During a town hall with Sean Hannity on July 25, a montage of President Joe Biden’s gaffes appeared on a big screen. ...

Trump Campaign Leads Biden’s in Small-Dollar Donations Amid 2024 Race

By Naveen Athrappully Donald Trump is leading President Joe Biden when it comes to funds raised through small-dollar donations, suggesting that the GOP candidate has ...

Exploding E-Bikes: Lithium Battery Fires Spread in New York and California

By Naveen Athrappully Lithium-ion batteries have sparked hundreds of fires across New York and San Francisco this year, injuring dozens and resulting in the death ...

White House Reacts to Hunter Biden Plea Deal Unraveling

By Tom Ozimek and The Epoch Times Staff After a surprise development in a Delaware court Wednesday in which President Joe Biden’s son, Hunter Biden, ...

Hunter Biden Pleads Not Guilty After Plea Agreement Falls Apart

By Tom Ozimek Hunter Biden, the son of President Joe Biden, pleaded not guilty on July 26 to federal tax and gun charges after the ...

Investigators Pore Over Evidence From the Home of Alleged Gilgo Beach Serial Killer as Search Ends

By The Associated Press NEW YORK—An intense police search of the Long Island home of Rex Heuermann is now complete, authorities said Tuesday as they ...

Jordan Tells Mayorkas to Come Prepared Ahead of Congressional Testimony

By Joseph Lord House Judiciary Committee Chairman Jim Jordan (R-Ohio) told Department of Homeland Security (DHS) Secretary Alejandro Mayorkas to come to Congress prepared with ...