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

IRS Chief Reveals Hiring Plan for Armed Agents

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DeSantis Administration Vows to Fight Biden’s Pro-Trans Rule in Girls’ Sports

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US Lawmakers Invite South Korean President to Address Congress

By Lawrence Wilson Leaders from both houses of Congress have invited the president of South Korea to address a joint meeting of Congress, a move ...

Maryland AG’s Report Reveals Tragic Scope of Alleged Sex Abuse in Baltimore Archdiocese

By Masooma Haq Maryland Attorney General Anthony Brown has finally released a report detailing eight decades of alleged sexual abuse by more than 150 Catholic ...

Alan Dershowitz Issues Warning on Chances of a Trump Acquittal in Manhattan

By Jack Phillips Retired Harvard Law professor Alan Dershowitz warned Wednesday that former President Donald Trump may not get acquitted in New York City amidst ...

Rep. Jordan Subpoenas Former Manhattan Prosecutor Who Pushed for Trump Indictment

By Joseph Lord House Judiciary Chairman Jim Jordan (R-Ohio) has subpoenaed a former Manhattan prosecutor who pushed for an indictment against former President Donald Trump. ...

Robert F. Kennedy, Jr. Announces 2024 Presidential Bid

By Gary Bai and Jan Jekielek Robert F. Kennedy, Jr., best known for his positions on environmental law and vaccine safety, filed the paperwork to ...

Official Chinese Spy Balloon Narrative Comes Under Fire From GOP Lawmakers

By Jack Phillips A growing number of Republicans are calling on the federal government to provide more information about a Chinese balloon that traversed across ...

Legal Experts Break Down Flaws in Trump Indictment

By Gary Bai NEW YORK—Following the unsealing of the indictment against former President Donald Trump on Tuesday, legal experts say the charges laid out in ...

Pelosi’s Tweet Reveals the Real Intentions Behind Trump’s Indictment

By Rajan Laad The reaction to the unprecedented indictment of President Trump was predictable. Most of Trump adversaries responded with unrestrained jubilation. The former director of the ...

Trump Critics Worried About DA’s Charges: ‘Weaker Than I Thought’

By Jack Phillips Former White House adviser John Bolton said the charges against former President Donald Trump were “even weaker than I thought” during an ...

‘I Will Not Be Bullied,’ North Carolina Democrat Representative Switches to Republican

By Matt McGregor State Rep. Tricia Cotham, who won her district Mecklenburg district in the 2022 midterm election, has announced that she’s switching from the ...