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

Black National Anthem at Super Bowl Stirs Controversy

By Tom Ozimek The NFL’s pre-Super Bowl festivities over the weekend included a performance of a song known colloquially as the “Black National Anthem,” stirring controversy ...

Missouri AG Investigates Allegations That Hundreds of Children Were Harmed at Transgender Clinic

By Janice Hisle Missouri’s attorney general says his office and two other agencies are investigating a St. Louis transgender clinic for allegedly “harming hundreds of children.” The investigation ...

State Supreme Court Blocks Mother From Vaccinating Children Against COVID-19

By Zachary Stieber The Rhode Island Supreme Court has temporarily blocked a mother from getting her children vaccinated against COVID-19. A trial court in January rejected arguments from ...

DeSantis Wins Control of Disney’s Special Self-Governing District: ‘New Era of Accountability’

By Tom Ozimek Florida lawmakers have passed a bill giving control of Disney’s special tax district in central Florida to a Senate-approved board, handing a ...

Trump Lays Out Vision for America’s Energy Policy If Elected President

By Tom Ozimek Former President Donald Trump has released a campaign video in which he outlined his vision for domestic energy production while drawing a contrast with ...

8 Arrested in $1 Million Retail Theft Scheme Targeting Apple Stores in California

By Jamie Joseph Eight suspects have been arrested for allegedly stealing about $1 million worth of merchandise primarily from Apple stores, state Attorney General Rob ...

US Shoots Down ‘High-Altitude Object’ Over Alaska: White House

By Andrew Thornebrooke The United States shot down an unknown flying object off the coast of Alaska on Feb. 10, according to National Security Council Coordinator for ...

Department of Energy Announces $2 Billion Loan to Electric Vehicle Battery Component Maker

By Samantha Flom Redwood Materials, a Nevada-based battery recycling startup, has secured a $2 billion conditional loan commitment from the Department of Energy to ramp ...

US Launches Test Nuclear-Capable Missile Into Pacific Ocean Amid Heightened China Tensions

By Jack Phillips The U.S. Air Force confirmed it launched an unarmed Minuteman III intercontinental ballistic missile from a California base into the Pacific Ocean ...

Whistleblower Tells Congress FBI Leadership Is ‘Rotted at Its Core’

By Joseph Lord House Republicans on Feb. 9 opened their first hearing of the House Select Subcommittee on the Weaponization of the Federal Government. The committee is ...

South Dakota House Passes Bill to Ban Absentee Ballot Drop Boxes in Elections

By Caden Pearson The South Dakota House of Representatives has passed a bill proposing to make the use of drop boxes for absentee ballots illegal in all ...

American Taxpayers Will ‘Fund Lucrative Tax Credits’ Worth $136 Billion For Biden’s Electric Car Agenda

By Naveen Athrappully The Biden administration’s tax credits for electric vehicles (EV) could end up costing taxpayers four times more than earlier estimates, with multiple ...