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

Florida Supreme Court Upholds State Law Banning Local Governments From Restricting Gun Sales

By Katabella Roberts The Florida Supreme Court on Jan. 19 upheld a state law banning local governments from implementing restrictions on the sale of guns and ammunition. Under Florida law passed ...

Biden Says ‘No Regrets’ Over Decision Not to Tell Public About Classified Documents

By Katabella Roberts President Biden has said he has “no regrets” about his decision not to inform the general public about the discovery of classified documents at ...

Election Integrity Watchdog Finds California Lost 10.9 Million Mail-In Ballots in 2022 Midterms

By Rita Li An election integrity group said 10.9 million out of a total 22.1 million ballots that had been mailed out to registered voters during ...

Trump Announces ‘Big Political Speech’

By Jack Phillips Former President Donald Trump said he’s planning a “big political speech” on Thursday in a sign that he is ramping up his 2024 campaign. In ...

US Reaches Debt Ceiling, Forcing Treasury Into ‘Extraordinary Measures’

By Ingolfur Stefansson The United States has officially reached its statutory debt limit (pdf) of $31.381 trillion on Jan. 19 as was predicted by Treasury Secretary Janet ...

Biden Says Americans Would ‘Need Some F-15s’ to Fight Government

By Katabella Roberts President Joe Biden said on Monday that AR-15 rifles wouldn’t help Americans in an armed conflict with the federal government. Biden made the comments during the ...

McConnell Calls on DOJ to Treat Trump and Biden Documents ‘Exactly the Same Way’

By Dorothy Li Senate Minority Leader Mitch McConnell (R-Ky.) on Jan. 17 said the special counsel appointed by the Department of Justice (DOJ) ought to treat President ...

Wyoming Lawmakers Propose Bill to Phase Out EVs by 2035

By Bill Pan A group of six Republican lawmakers in Wyoming are proposing to phase out the sale of new electric vehicles in the state by 2035 ...

New Hampshire Democrats Warn Biden 2024 Primary Changes Would ‘Wreak Havoc’

By Jack Phillips President Joe Biden was warned by New Hampshire Democrats not to replace the state as the first presidential primary, arguing that a recently proposed primary lineup ...

Reps. Marjorie Taylor Greene, Paul Gosar Back on Committee Assignments After Being Stripped of Them in Previous Congress

By Mimi Nguyen Ly Two Republican House lawmakers landed committee assignments after having been stripped of them in the previous Democrat-controlled Congress on separate occasions in ...

Pay per Mile: States Move Toward User-Based Road Tax

By Beth Brelje With each gallon of gas pumped in the United States since 1932, drivers have been paying taxes. The revenue is used for ...

The Need for COVID Reparations

By Adam Coleman Commentary I’m no different from many Americans who still possess anger at how people were mistreated for questioning narratives, forced into struggling economic ...