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

Kari Lake Says Katie Hobbs Created ‘Major Ethical Problem’ by Not Recusing Herself

By Jack Phillips Arizona Republican candidate Kari Lake said her Democrat opponent, Secretary of State Katie Hobbs, created a “major ethical problem” for not recusing herself as she ...

Top House Republican on Midterm Losses: Trump ‘Wasn’t on the Ballot’

By Jack Phillips Rep. Jim Banks (R-Ind.) said that Republicans’ 2022 midterm losses were not because of former President Donald Trump because he “wasn’t on the ballot.” “Donald ...

GOP Takes Key District From Democrats in Blue State as House Control Undecided

By Jack Phillips Republicans on Sunday flipped an Oregon congressional district, giving the GOP another seat as control of the House is still up for grabs. GOP candidate Lori ...

GOP Senator Says ‘Old’ Republican Party Is ‘Dead,’ Calls for Major Changes

By Jack Phillips Republicans need to “build something new” after failing to retake the Senate majority following the 2022 midterm elections, a GOP senator said. Democrats picked up ...

Gingrich: GOP Got Nearly 6 Million More Votes but Lost Many Races, ‘What’s Going On?’

By Eva Fu Former House Speaker Newt Gingrich has been in politics for decades, and never has an election bewildered him as much as the 2022 midterms. “I’ve ...

Trump Alleges Voter Fraud In Arizona Senate Race, Demands Do-Over

By Tom Ozimek Former President Donald Trump has alleged voter fraud in Arizona’s Senate race and demanded a do-over after The Associated Press and other media outlets called ...

Republican Joe Lombardo Wins Nevada Governor Race, Defeats Democrat Steve Sisolak

By Mimi Nguyen Ly Nevada Republican gubernatorial candidate, Clark County Sheriff Joe Lombardo, has won the midterm elections, ousting incumbent Gov. Steve Sisolak, a Democrat. The projection of Lombardo’s ...

Democrats One Seat Away From Senate Control After Kelly Defeats Masters in Arizona

By Mimi Nguyen Ly Democrats are one seat away from retaining control of the U.S. Senate after incumbent Sen. Mark Kelly (D-Ariz.) defeated Republican challenger Blake ...

Trump Wants Everyone to Know That He’s ‘Of Course’ Running for President: Adviser

By Jack Phillips One of former President Donald Trump’s advisers said the 45th president will “of course” announce that he is running for president next week ...

Trump Targets Fox News Parent Corp, Paul Ryan Following Midterm Elections

By Jack Phillips Former President Donald Trump criticized Fox News parent News Corp after several negative articles were published after the Tuesday midterms. A News Corp-owned publication, the Wall ...

Revisiting President Ronald Reagan’s Veterans Day Remarks

By USNN World News Corporation and NH Politician PRESIDENT REAGAN: Secretary Weinberger, Harry Walters, Robert Medairos, reverend clergy, ladies and gentlemen, a few moments ago ...

Cameras Go Dark at Vote Counting Facility in Key Nevada County

By Zachary Stieber Cameras at the vote counting facility in a Nevada county still counting midterm election votes stopped broadcasting overnight, officials said on Nov. 10. The livestream ...