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

Tulsi Gabbard to Stump for Kari Lake and Blake Masters but Remain Independent

By Hannah Ng Former Rep. Tulsi Gabbard, who made headlines last week with the announcement of leaving the Democratic Party, will campaign for two other Republicans ...

DOJ Is Hiding How It’s Complying with Biden’s Voter Registration Drive, Rep. Norman Says

By Frank Fang and Eva Fu Rep. Ralph Norman (R-S.C.) is demanding answers from the Department of Justice (DOJ) after the agency refused to release all documents ...

Special Counsel Durham Takes Aim at FBI in Closing Arguments in Danchenko Trial

By John Haughey and Zachary Stieber ALEXANDRIA, Va.—FBI agents investigating the anti-Donald Trump dossier authored by former British intelligence officer Christopher Steele should have done a ...

New England Is Facing Blackouts This Winter: Grid Operator

By Jack Phillips A major New England grid operator said it is preparing for a possible strain on the grid amid a surge in demand for natural ...

New Subpoena Targeting Trump Is Suspiciously Timed Just Ahead of Midterm Elections: Expert

By Michael Washburn News Analysis The Oct. 13 vote by the House Jan. 6 Committee to subpoena former President Donald Trump is a political ploy intended to help ...

Whistleblowers Reveal FBI Has ‘Voluminous Evidence’ of Potential Hunter Biden Criminal Conduct: Senator

By Zachary Stieber FBI whistleblowers have revealed that the bureau has “voluminous evidence” of potential criminal conduct by President Joe Biden’s son, according to a ...

Trump Endorses Rep. Zeldin for NY Governor, Calls on New Yorkers to Vote Republican in November

By Frank Fang Former President Donald Trump has announced his endorsement of Rep. Lee Zeldin in the race for governor of New York, telling voters that the Long Island ...

Republicans Sue Pennsylvania Officials Who Said They’ll Accept Mail-In Ballots Without Dates

By Zachary Stieber Republicans have sued Pennsylvania officials after the state’s top elections official said mail-in ballots without dates will be accepted, in contravention to state law. A group of ...

Will James Comey and Robert Mueller Be Prosecuted for Lies John Durham Uncovered

By Hans Mahncke News Analysis While special counsel John Durham’s prosecution of Steele dossier source Igor Danchenko appears to be headed toward acquittal, Durham has used ...

Armed and Beltway-ish: More Federal Bureaucrats Than US Marines Authorized to Pack Heat

By Mark Hemmingway and Real Clear Investigations When Congress authorized $80 billion this year to beef up Internal Revenue Service enforcement and staffing, Republican House Minority Leader ...

Ex-FBI Agent Uses ‘Baseless Assertion’ to Reject Testimony Request: House Republicans

By Frank Fang Former FBI agent Timothy Thibault has refused to cooperate with a Republican House probe into allegations of abuse and misconduct within his ...

Protesters Shout Down Rep. Ocasio-Cortez During Town Hall Over Ukraine Aid

By Venus Upadhayaya Rep. Alexandria Ocasio-Cortez (D-N.Y.) was shouted down by a pair of protesters during town hall on Oct. 12 for her endorsement of military aid ...