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

Trump Officially Responds to House Jan. 6 Committee’s Vote to Subpoena Him

By Jack Phillips Former President Donald Trump on Friday responded to the House Jan. 6 panel’s vote to subpoena him with less than a month to go ...

Another Dossier Source Viewed Clinton Favorably and Other Key Moments From Day 3 of Danchenko’s Trial

By John Haughey and Zachary Stieber ALEXANDRIA, Va.—Key moments in the third day of the trial of Igor Danchenko, a key source for the anti-Donald Trump ...

More National Security Threats Come From Domestic Left-Wing Extremists: Experts

By Scott Wheeler News Analysis National security analysts, scholars, and a federal indictment reveal that threats from left-wing extremist groups in the United States are more dangerous ...

New York Republicans Ask DOJ to Investigate State AG Over Nikki Haley Donors List Leak

By Rita Li A group of New York Republicans is pressing the Department of Justice to investigate state Attorney General Letitia James, whom former South ...

Judge Rules Federal Ban on Guns With Removed Serial Numbers Is Unconstitutional

By Mimi Nguyen Ly A judge has ruled that a federal law banning guns that have had their serial numbers removed is unconstitutional. The law at issue ...

Clinton Associate Testifies He Lied About Claim That Made Its Way Into Dossier

By John Haughey and Zachary Stieber ALEXANDRIA, Va.—A longtime associate of the Clinton family admitted under oath on Oct. 13 that he lied when he ...

Biden Says Late Son Beau ‘Lost His Life in Iraq’ During Monument Ceremony in Colorado

By Dorothy Li President Joe Biden said his late son Beau Biden “lost his life in Iraq” during a speech in Colorado, where he designated ...

FBI Agents Involved in Facebook’s Suppression of Hunter Biden Laptop Story Were Democrat Donors: Records

By Mimi Nguyen Ly Two FBI agents whose communications with Meta resulted in the social media company’s suppression of the Hunter Biden laptop story were donors of the Democrat ...

Newt Gingrich: Tulsi Gabbard’s Departure Is Bad News for Democrats

By Jack Phillips Former Republican Speaker of the House Newt Gingrich suggested that Tulsi Gabbard’s announcement that she’s leaving the Democratic Party is a sign that more will ...

Tulsi Gabbard to Stump for GOP Candidate a Day After Leaving Democratic Party

By Jack Phillips Former 2020 presidential candidate Tulsi Gabbard, who left the Democratic Party this week, will campaign for a Republican Senate candidate ahead of the 2022 midterms. Retired ...

Igor Danchenko Had an Immunity Agreement and Other Takeaways From Day 1 of His Trial

By John Haughey and Zachary Stieber ALEXANDRIA, Va.—The primary source for the anti-Donald Trump dossier struck an immunity agreement with the government that he breached ...

30,000 Noncitizens in Colorado Receive Voter Registration Notices

By Rita Li Roughly 30,000 noncitizens in Colorado received postcards prompting them to register to vote late last month. The state’s secretary of state office put it down ...