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

FBI’s Handling of Hunter Biden Laptop Scandal Reveals US ‘Has a Two-Tiered Justice System,’ Delaware State Rep Says

By Lily Sun and William Huang DEWEY BEACH, Del.—Computer repair store owner, John Paul Mac Isaac—who was caught up in the Hunter Biden laptop scandal—was unable to attend ...

Trump Urges Clean Sweep of Democrats in November Elections at Arizona Rally

By Allan Stein MESA, Ariz.—The hour is late and the choice for the United States is clear, former President Donald Trump told thousands of fired-up supporters during ...

Former Democrat Congresswoman Tulsi Gabbard Leaving Party

By Zachary Stieber Former Rep. Tulsi Gabbard (D-Hawaii) announced on Oct. 11 that she’s leaving the Democrat Party. In two videos, Gabbard said the move is driven in ...

Is Green Hydrogen America’s Next Big Renewable Energy Gamble?

By Autumn Spredemann As the strained U.S. electric grid labors under the soaring demand for renewable energy, green hydrogen is ramping up and has stepped into the ...

Plaintiffs to Seek Depositions of Top Biden Administration Officials in Big Tech Censorship Case

By Zachary Stieber Plaintiffs in a case charging that the Biden administration was deeply involved in censoring users across Big Tech platforms are preparing to ask a ...

Trump Says Republicans Should Clarify Their Support for Exceptions to Abortion Bans

By Naveen Athrappully Former President Donald Trump said Republicans need to do a better job of explaining their positions on abortion—with exceptions for rape, incest, and ...

New Rule Requires Firearms Dealers to Disclose Buyer Information to Government

By Naveen Athrappully A new policy was implemented last week by the FBI’s National Instant Criminal Background Check System (NICS), which seeks to collect the ...

‘DOJ Will Come After You’ If It Disagrees With Your Position, Says Subpoenaed Nonprofit

By Steve Lance and Naveen Athrappully The Department of Justice (DOJ) has issued a subpoena to Alabama-based conservative non-profit Eagle Forum for exercising its constitutionally ...

Sharp Rise in Marijuana-Related Psychosis: American Board of Pain Medicine President

By Masooma Haq and Cindy Drukier As drug legalization groups and the cannabis industry lobby to legalize cannabis across the United States, with initiatives to legalize marijuana on ...

National Guard Lost 7,500 Service Members in Past Year, Could Lose More Amid COVID-19 Vaccine Mandate: Service Officials

By Mimi Nguyen Ly The National Guard lost about 7,500 members over the past year, and membership could dwindle even more due to potential future discharges of ...

Universal Mail-In Voting Violates Delaware Constitution: Delaware Supreme Court

By Zachary Stieber Delaware’s new law that allows voting by mail regardless of reason violates the state Constitution, the Delaware Supreme Court ruled on Oct. ...

47 New Biden Administration Defendants Named in Government–Big Tech Censorship Lawsuit

By Zachary Stieber Nearly 50 new government defendants have been added to the lawsuit that alleges the government induced censorship of state officials and others on social ...