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 Warns More Illegal Immigrants Will Cross Into US If Democrats Control Congress After November Midterms

By Frank Fang Former President Donald Trump rallied his Michigan supporters on Saturday, telling them that the border crisis would worsen if Democrats continue to control both ...

Major Scientific Publisher Retracting Over 500 Papers

By Zachary Stieber One of the world’s largest open-access journal publishers is retracting over 500 papers, based on the discovery of unethical actions. London-based Hindawi, which publishes over ...

FDA Withholding COVID-19 Vaccine Safety Data is Illegal: Lawmakers

By Zachary Stieber Rep. Gregory Steube (R-Fla.) and other U.S. lawmakers are asserting that the Food and Drug Administration’s (FDA) refusal to provide records to The ...

‘You Loot, We Shoot’: DeSantis Warns Criminals Not to Target Hurricane Victims

By Tom Ozimek Florida Gov. Ron DeSantis has warned opportunistic thieves not to target residents or ransack homes in the wake of Hurricane Ian, telling a press ...

Judge Throws Out Lawsuit by Stacey Abrams’s PAC Over 2018 Georgia Governor’s Election

By Caden Pearson A federal judge on Friday threw out a lawsuit filed by Stacey Abrams challenging Georgia’s election system after she lost the 2018 gubernatorial race to ...

Trump Factor May Decide Arizona US Senate Election

By Katie Spence With just over a month before the November elections, all eyes are turning to four key races that could decide U.S. Senate control in 2023. In Arizona, one ...

FBI Singles Out Conservative Agents in ‘Purge,’ Retaliates Against Whistleblowers: GOP Lawmakers

By Frank Fang House Judiciary Republicans are asking a senior FBI official to testify in a transcribed interview, alleging the official has signed off on ...

Biden Admin Quietly Makes Reversal on Student Loan Forgiveness Program, Scales Back Eligibility

By Katabella Roberts The Biden administration quietly issued an update to its student loan forgiveness plan on Thursday, drastically scaling back eligibility on the same day that six ...

Student Debt Cancellation to Cost $379 Billion, Education Department Estimates

By Mimi Nguyen Ly The U.S. Department of Education announced that it estimates the Biden administration’s program to cancel student debt to cost $379 billion, or about ...

Judge Orders FBI to Produce Information From Seth Rich’s Laptop

By Zachary Stieber The FBI must produce information from Seth Rich’s laptop computer to a Texas man, a federal judge ruled on Sept. 29. The bureau improperly withheld the ...

Senate Approves Continuing Resolution to Avoid Government Shutdown Till Mid-December

By Mark Tapscott Senate Democrats, joined by 22 Republicans, approved a Continuing Resolution (CR) Thursday afternoon that would keep the federal government from closing on Friday, ...

Durham Prosecutes FBI Informants, While Protecting Their Handlers

By Paul Sperry Since being named special counsel in October 2020, John Durham has investigated or indicted several unscrupulous anti-Trump informants. But he has spared ...