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

Credit Card Giants to Categorize Gun-Related Sales Separately, NRA Condemns ‘Erosion of Rights’

By Bill Pan Visa announced Saturday that it is ready to join other major credit card companies to tag firearms-related purchases, a move that Second Amendment advocates ...

Republican PAC That Backs Sununu Targets New Hampshire Republicans

By Alice Giordano A mass campaign mailer attacking anti-establishment Republican candidates running in New Hampshire’s upcoming primaries was sent out by a political action committee formed ...

Trump Attorney Accuses DOJ of Cover-Up After FBI Raid

By Jack Phillips A lawyer for former President Donald Trump criticized the Department of Justice (DOJ) for the FBI raid on the 45th president’s Mar-a-Lago residence and said ...

Life for Border Ranchers: Assaulted, Dogs Beaten, Fences Destroyed, Dead Bodies

By Charlotte Cuthbertson EAGLE PASS, Texas—Ranchers along the south Texas border are having their livelihoods crushed by the volume of illegal aliens trampling through their ...

DoD Watchdog to Investigate Potentially Dangerous Afghans Allowed Into US Despite Being on Watchlist

By Naveen Athrappully The Department of Defense (DoD) Office of Inspector General (OIG) is all set to investigate whistleblower allegations that hundreds of Afghan refugees ...

Lawmakers Ask for Probe of Airlines’ Use of COVID-19 Funds

By Joseph Lord Lawmakers in Congress are asking for a probe into the ways that airlines used COVID-19 relief funding amid an industry-wide pilot shortage. Over the course ...

US Corporate Bankruptcies Are Creeping Up: S&P Global Data

By Andrew Moran U.S. corporate bankruptcy filings rose in August, according to new data from S&P Global Market Intelligence. The S&P Bankruptcy Tracker found that there were 38 filings last ...

House Republicans Demand Investigation Over DHS Money Being Used to Buy Chinese Solar Panels Made With Forced Labor

By Frank Fang Eighteen Republicans on the House Oversight Committee are demanding the Department of Homeland Security (DHS) conduct an “immediate investigation” on possible federal ...

Trump Pans DOJ for Appealing Special Master Ruling in FBI Raid Document Case

By Rita Li Former President Donald Trump on Thursday again slammed the ongoing investigation on records that federal agents seized from his Mar-a-Lago home last month, calling ...

DOJ Urges Court to Partially Halt Order for Trump Special Master

By Zachary Stieber The U.S. Department of Justice (DOJ) on Sept. 8 urged a federal judge to stay part of her recent special master order, ...

Expert Warns US Descending Into ‘Anarchy’ Amid Heightened Distrust of DOJ, Law Enforcement

By John Ransom A legal expert has warned that the country risks descending into “anarchy” amid escalating criticism of federal law enforcement bodies in the ...

Energy Transition a ‘Dangerous Delusion’: Report

By Nathan Worcester An Aug. 30 report argues that the idea of totally transitioning from fossil fuels is a “dangerous delusion.” “The lessons of the recent decade make ...