Economy - USNN World News

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

Economy

Rep. Gohmert compares GOP and Democrat coronavirus stimulus proposals

by USNN World NewsJuly 28, 2020July 28, 2020

NATIONAL NEWS

Ex-FBI Boss Says FBI Trump Search Warrant Could Be ‘Suppressed’

By Jack Phillips A former top FBI official said the warrant used to search former President Donald Trump’s Mar-a-Lago residence may be thrown out due to its scope. On ...

Judge Orders Fauci, Other Top Officials to Produce Records for Big Tech–Government Censorship Lawsuit

By Zachary Stieber Dr. Anthony Fauci, White House press secretary Karine Jean-Pierre, and other top Biden administration officials who were resisting efforts to obtain their communications ...

Pro-Trump Candidate Wins Massachusetts Republican Gubernatorial Primary

By Ivan Pentchoukov Geoff Diehl, a pro-Trump and pro-life Republican, won the Massachusetts GOP gubernatorial primary on Sept. 6. Diehl, a former state representative, defeated Chris Doughty, a businessman ...

Former Greenpeace Founder Patrick Moore Debunks the False Narratives of Climate Change

By Lee Young-Jeong Patrick Moore, one of the founders of Greenpeace said in an email obtained by The Epoch Times that his reasons for leaving Greenpeace were ...

FBI Stole Donald Trump’s Medical Records, Tax Docs from Mar-a-Lago

By M. Dowling Federal Judge Aileen M. Cannon revealed Monday that former President Trump’s medical records and documents related to his accounting information and taxes were seized ...

Judge Grants Trump Motion for Special Master to Review Records Seized by FBI

By Zachary Stieber A U.S. judge on Sept. 5 agreed to insert a special master into the review process for records seized from former President Donald ...

Federal Investigators Exposed to Potentially Privileged Trump Information May Still Be Working on Case

By Zachary Stieber Federal agents who are investigating former President Donald Trump may still be working on the case despite being exposed to potentially privileged information, according ...

California Extends ‘Flex Alert,’ Warns Drivers Not to Charge Electric Cars

By Jack Phillips Authorities in California extended a “Flex Alert” telling residents to conserve energy, including not charging their electric vehicles, on Sunday afternoon and evening. The alert ...

Heritage Foundation’s Oversight Project Files FOIA Lawsuit for Key DOJ, NARA Documents

By Mark Tapscott Attorneys representing the Heritage Foundation’s Oversight Project are suing the Department of Justice (DOJ) and the National Archives and Records Administration (NARA) for refusing ...

Republican Lawmakers Vow to Impeach Biden If GOP Retakes House

By Eva Fu With Republicans bullish about their chances of controlling the House after November’s midterms, some GOP lawmakers are already eyeing to make inroads ...

Trump Claims FBI Searched Teenage Son Barron’s Room

By Jack Phillips Former President Donald Trump on Saturday revealed that the FBI searched his 16-year-old son Barron’s room during the raid on Mar-a-Lago last month. FBI agents “rifled through” ...

US Maintains Trump-Era China Tariffs, While Review Continues

By Alex Wu The U.S. government said that it will continue to impose tariffs on hundreds of billions of dollars worth of Chinese goods on ...