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

Biden Administration Urges Court to Keep Trump Search Affidavit Sealed

By Zachary Stieber President Joe Biden’s administration on Aug. 15 urged a federal court to keep the affidavit that led to the approval of a ...

House Judiciary Republicans Tell Garland, Wray, Klain to Preserve Mar-a-Lago Raid Documents

By Mark Tapscott House Judiciary Committee Ranking Member Rep. Jim Jordan (R-Ohio) and 18 other Republican members of the panel instructed White House Chief of ...

Republicans Call for Release of Affidavit That Justified FBI Mar-a-Lago Raid

By Rita Li Republicans are calling for the release of an FBI affidavit that lays out in detail the legal justification for the search of former President ...

Trump Says FBI ‘Stole’ 3 of His Passports During Raid

By Jack Phillips Former President Donald Trump on Monday announced the FBI seized three of his passports in its raid of his Mar-a-Lago home last week. In a ...

It’s ‘Guaranteed’ Americans Earning Less Than $400,000 Will Be Hounded by IRS: Rep. Scalise

By Tom Ozimek Rep. Steve Scalise (R-La.) said that the Democrat spending bill that boosts IRS funding is “guaranteed” to squeeze more tax revenue from middle- and ...

Trump Lawyer Says Former President Unfazed by FBI Raid

By Jack Phillips A lawyer for former President Donald Trump said the ex-commander-in-chief is not fazed by the recent FBI raid on his Florida home. “He is a very resilient ...

Sen. Chuck Grassley: Senate Will Investigate FBI Trump Raid If GOP Takes Majority

By Jack Phillips Sen. Chuck Grassley (R-Iowa) said he intends to investigate the FBI’s raid of former President Donald Trump’s Mar-a-Lago resort if Republicans take back the ...

Rand Paul Says US Espionage Act Should Be Abolished After Trump Raid

By Jack Phillips Sen. Rand Paul (R-Ky.) called for a repeal of the 100-year-old Espionage Act after the FBI’s raid of former President Donald Trump’s home on Aug. 8. A ...

Trump Raid: Garland, Wray Must Testify Before Congress Over ‘Unbelievable’ Act, Says Jim Jordan

By Tom Ozimek Rep. Jim Jordan (R-Ohio) said the FBI search of former President Donald Trump’s Mar-a-Lago home was “unbelievable” and “unprecedented,” while demanding that ...

Democrats, FBI Colluding to Destroy Trump, Rep. Nehls Says

By Katie Spence Democrats have one priority, and it’s not the United States, Rep. Troy Nehls (R-Texas) says. Instead, Democrats want to destroy former President Donald ...

Rep. Marjorie Taylor Greene Files Articles of Impeachment Against Attorney General Merrick Garland

By Caden Pearson Rep. Marjorie Taylor Greene (R-Ga.) announced Friday that she filed articles of impeachment against U.S. Attorney General Merrick Garland, who said that he ...

How the FBI Undercounts Armed Citizen Responders to Mass Killers—and Media Play Along

By John R. Lott Jr. and Real Clear Investigations The shooting that killed three people and injured another at a Greenwood, Indiana, mall on July 17 drew ...