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

White House Responds After Biden Seems to Suggest Having Cancer

By Jack Phillips A White House official tried to clarify remarks from President Joe Biden on Wednesday where he appeared to say that he currently has cancer while commenting ...

Judge Grants Request for Discovery Phase in Social Media Collusion Lawsuit Against Biden Admin

By Katabella Roberts A federal court has granted a request by Missouri and Louisiana officials to obtain information and documents from top-ranking officials in the ...

Rep. Maxine Waters Paid Daughter $16,500 in Campaign Funds for Reelection Services in June

By Katabella Roberts The reelection campaign of Rep. Maxine Waters (D-Calif.) paid out over $16,000 to Waters’s daughter in the second quarter of 2022, adding to the more than $1.2 million the ...

Red States Top CNBC Ranking for ‘Business-Friendliness’

By Nicholas Dolinger A recent ranking of states according to “business friendliness” has deemed Republican-leaning “red states” as the highest in terms of favorability to free ...

Florida Supreme Court OKs DeSantis Request to Probe Immigration Offenses, Especially Child Endangerment

By Jannis Falkenstern PUNTA GORDA, Fla.—The Florida Supreme Court agreed to impanel a statewide grand jury in response to a petition filed by Gov. Ron ...

Doctor Who Performed 10-Year-Old Girl’s Abortion Takes Step Toward Suing Indiana Attorney General

By Zachary Stieber The doctor who recently performed an abortion for a 10-year-old girl alerted Indiana’s attorney general on July 19 that she may sue him for defamation. Dr. ...

Fauci Reveals Exactly When He’s Leaving the Federal Government

By Jack Phillips White House COVID-19 adviser Anthony Fauci revealed that after about five decades in the federal government, he’s planning on leaving his position by the end of ...

Nancy Pelosi Responds After Husband’s Recent Stock Purchases

By Jack Phillips House Speaker Nancy Pelosi’s (D-Calif.) office responded to criticism about her husband’s purchase of semiconductor stocks ahead of Congress’s vote targeting the industry. “The ...

Stefanik Criticizes Jan. 6 Committee for Keeping Pelosi ‘Off-Limits’ From Probe

By Frank Fang House GOP Conference Chairwoman Rep. Elise Stefanik (R-N.Y.) has called out Rep. Bennie Thompson (D-Miss.), chair of the Jan. 6 Committee, questioning ...

Biden Hits Back After Saudi Official Makes Claim on Meeting With Crown Prince

By Jack Phillips President Joe Biden early Sunday disputed a claim that he didn’t accuse Saudi Arabia’s Crown Prince Mohammed bin Salman of orchestrating the killing of Washington Post ...

Former Trump Adviser Peter Navarro Rejects DOJ Plea Offer

By Mimi Nguyen Ly Former White House trade adviser Peter Navarro has declined a plea offer to plead guilty to a contempt of Congress charge, the lead federal ...

Biden Was Fed Pills to Function During Campaign, Supervised by Dr. Jill; Before Dosing Biden Was ‘Like a Small Child’: Tucker Carlson Source

By Kristinn Taylor Joe Biden’s cognitive function was so far gone that he was fed pills by staff supervised by his wife Jill to be ...