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

Conservatives in Nine States Calling for Closed Primaries by 2024

By John Haughey Conservative leaders in Georgia and Ohio are spearheading calls for Republicans to close their state primaries and allow only voters registered with their parties to participate ...

Biden’s Fiery Gas Station Twitter Post Trolled by US Energy Group

By Tom Ozimek A major American energy lobby has taken aim at a presidential Twitter post that called on gas stations to cut prices at ...

More Companies Join the ‘Great Migration’ to Red States

By Kevin Stocklin Amidst predictions of a political “red wave” in the upcoming mid-term elections, an economic wave has been building for years with no ...

DeSantis’s Team Responds to Newsom Ad Saying Florida Residents Should Move to California

By Jack Phillips Florida Gov. Ron DeSantis’s office has responded to California Gov. Gavin Newsom’s advertisements encouraging residents of the Sunshine State to move to the ...

Rep. Omar Booed During Somali Music Festival Appearance in Home State

By Jack Phillips Video footage surfaced online that appeared to show a crowd of people at a Somali cultural event in Minneapolis booing “Squad” member Rep. Ilhan Omar (D-Minn.) ...

NASA Satellite Breaks From Orbit Around Earth, Heads to Moon

By The Associated Press WELLINGTON, New Zealand—A satellite the size of a microwave oven successfully broke free from its orbit around Earth on Monday and is headed toward ...

Here’s What Trump Says Inflation Would Be Like If He Were Still President

By Tom Ozimek Former President Donald Trump said on July 4 that the decades-high inflation that has battered American households would have never happened on his watch. In a post on the ...

Person of Interest in Illinois July 4 Parade Mass Shooting Arrested

By Allen Zhong The person of interest in the Highland Park, Illinois, July 4 parade mass shooting has been arrested, police said. Robert (Bobby) E. Crimo III, 22, was taken ...

Poll Shows More Americans Want Biden to Focus on Inflation Than Russia–Ukraine War

By Naveen Athrappully U.S. citizens are more interested in the Biden administration tackling inflation than focusing on helping Ukraine in its war against Russia, a ...

Jeff Bezos Responds After Biden Demands Gas Stations Lower Prices

By Jack Phillips Amazon founder and multi-billionaire Jeff Bezos criticized the Biden administration’s messaging around gas prices and rising inflation. On Saturday, President Joe Biden suggested on Twitter that gas ...

6 Dead, 24 Injured During Mass Shooting at Chicago-Area July 4 Parade

By Jack Phillips Multiple people are feared dead after a mass shooting during a Fourth of July parade in a Chicago suburb, officials said. Six people were killed ...

The United States of America’s Independence Day

By The USNN World News Team Independence Day, also called Fourth of July or July 4th, in the United States, the annual celebration of nationhood. It commemorates the passage of the Declaration ...