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

Trump-Backed Boebert Wins Colorado Republican US House Primary

By Nanette Holt Trump-backed Rep. Lauren Boebert (R-Colo.) easily blasted past her challenger, a veteran state lawmaker, to win the Republican primary on June 28. By 9:57 p.m. ...

Texas Attorney General Launches Investigation Into Walmart’s Prescription Opioid Sales

By Katabella Roberts Texas Attorney General Ken Paxton said on Tuesday said he is investigating retail giant Walmart over potential violations of the Texas Deceptive Trade Practices Act relating to its ...

Oil and Coal Jobs Fall Sharply as Washington Promotes Green Energy

By Naveen Athrappully Jobs in the U.S. oil and coal industry fell in 2021 while employment expanded in the green energy sector, according to the ...

Ghislaine Maxwell Sentenced to 20 Years in Prison

By Dave Paone NEW YORK—Ghislaine Maxwell, who was once an international, jet-setting socialite, was sentenced to 20 years in prison on June 28 for trafficking young ...

At Least 46 People Found Dead in a Truck Carrying Suspected Migrants in San Antonio

By Mimi Nguyen Ly At least 46 people were found dead in an 18-wheeler truck carrying suspected illegal immigrants on a remote back road in ...

South Carolina Rep. in Leaked Audio Strategizes ‘Sleepers’ and ‘Dope Money’ to Finance Senate Campaign

By Matt McGregor A South Carolina state representative on the ballot for the Democratic primary runoff on June 28 for the U.S. Senate has been heard in ...

Joe Biden unwittingly helped finance Hunter’s trysts with Russia-linked escorts

By Andrew Kerr, Investigative Reporter & Jerry Dunleavy, Justice Department Reporter President Joe Biden apparently unwittingly financed his son’s participation in an escort ring tied to Russia, records from a ...

Pelosi Appears to Elbow Away Daughter of Newly Elected Congresswoman

By Darlene McCormick Sanchez Mayra Flores praises daughter for standing her ground. Rep. Flores (R-Texas) has responded to a video in which House Speaker Nancy Pelosi (D-Calif.) appeared to ...

Prosecutors Oppose Ghislaine Maxwell’s Last-Minute Bid to Delay Sentencing

By Dave Paone NEW YORK—The prosecutors in the case against Jeffrey Eppstein associate Ghislaine Maxwell on June 26 dismissed claims raised by the defendant’s attorneys, who told ...

Concerned Graduates of West Point Challenge Leadership of Military Academy: Letter

By Enrico Trigoso Three retired U.S. military officers—LTG Thomas McInerney, USAF; MG Paul Vallely, U.S. Army; and Colonel Andrew O’Meara Jr., U.S. Army—signed a letter authored ...

Trump Talks Energy, War, Illinois Primaries in New Interview

By The Center Square Former President Donald Trump criticized his successor’s energy policies, predicted rolling blackout and brownouts this summer, and warned of the potential for another world war ...

Oath Keepers FBI Interviews Contradict Indictment Charges

Joseph M. Hanneman An Indiana Oath Keepers leader who was in charge of security operations for the group in Washington on Jan. 6, 2021, was indicted by ...