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

Police Report Proves Plainclothes Electronic Surveillance Unit Members Were Embedded Among Jan. 6 Protesters

By Patricia Tolson While there is growing speculation that federal agents and Capitol Police were involved in instigating acts of violence during the Jan. 6, ...

Texas GOP Passes Resolution Declaring Biden ‘Not Legitimately Elected’

By Gary Bai Texas Republicans passed a resolution on June 18 stating that President Joe Biden was “not legitimately elected,” and that “substantial” election fraud in key metropolitan areas ...

Elon Musk Reveals Who He Believes Is Actually Driving the Democratic Party

By Jack Phillips Tech billionaire Elon Musk revealed that he believes certain unions are primary drivers of the Democratic Party’s and Biden administration’s policies. “The general public is ...

SCOTUS Seems Likely to Take Up Case That Could Recognize States’ Power to Regulate Elections

By Matthew Vadum News Analysis The Supreme Court seems likely to accept a new election law case that Republicans hope will recognize what they say is the preeminent ...

Biden’s IRS Spent Approximately $700,000 on Ammo ‘Between March and June 1’

By AWR Hawkins Rep. Matt Gaetz (R-FL) told Breitbart News Saturday the IRS spent approximately $700,000 “between March and June 1” purchasing ammunition. He noted he ...

Texas GOP Delegates Rebuke Senior Senator Over Gun Control Legislation

By Darlene McCormick Sanchez In a unanimous vote, Texas GOP delegates passed a resolution rebuking their senior U.S. Senator and other Republicans working with Democrats for gun control ...

Gas Prices ‘Killer’ for Biden and Democrats in Midterm Elections: House Republican

By Allan Zhong President Joe Biden and Democrats will pay hard during the coming midterm elections because of soaring gas prices, a House Republican alleged. “I think ...

Democrats Face Turmoil As Concerns Mount About Biden’s Suitability to Run in 2024, Observers Say

By Michael Washburn The widely-expected losses that the Democratic Party will face in the November midterm elections, as voters register their frustration and anger over ...

Progress on Senate Gun Control Package Stalls as Senators Fail to Reach Final Agreement

By Joseph Lord After some optimistic signs for Democrats hoping to reach a bipartisan agreement on a gun control package, progress in the negotiations has ...

Florida to Go After Parents Who Pay Cartels to Smuggle Their Children Into the US

By Charlotte Cuthbertson Florida Gov. Ron DeSantis is looking to investigate and prosecute parents who pay transnational criminal organizations to smuggle their children illegally across ...

Reversing 2018 Ruling, Iowa Supreme Court Finds State Constitution Does Not Protect Abortion Rights

By Matthew Vadum The Supreme Court of Iowa on June 17 overturned a four-year-old decision it made holding that the Iowa Constitution guarantees the right to abortion, and ...

Liberal Virginia Prosecutor Removed From Criminal Case for ‘Deliberately Misleading Court’

By Katabella Roberts A liberal prosecutor in Loudoun County, Virginia, has been removed and disqualified from a serial burglary case by a judge for allegedly “deliberately ...