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

Massachusetts Governor Vetoes Plan to Give Illegal Immigrants Driver’s Licenses

By Mimi Nguyen Ly Massachusetts Gov. Charlie Baker on Friday vetoed a plan that would have let the state issue driver’s licenses to illegal immigrants over identity verification ...

‘Knowledge Is Power’: Constitutional Scholar Strives to Educate the Public and Rein in the Federal Government

By Matt McGregor Christin McMasters’ strategy for teaching about the U.S. Constitution is first to establish a foundation by answering why we have a government, ...

‘Fundamentally Unfair’: Hall of Fame Swimmer Says Girl Athletes ‘Terrified’ to Critic Transgender Athletes — So She Did

By Michael Wing Few know the struggles transgender women athletes face better than Lia Thomas, who once competed as a male swimmer — claiming several Ivy League ...

Trump Defends Gun Rights, Calls for ‘Security Overhaul’ at Schools Nationwide After Uvalde Mass Shooting

By Mimi Nguyen Ly Former President Donald Trump on Friday called for a “top to bottom security overhaul” at schools nationwide after 21 people died at a mass ...

Elon Musk Says He ‘Strongly’ Believes in Second Amendment, Suggests ‘Special Permit’ Be Required for ‘Assault Rifles’

By Gary Bai Tesla and SpaceX CEO Elon Musk joined the right-to-bear arms debate this week by sharing his thoughts on the second amendment after ...

Majorities say Biden shows he is too old, not fit to be president

By Bob Unruh When Joe Biden made those inflated promises at the beginning of his term about how he’d bring the nation together, he probably ...

Florida’s Inspector General Finds Claims of COVID Data Manipulation ‘Unsubstantiated’

By Jannis Falkenstern PUNTA GORDA, Fla.–The Florida Inspector General has found “insufficient evidence” to support the claims of a former employee that she was asked to ...

Top Democrat Blocks Legislation Aimed at Preventing School Shootings

By Zachary Stieber Senate Majority Leader Chuck Schumer (D-N.Y.) on May 25 blocked legislation that proponents say could help prevent school shootings. The bill, known as the Luke and ...

Police Waited to Enter Texas School as Shooter Opened Fire: Witnesses

By Jack Phillips Several witnesses on the scene of the Texas mass shooting said that police waited to enter as videos surfaced of parents telling officers to “Go protect ...

Twitter to Pay $150 Million After Being Accused of Improperly Selling User Data

By Mimi Nguyen Ly Twitter has agreed to pay $150 million after it was accused of having sold private information from users to target advertising, without ...

Biden’s ATF Pick, Senator Clash Over ‘Assault Weapon’ Definition During Judiciary Hearing

By Joseph Lord The Senate Judiciary Committee on May 25 met to consider the nomination of Steven Dettelbach to be director of the Bureau of Alcohol, Firearms, ...

18 Major Airlines, FAA, and DOT to Be Sued Over COVID Vaccine Mandates

By Enrico Trigoso John Pierce Law has filed a lawsuit against Atlas Air, on behalf of US Freedom Flyers (USFF) and Atlas employees, and plans ...