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

Elon Musk Suggests Biden Isn’t the ‘Real’ President

By Jack Phillips Billionaire Elon Musk took a shot at President Joe Biden on Monday and questioned whether he is actually in charge. During a podcast interview, Musk, the head ...

Elon Musk Says He’s Voting Republican in Upcoming Elections After History of ‘Overwhelmingly’ Voting for Democrats

By Gary Bai The world’s richest man Elon Musk said on Monday he will be voting for Republicans in upcoming elections. Musk did not elaborate whether he was ...

Clinton Campaign Lawyer Wanted to Create ‘October Surprise’ With Trump-Russia Claims: Prosecutors

By John Haughey and Zachary Stieber WASHINGTON—A Hillary Clinton campaign lawyer aimed to influence the 2016 presidential election when he conveyed allegations about then-presidential candidate Donald Trump and ...

Key NIH Research Executive Received 70 Secret Royalty Payments; Colleague Got 7

By Mark Tapscott Two key National Institutes for Health (NIH) executives in positions of influence on decisions about who gets grants from the agency received ...

Michael Flynn Files $50 Million Claim Against Federal Government in Preview of Potential Lawsuit

By Jack Phillips Retired Lt. Gen. Michael Flynn filed a $50 million claim against the Department of Justice and FBI, claiming they engaged in “malicious ...

Newly Redrawn Draft of New York Congressional Map Deals Blow to Democrats, Increases Competition

By Katabella Roberts New York courts on Monday released a draft map of redrawn congressional districts in the state that would make it harder for Democrats to compete ...

Fauci Reveals What He Would Do If Trump Is Reelected

By Jack Phillips White House COVID-19 adviser Anthony Fauci revealed what he would do if former President Donald Trump wins the presidency in 2024. Speaking to CNN on Sunday, when ...

Melania Trump Says Baby Formula Crisis Is ‘Heartbreaking to See’

By Frank Fang Former First Lady Melania Trump said a lack of “leadership” is to blame for families facing a shortage of baby formula. “It’s heartbreaking to ...

California Church Congregants Hogtied Shooting Suspect Until Police Arrived

By Vanessa Serna LAGUNA WOODS, Calif.—Taiwanese parishioners likely saved many after they hogtied a gunman who opened fire, killing one and injuring five, at an ...

Trevor Loudon Exposes Marxist Groups, Foreign Connections Behind Mass Voting Drives

By Ella Kietlinska and Joshua Philipp The recently released documentary “2000 Mules” by Dinesh D’Souza shows that there were about 2,000 individuals who received ballots from various nonprofit ...

At Least 10 Dead in ‘Mass Shooting’ at Upstate NY Supermarket, Suspect in Custody

By Web Staff At least 10 people were killed, 13 people were shot in a “mass shooting” at a supermarket in Buffalo, New York, on Saturday and ...

Big Tech, Major Websites Are Caught Swiping Personal Data Without Consent

By Bryan Jung Researchers from KU Leuven, Radboud University, and the University of Lausanne conducted a study that found tens of thousands of websites captured—without permission—every word ...