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

Enough Fraudulent Votes Identified to Change 2020 Election Outcome: Dinesh D’Souza

By Ella Kietlinska and Joshua Philipp Analysis of cell phone records performed by an election intelligence group shows that thousands of fraudulent ballots were deposited in mail-in drop ...

SpaceX Brings 4 Astronauts Back to Earth After 6-Month Stint on International Space Station

By Katabella Roberts A four-member team of astronauts launched to the International Space Station by SpaceX touched back down on Earth in the Gulf of Mexico on May 6. The ...

Ex-FBI Intel Chief Says Durham Probe Is Revealing Clinton Campaign’s 2016 ‘Disinformation’

By Jack Phillips A former FBI intelligence chief said that the Democrats and Clinton campaign in 2016 used “contrived disinformation” to try to sway voters into thinking ...

Special Counsel John Durham Wins Key Motion in Case Against Former Clinton Lawyer

By Zachary Stieber A federal judge on May 4 granted a motion from special counsel John Durham to review documents that Hillary Clinton’s campaign and other ...

Pro-Trump Congressional Candidates Win in Indiana’s Contested Republican Primaries

By Cara Ding Pro-Trump candidates Jennifer-Ruth Green and Erin Houchin won the contested Republican primaries in Indiana’s 1st and 9th Congressional Districts on May 3. The rest of Indiana’s ...

Hunter Biden’s Laptop Repairman Sues Schiff, CNN, Politico, and the Daily Beast for Defamation

By Rita Li The Delaware computer repairman who received a damaged laptop computer from President Joe Biden’s son has sued Rep. Adam Schiff (D-Calif.), CNN, The Daily ...

Bitcoiners Criticize House Democrats’ Letter to EPA

By Nathan Worcester Jack Dorsey, Anthony Scaramucci, Michael Saylor, and other high-profile Bitcoiners have cosigned a letter to the Environmental Protection Agency (EPA) challenging House Democrats’ ...

Trump-Endorsed Max Miller Wins Ohio Republican US House Primary

By Ivan Pentchoukov Max Miller, a former aide to former President Donald Trump, won the Ohio Republican primary on May 3, according to multiple projections. Miller drew 71.5 percent of ...

Propelled By Trump, J.D. Vance Wins Ohio GOP Senate Primary

By Jeff Louderback CINCINNATI, Ohio—J.D. Vance, the Hillbilly Elegy author and venture capitalist who secured the endorsement of Donald Trump, defeated Josh Mandel and five other opponents in ...

Judge Orders Fusion GPS Tech Expert to Testify in Clinton Attorney’s Trial

By John Haughey A Fusion GPS employee with “unique insight” into how her company, the Clinton campaign, and its law firm orchestrated “opposition research” into the Trump ...

D’Souza Film Takes Proof of 2020 Election Fraud to Mass Audience

By Steven Kovac STERLING HEIGHTS, Mich.—A new movie by conservative activist Dinesh D’Souza exposing illegal vote trafficking in battleground states in the 2020 election opened ...

Supreme Court Has Decided to Overturn Roe v. Wade, Leaked Opinion Suggests

By Matthew Vadum A document that Politico describes as an “initial draft majority opinion” written by Justice Samuel Alito suggests the Supreme Court has decided to strike ...