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

Confirmation Hearing Flares Up As Questions Raised on Jackson’s View of Critical Race Theory

By Mark Tapscott Judge Ketanji Brown Jackson, President Joe Biden’s Supreme Court nominee, attended Harvard Law School at the same time as Sen. Ted Cruz ...

Mother of Hunter Biden’s Child Testified to Federal Investigators: Lawyer

By Zachary Stieber The mother of one of Hunter Biden’s children answered questions from federal investigators probing Biden’s financial dealings, according to her lawyer. Clint Lancaster, representing ...

NASA’s Big, New Moon Rocket Begins Rollout En Route to Launch Pad Tests

By Reuters CAPE CANAVERAL, Fla.—NASA’s next-generation moon rocket began a highly anticipated, slow-motion journey out of its assembly plant en route to the launch pad ...

Questions Linger About Pennsylvania’s 2020 Election Results and GOP Response

By Beth Brelje The certified 2020 election results in Pennsylvania show Joe Biden won with 80,555 more votes than Donald Trump. But when then-Secretary of State Kathy Boockvar certified ...

New Hampshire Votes for Pharmaceutical Freedom

By Jeffrey A. Tucker Commentary The New Hampshire House of Representatives has voted to make Ivermectin available at any pharmacy that wants to distribute this drug even without ...

Fauci Says He’s Considering Stepping Down

By Zachary Stieber Dr. Anthony Fauci said in a new interview that he is considering stepping away from the position he’d held since 1984. Fauci, the longtime director ...

Federal Judge Dismisses Felony Obstruction Charge in Second Jan. 6 Case in 8 Days

By Joseph M. Hanneman For the second time in eight days, U.S. District Judge Carl J. Nichols has dismissed a felony obstruction charge alleging that ...

White House Dodges Questions About Hunter Biden’s Laptop

By Nick Ciolino The White House has avoided questions related to an ongoing Department of Justice (DOJ) investigation into President Joe Biden’s son Hunter Biden and the now ...

Suppression of Hunter Biden Laptop Stories ‘Definitely’ Impacted 2020 Election: Barr

By Zachary Stieber The widespread action against stories on emails and other material from a laptop believed to be owned by President Joe Biden’s son ...

Black Lives Matter Activist, Husband Charged With Fraud

By Zachary Stieber A Black Lives Matter activist in Boston and her husband have been charged with fraud and conspiracy by federal officials after allegedly taking ...

N.Y. Times finally admits Hunter Biden’s laptop authentic

By Art Moore The White House has continued to insist that the messages on the “Hunter Biden laptop” presenting evidence that Joe Biden and his family ...

Senate Votes to Make Daylight Savings Time Permanent

By Joseph Lord In a unanimous voice vote, the Senate passed a bill that would make daylight savings time permanent, potentially putting an end to twice-annual time changes. The measure, ...