USNN World News

Economy

GOP senators pitch extending extra unemployment aid through end of year

by USNN World NewsAugust 6, 2020August 6, 2020

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

NATIONAL NEWS

Trump on track to win farmers’ votes despite trade war, pandemic challenges

By Sumner Park FOXBusiness Even as the pandemic adds more pressure to farmers already distressed from trade war challenges, Trump’s efforts to stand up to ...

Joe Biden wants to ‘suppress’ capitalism, Home Depot’s Langone says

By Talia Kaplan FOXBusiness Langone co-founded Home Depot in 1978 and helped create what would be become the world’s largest home improvement retailer. Home Depot co-founder Ken Langone told “Cavuto: Coast ...

Election Day: With polls closing in hours, stakes for Trump, Biden reach their peak

By Ronn Blitzer | Fox News Trump predicts economic depression if Biden wins, while Biden says Trump is ‘a threat to this nation’. The day has arrived for ...

Stock market history would suggest that Trump will defeat Biden

By Jonathan Garber FOXBusiness The S&P 500 gained 1.2% in three months leading up to Election Day. Stock market history suggests President Trump will prove the polls wrong and secure ...

Rush Limbaugh says media’s narrative about enthusiasm for Biden will be proven wrong

By Joshua Q. Nelson | Fox News Radio host said conventional wisdom will be wrong just like in 2016. Radio host Rush Limbaugh stressed the importance of this Election Day saying it ...

What to know on Election Day 2020: Culmination of the battle for the White House

By Tyler Olson | Fox News Election Day Guide: Battleground state watch list, key races, poll closing times and when to expect a winner. Americans on Tuesday are ...

Biden’s fracking stance may cut 19M jobs, raise electric prices: Energy secretary $Biden's fracking stance may cut 19M jobs, raise electric prices: Energy secretary$

By Sumner Park FOXBusiness Fracking makes up a large part of the economy in key battleground states like Pennsylvania and Texas. A Joe Biden presidency could undo ...

Pennsylvania bakery’s election-themed ‘cookie poll’ is now showing clear front-runner

By Michael Bartiromo | Fox News Lochel’s Bakery will debut a ‘celebratory’ cookie in honor of the winner. The official tally isn’t in just yet, but one candidate ...

Biden’s gaffes continue as Election Day draws near

By Megan Henney | Fox News Biden mispronounced health care as ‘badakathcare’. Democratic presidential nominee Joe Biden stumbled on his words again, twice, while campaigning this weekend with less than ...

Pennsylvania, Nevada AGs welcome Trump threats to send in lawyers on Election Day

By Louis Casiano FOXBusiness Although Trump has said the winner should be decided Tuesday night, in many states it will take longer to count all the ...

‘No climb’ fence going up around White House, says law enforcement source

By Stephen Sorace | Fox News Preparations come amid concerns over potential Election Day unrest. With Election Day preparations in full swing across the country, the White House will have a “no ...

Sanders tells ‘Squad’ of need to push Biden to be ‘most progressive president since FDR’

By Adam Shaw | Fox News Biden has rejected claims he will be pulled to the left if elected. Sen. Bernie Sanders, I-Vt., said in an interview that left-wing lawmakers ...