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

Political Campaign Worker Indicted for Allegedly Offering Voters Bribes

By Caden Pearson Three political campaign workers from New Jersey have been indicted on charges related to a scheme regarding mail-in ballots. The Middlesex County Prosecutor ...

Trump Attorney Says Former President ‘Ready to Fight,’ Arraignment Expected Early Next Week

By Gary Bai Former President Donald Trump is set to be arraigned sometime “early next week” after a Manhattan grand jury voted for his indictment, ...

In Twist Over Trump Indictment, Republican 2024 Hopefuls Defend Former President

By Ivan Pentchoukov The unprecedented indictment of former President Donald Trump triggered a predictable flood of polarized political reactions on Thursday evening, with Republicans condemning ...

Trump Responds to Grand Jury Indictment, Says ‘Witch-Hunt Will Backfire’

By Gary Bai Former president Donald Trump issued a statement responding to the news that a Manhattan grand jury indicted him on Thursday, calling it ...

Grand Jury Votes to Indict Former President Donald Trump

By Gary Bai A grand jury in New York City has voted to indict former President Donald Trump. Joseph Tacopina, an attorney for Trump, confirmed the ...

‘QAnon Shaman’ Jacob Chansley Released Early From Prison After Newly Disclosed Jan. 6 Footage

By Zachary Stieber The man known as the QAnon Shaman, who pleaded guilty to breaching the U.S. Capitol, has been released from prison early after ...

Trump-Era Oil Trends Could Have Produced 850 Million More Barrels Under Biden: Expert

By Nathan Worcester The United States is producing millions fewer barrels of oil per day—and hundreds of millions fewer in total—than it could have if ...

White House Quiet on IRS Agent’s Visit to Home of ‘Twitter Files’ Journalist Matt Taibbi

By Tom Ozimek The White House on Wednesday remained silent when asked whether a visit by an IRS agent to “Twitter Files” journalist Matt Taibbi’s ...

Evacuation Ordered as Train Carrying Flammable Materials Derails in Minnesota, Catches Fire

By Tom Ozimek A freight train traveling through Minnesota derailed in a fiery crash near the town of Raymond, prompting an evacuation of area residents. The ...

FBI, US Marshals Offering US$20,000 Reward in Manhunt for Former Maryland Gov. Larry Hogan’s Chief of Staff

By Ryan Morgan The FBI and the U.S. Marshals Service are offering a combined US$20,000 reward for information leading to the arrest of Roy McGrath, ...

DOJ Memos Dissuaded Marshals From Arresting Protestors at SCOTUS Justices’ Homes: Sen. Katie Britt

By Joseph Lord A Senate Republican revealed during a March 28 budget hearing that an internal Department of Justice (DOJ) memo dissuaded U.S. Marshals from ...

Trump Praises Manhattan Grand Jury, Says He’s ‘Gained Such Respect’

By Jack Phillips Former President Donald Trump praised the grand jury impaneled in the Manhattan district attorney’s inquiry targeting him amid reports that he may ...