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

Former Clinton Official Dies After Jet Turbulence Incident

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White House Reverses Course, Gives Congress Green Light to Pass Bill Banning TikTok

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Texas Lawmaker Introduces ‘TEXIT’ Bill Calling For Vote on Secession

By Jana J. Pruet A Texas Republican lawmaker has introduced a bill to allow Texans the opportunity to vote on secession from the United States. On ...

Growing Number of Jan. 6 Defendants Ask Judges to Delay Trials in Light of Newly Released Footage

By Zachary Stieber A growing number of people charged with crimes related to the Jan. 6, 2021, breach of the U.S. Capitol are requesting trial ...

Elon Musk Responds After Federal Agency Allegedly Makes 350 Demands for Internal Twitter Information

By Jack Phillips The Federal Trade Commission (FRC) allegedly demanded that Twitter owner Elon Musk hand the agency internal communications and information about layoffs as ...

Newly Released Surveillance Footage Challenges Official Jan. 6 Narrative

By Joseph M. Hanneman News Analysis The unveiling of some of the 41,000 hours of video from Jan. 6, 2021, that was hidden from public view ...

Retirement Funds of Millions of Americans in ‘Jeopardy’ as ESG Rule Weakens Protections

By Kevin Stocklin News Analysis The Biden administration and Congress are currently caught up in a tug-of-war over a new Labor Department rule regarding whether Americans’ ...

1,400 Facts Support Attempt to Block Biden, Others From ‘Colluding’ With Big Tech

By Janice Hisle In a landmark free-speech case, a federal judge is being asked to block federal officials from continuing to commit “some of the ...

GOP to Use ‘Power of the Purse’ Against FBI: Rep. Jim Jordan

By Gary Bai House Republicans will use its spending power to restrict funding to the FBI, Rep. Jim Jordan (R-Ohio), head of the lower chamber’s Judiciary ...

USDA Proposes New Rule for ‘Product of USA’ Food Labels

By Katabella Roberts The U.S. Department of Agriculture (USDA) is considering a new rule regarding requirements on “Product of USA” labels in an effort to increase consumer ...

Capitol Police Served as ‘Tour Guides’ for QAnon Shaman on Jan. 6: Tucker Carlson

By Joseph M. Hanneman The face of the Jan. 6 incursion—the so-called “QAnon Shaman” Jacob Chansley—was peacefully escorted around the U.S. Capitol by police on ...

Trump Tells CPAC: Expect Action, Innovation, End of ‘Wokeness’ in His 2nd Term

By Janice Hisle WASHINGTON—When he first ran for president in 2016, then-candidate Donald Trump told the American people, “I am your voice.” Now, as he again ...