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

Marianne Williamson Accuses DNC of ‘Rigging’ Primary System in Favor of Biden

By Bill Pan Marianne Williamson, the first Democrat to formally challenge President Joe Biden for the 2024 primary, accused the Democratic National Committee (DNC) of ...

Arizona Supreme Court Agrees to ‘Expedite’ Kari Lake Lawsuit

By Jack Phillips The Arizona Supreme Court agreed to expedite a hearing for Republican Arizona candidate Kari Lake’s election lawsuit after two lower state courts ...

IRS Warns of New Tax Scam That Tempts Innocent Taxpayers Into Becoming Criminals

By Tom Ozimek The Internal Revenue Service (IRS) has issued a warning to taxpayers to be on guard for a new scam that promises huge ...

Trump Promises ‘Quantum Leap’ for a New America

By Naveen Athrappully Former President Donald Trump has revealed his dream for a new America ahead of the 2024 presidential race, promising to bring back ...

Another Train Derails in Springfield; No Hazardous Materials Spilled: Ohio EPA

By Mimi Nguyen Ly A Norfolk Southern train derailed in Springfield, Ohio, on Saturday. The Clark County Emergency Management Agency asked residents within 1,000 feet of the ...

Private Jet Passenger Killed in Severe Turbulence Over New England

By Allen Zhong A passenger on a private jet was killed after the airplane encountered severe turbulence over New England. The Bombardier Challenger 300 airplane was ...

IRS Warns Taxpayers of Consequences for Failure to Meet Certain Tax Obligations

By Jack Phillips The Internal Revenue Service (IRS) this week issued a notice to “gig economy” service workers and those who receive a foreign source ...

Arizona Governor Won’t Proceed With Execution of Convicted Murderer

By Zachary Stieber The governor of Arizona on March 3 said an execution of a convicted murderer will not take place, despite an order from ...

Half a Million Dollars of Stolen Goods Recovered in Orange County and LA

By Rudy Blalock The California Highway Patrol (CHP) Border Division continues to crack down on organized retail theft after uncovering an organized group of thieves ...

Feinstein, Fetterman Hospitalizations May Mean Trouble for Democrats

By Jack Phillips Senate Democrats have little room for error after Sen. Dianne Feinstein (D-Calif.) announced she was hospitalized with shingles on Thursday and amid ...

Flynn Sues DOJ, FBI for Malicious Prosecution, Wants $50 Million

By Petr Svab Retired Lt. Gen. Michael Flynn, former national security adviser to President Donald Trump, has filed a lawsuit against the Department of Justice ...

Discover Credit Cards Will Track Gun Purchases From April

By Naveen Athrappully Credit card provider Discover Financial Services will soon allow its network to track purchases made using payment cards at gun stores—triggering criticism ...