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

Tulsi Gabbard, Jimmy Dore, Ron Paul Call for End to Ukraine War

By Liam Cosgrove WASHINGTON—Red flags with the communist symbol hammer and sickle flew side by side with Gadsden “DON’T TREAD ON ME” flags at the ...

Federal Agency Warns Millions of Microsoft Users to Update Settings

By Jack Phillips The U.S. Cybersecurity and Infrastructure Security Agency (CISA) issued more alerts related to security vulnerabilities exploited in attacks targeting Microsoft Windows, Adobe products, and Mozilla software. The ...

Project Veritas Loses Hundreds of Thousands of Followers Following James O’Keefe’s Exit

By Jack Phillips Amid a war of words between Project Veritas board members and its founder, James O’Keefe, the organization’s social media platforms have seen an exodus ...

Supreme Court Rejects Maryland Election Ruling Challenge by GOP’s 2022 Candidate for Governor

By Matthew Vadum The Supreme Court rejected on Feb. 21 Republican Dan Cox’s challenge to a state court order he argued unconstitutionally allowed the early ...

Kari Lake Confirms She’s Taking Election Lawsuit to Supreme Court

By Jack Phillips Arizona GOP candidate Kari Lake indicated she is still planning to take her election-related lawsuit to the state Supreme Court after an appellate court ...

Republicans Push Back Against Accord Giving WHO Power Over US Pandemic Response

By Kevin Stocklin As member states of the World Health Organization (WHO) prepare to gather in Switzerland next week to negotiate final terms of an ...

Undercover DC Police Officer Pushed Protesters Toward Capitol, Climbed Over Barricade: Court Filing

By Joseph M. Hanneman Three undercover Metropolitan Police Department officers joined the march of protesters up the northwest side of the U.S. Capitol on Jan. ...

House GOP Puts New Methane Tax, ‘Greenhouse Gas’ Fund on Chopping Block

By John Haughey House Republicans want to eliminate a tax on methane emissions and do away with a “greenhouse gas” reduction grant program as part of their ...

DeSantis Suggests Moving Federal Agencies Outside of Washington to End ‘Accumulation of Power’

By Katabella Roberts Florida Gov. Ron DeSantis has suggested that many federal government departments should be moved outside of their current location in Washington, D.C., in ...

19 States Ask Supreme Court to Move Forward With Title 42 Border Expulsions Case After Court Cancels Oral Argument

By Matthew Vadum The 19 states fighting the Biden administration’s plan to end the Title 42 policy that allows rapid expulsion of the illegal immigrants swamping the ...

Arizona Court Rejects Kari Lake’s Appeal of 2022 Gubernatorial Election Results

By Katabella Roberts An Arizona appeals court has struck down a challenge filed by Republican Kari Lake regarding the results of the Arizona gubernatorial election, denying her request to have the current ...

Residents Say They’ve Broken Out in Rashes After East Palestine Train Derailment

By Jack Phillips Locals who live near the train derailment and release of toxic chemicals near East Palestine, Ohio, have complained about various health problems since the ...