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

Jeffrey Epstein Documents, With Names of Associates, Set to be Made Public

By Zachary Stieber Documents disclosing the names of Jeffrey Epstein employees and other alleged associates are set to become public in the coming months, after ...

Pentagon Declines to Answer If It Shot Down $12 Balloon With $400,000 Missile

By Andrew Thornebrooke The Pentagon is stonewalling inquiries as to whether one of the unidentified objects it shot down off the coast of Alaska earlier this month ...

Biden Requiring Federal Agencies to Form ‘Equity Action Teams,’ Deliver ‘Annual Equity’ Plans

By Lawrence Wilson President Joe Biden has ordered federal agencies to ensure delivery of equitable outcomes for all Americans, particularly people of color, women, LGBT ...

California Exodus Continues: 700,000 More Left Than Moved in Over 2 Years, US Census Shows

By Jamie Joseph California continues to grapple with the harsh reality of an ongoing migration crisis with its net migration—the difference between people moving in and ...

Trump to Visit Ohio Train Derailment Site Because Washington ‘Leaders’ Are ‘Too Afraid’

By Tom Ozimek Former president Donald Trump will visit East Palestine, Ohio next week, according to his son, who said that if leaders in Washington ...

Suspected Chinese Military Officer Arrested in Florida Over Forgery Charges

By Eva Fu A Chinese national suspected of holding the rank of lieutenant colonel in the Chinese air force has been arrested for his involvement ...

House Speaker Kevin McCarthy Blasts Biden Administration Over Illegal Immigration, Fentanyl Crises

By Allan Stein HEREFORD, Ariz.—House Speaker Kevin McCarthy (R-Calif.) said the Biden administration must be held accountable for allowing a worsening fentanyl crisis that is ...

US Says Government, Not Moderna, Should Face COVID-19 Vaccine Lawsuit

By Zachary Stieber The U.S. government is asserting that it, not Moderna, should face a lawsuit that alleges the company committed patent infringement with its COVID-19 vaccine. The ...

Social Security Set to Run Short of Funds Earlier Than Expected: CBO Director

By Jack Phillips The head of the Congressional Budget Office, Phillip Swagel, said this week that Social Security funds may start running out by 2032, or a ...

US Air Force Grounds Fleet of Planes Because Their Tails Could Fall Off Mid-Air

By Jack Phillips The Air Force has grounded hundreds of KC-135 refueling planes until they are inspected for a potentially faulty part in the tail section, officials ...

Inaugurated ‘fraudulently’: Supremes to look again at 2020 election claims

By Bob Unruh The U.S. Supreme Court has decided to take another look at 2020 election-fraud claims, and it will only take four votes for ...

The Case for Risking Default on the Debt

By Jeffrey A. Tucker Commentary The same old game is starting all over again. The big spenders in Congress and the administrative state are demanding an increase in ...