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

‘Is COVID-19 a Bioweapon?’ Medical Researcher Decodes Genetic Sequence of COVID-19 – Book Review

By Judith Robinson The Genetic Sequence of the COVID-19 Bioweapon In his 135-page book “Is COVID-19 a Bioweapon? A Scientific and Forensic Investigation,” Dr. Richard M. Fleming decodes the genetic ...

US Space Command Says Unidentified Aerial Objects Outside Its ‘Astrographic Area of Responsibility’

By Frank Fang The U.S. Space Command (USSPACECOM) explained why it has not been at the forefront of dealing with the Chinese spy balloon, and other unidentified ...

Republicans Call for US Military to Target Mexican Drug Cartels as Terrorist Groups

By John Haughey A 25-year United States Border Patrol agent and a Texas Sheriff told Congressional lawmakers that Mexican cartels are pushing illegal immigrants across ...

Charges Dropped Against Reporter Arrested at Ohio News Conference on Train Derailment

By Janice Hisle Criminal charges have been dropped against a reporter who was arrested while covering an Ohio news conference about the derailment of a train carrying ...

EPA’s $27 Billion ‘Clean Energy’ Plan Triggers Fraud Concerns, Creating ‘Taxpayer-Funded Slush Fund’

By Naveen Athrappully The Environmental Protection Agency (EPA) has released initial guidance on the Greenhouse Gas Reduction Fund (GGRF) program that commits $27 billion for ...

Buttigieg Breaks Silence on Ohio Train Derailment After Backlash

By Tom Ozimek Transportation Secretary Pete Buttigieg has broken his silence on the disastrous derailment of a train in Ohio that released a toxic chemical, sparking health ...

New Study Says EV Conversion Will Hike Lithium Demand and Increased Mining Will Cause Wider Environmental Damage

By Mark Tapscott and Madalina Vasiliu Converting America’s fleet of privately owned cars and trucks from internal combustion gasoline and diesel-fueled engines to Electric Vehicles (EVs) will cause critical shortages ...

Truck Overturns in Arizona, Spills Nitric Acid, Triggers Shelter-in-Place Alert

By Mimi Nguyen Ly An emergency shelter-in-place has been issued for nearby residents after a truck carrying hazardous materials overturned on Feb. 14 on a highway ...

Officials Say ‘Plume of Chemicals’ in Ohio River Moving Downstream After Train Derailment

By Jack Phillips A top Ohio environmental official on Tuesday confirmed a “plume of chemicals” in the Ohio River is currently moving downstream after a train derailed ...

Nikki Haley Makes Major Announcement Regarding 2024 Presidential Bid

By Tom Ozimek Former South Carolina Gov. Nikki Haley on Tuesday issued a video statement in which she officially threw her hat in the ring for the ...

Black National Anthem at Super Bowl Stirs Controversy

By Tom Ozimek The NFL’s pre-Super Bowl festivities over the weekend included a performance of a song known colloquially as the “Black National Anthem,” stirring controversy ...

Missouri AG Investigates Allegations That Hundreds of Children Were Harmed at Transgender Clinic

By Janice Hisle Missouri’s attorney general says his office and two other agencies are investigating a St. Louis transgender clinic for allegedly “harming hundreds of children.” The investigation ...