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

FBI Searching Biden’s Rehoboth Beach Home in Classified Documents Probe

By Zachary Stieber FBI agents were searching President Joe Biden’s beach home on Feb. 1, according to a lawyer who represents the president. Agents, “with the President’s ...

CNN Records Lowest Ratings Week in 9 Years

By Samantha Flom CNN is ending January on a low note—the lowest the news network has seen in nine years, to be exact. According to The Wrap, for ...

Former Twitter Execs Set to Testify Before Congress on Hunter Biden Laptop Case

By Ryan Morgan Former executives of Twitter are scheduled to testify before Congress about the company’s decision, ahead of the 2020 election, to suppress reporting about ...

Biden Announces $1.2 Billion in Mega Grants as Republicans Target ‘Wasteful Spending’ in Debt Cap Standoff

By Tom Ozimek President Joe Biden on Jan. 31 announced nearly $1.2 billion in mega grants for a series of infrastructure projects, including $292 million to build ...

GOP Governors Call on Biden Admin to Delay Changing the Definition of US Waters

By Chase Smith Republican governors called on President Joe Biden to delay the implementation of a new federal water rule pending a Supreme Court decision ...

Arizona the Next Big Push for Drug Cartels as Border Crisis Worsens

By Allan Stein SAN LUIS, Ariz.—A tangled coil of razor wire marks the end of a segment of the border wall between San Luis, Arizona, ...

House Intelligence Committee Chair Says ‘Grave Concern’ Over Contents of Biden, Pence Classified Documents

By Katabella Roberts House Intelligence Committee Chair Mike Turner (R-Ohio) said on Jan. 29 that there is “grave concern” about the contents of classified documents found at the homes of ...

Ernst Decries Thousands of Federal Workers Who Fraudulently Received COVID Unemployment Checks

By Mark Tapscott Thousands of federal workers applied for and received COVID-19-related unemployment benefits and continued getting their regular paychecks during the COVID-19 pandemic, according to Sen. ...

Scandal? What Scandal?

By Cal Thomas Commentary In our relativistic age in which everyone has his or her own “truth” and none is to be preferred over another so ...

‘Zuck Bucks 2.0’ Gears up for 2024

By John Haughey The same nonprofit that distributed nearly $420 million in privately funded pandemic and operations grants to election offices nationwide before the 2020 ...

Trump Begins 2024 Campaign in New Hampshire, South Carolina

By Frank Fang Former President Donald Trump visited two early-voting states New Hampshire and South Carolina on Jan. 28, hitting the campaign trail for the first time ...

Protests Erupt in US Cities After Memphis Releases Tyre Nichols Video

By Caden Pearson Protesters have organized in several U.S. cities on Friday night following the release of body camera footage of the killing of Tyre ...