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

Trump Defends Pence After Discovery of Classified Documents at Indiana Home

By Frank Fang Former President Donald Trump defended former Vice President Mike Pence on Tuesday, after classified documents were found at Pence’s home in Indiana. “Mike Pence is an innocent ...

Ghislane Maxwell on Jeffrey Epstein’s Death: ‘I Believe That He Was Murdered’

By Tom Ozimek Former socialite and convicted sex trafficker Ghislaine Maxwell told Britain’s Talk TV in a jailhouse interview that she believes her former associate and disgraced ...

Social Security Will Be Bankrupt by 2033 on Current Trajectory: CBO Report

By Naveen Athrappully A recent report by the Congressional Budget Office (CBO) projects that two major Social Security funds in the United States will dry out in ...

‘EV Mania May Be Over’ as Car Production Estimates and Executive Enthusiasm Wane: Institute for Energy Research

By Naveen Athrappully Electric vehicle (EV) “mania” might be at an end, or, at a minimum, easing down, according to research, as concerns about supply ...

Climate Activists Panic That Twitter Under Musk Allows More Dissenting Views on Global Warming

By Bryan Jung An organization that says it is a coalition of “climate and anti-disinformation organisations” says Twitter under CEO Elon Musk is allowing more dissenting views ...

More Documents With Classified Markings Found at Biden’s Delaware Home

By Mimi Nguyen Ly A search by Department of Justice (DOJ) authorities has yielded more documents with classification markings at President Joe Biden’s home in ...

McCarthy Ends Controversial Proxy Voting in House of Representatives

By Caden Pearson Speaker of the House Kevin McCarthy (R-Calif.) on Thursday ended the controversial practice of proxy voting that allowed lawmakers to cast their votes remotely during the ...

Trump Calls Out DOJ’s Alleged ‘White Glove Treatment’ of Biden Over Classified Documents

By Samantha Flom Former President Donald Trump criticized what he described as “two standards of justice” in the United States on Jan. 19 pointing to the Justice ...

House Oversight Launches Probe Into Border Crisis Under Biden Administration

By Mimi Nguyen Ly The Republican-led House Oversight Committee on Jan. 19 is investigating the Biden administration’s handling of the border crisis amid record numbers of illegal ...

Leaders of Florida’s College System Vow Not to ‘Fund or Support’ Critical Race Theory

By Patricia Tolson In a show of support for Florida Gov. Ron DeSantis, the leaders of the Florida College System (FCS) vowed not to support or ...

Federal Judge Sanctions Trump, Lawyer Nearly $1 Million Over Russiagate Lawsuit Against Hillary Clinton

By Mimi Nguyen Ly A federal judge has imposed over $900,000 in sanctions on former President Donald Trump and his legal team for what the judge deemed a ...

FAA Reveals Cause of Outage That Grounded Over 11,000 Flights

By Tom Ozimek The Federal Aviation Administration (FAA) has revealed the cause of a systems outage that on Jan. 11 led to a ground stop ...