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’s Tax Returns Released by House Democrats

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Google Must Face Privacy Lawsuit for Tracking Children Without Parental Consent: Appeals Court

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January 6 Committee Withdraws Subpoena for Trump

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US Virgin Islands Sues JPMorgan Chase for Allegedly Aiding Jeffrey Epstein’s Sex Trafficking Scheme

By Katabella Roberts The U.S. Virgin Islands is suing JPMorgan Chase & Co. over allegations that the banking giant aided convicted pedophile Jeffrey Epstein in illegally sex trafficking ...

US Chip Ban on China Requires Strict Enforcement to Thwart Circumvention by Beijing: Experts

By Venus Upadhayaya While many have credited the Biden administration’s extensive export bans on semiconductor technology to China as dealing a huge blow to the ...

UFO Topic Continues to Stir Debate With More Sightings, Studies

By Allan Stein FLAGSTAFF, Ariz.—The truth about unidentified flying objects (UFOs) is still out there. Yet every so often, the Lowell Observatory in Flagstaff, Arizona, gets ...

Gun Owners of America Slams Omnibus Bill for Advancing Biden Gun-Control Agenda

By Michael Clements National gun rights organization, Gun Owners of America, raised alarm over the FY 2023 Omnibus Appropriations bill passed by Congress, saying it ...

10 Convicted in Attempted Killing of Slugger David Ortiz

By The Associated Press A Dominican court convicted 10 people involved in the 2019 attempted killing of baseball Hall of Famer David Ortiz, authorities confirmed on ...

McCarthy Says US Capitol Complex Will Reopen to the People on Jan. 3

By Mark Tapscott Members of the public will be able to enter the U.S. Capitol on Jan. 3 for the first time since March 2020, ...

Constitutional Law Professor Issues Warning After FBI Criticizes ‘Conspiracy Theorists’

By Jack Phillips Constitutional law professor Jonathan Turley sounded the alarm over the FBI’s recent statement decrying “conspiracy theorists” and “disinformation” after recent installments of the ...

80-Year-Old California Store Owner Who Shot Robber Dies

By The Associated Press NORCO, Calif.—An 80-year-old Southern California liquor store owner who opened fire with a shotgun and wounded a would-be armed robber this summer has died, the store reported Tuesday. Craig ...

Kari Lake Appeals Judge’s Ruling on Arizona Election Lawsuit

By Caden Pearson Arizona Republican gubernatorial candidate Kari Lake has filed an appeal against a Maricopa County judge’s ruling to dismiss her lawsuit challenging the midterm election results. Lake filed a notice ...