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

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 ...

Ron DeSantis Offered Libs of TikTok Creator Refuge in Governor’s Mansion During Doxxing Threat

By Jackson Elliott When the press doxxed Libs of TikTok creator Chaya Raichik, Florida Gov. Ron DeSantis said she could stay in the governor’s mansion. “If ...

Greg Abbott Pushes Back on White House Criticism After Busing Illegal Aliens to VP’s Home on Christmas Eve

By Caden Pearson Gov. Greg Abbott (R-Texas) has defended busing more illegal immigrants to Washington, D.C., on Christmas Eve after the White House issued a rebuke. Texas sent ...

Transportation Department to Probe ‘Unacceptable’ Cancellations From Southwest Airlines

By Janice Hisle The U.S. Department of Transportation (DOT) says it will probe what caused Southwest Airlines’ “unacceptable rate of cancellations and delays” that left travelers stranded ...

Department of Justice Provides Update on John Durham Probe

By Jack Phillips Special counsel John Durham’s probe into the origins of the Trump–Russia collusion narrative cost taxpayers more than $2 million during the second ...

A Deeper Dive Into $16 Billion in Omnibus Earmarks

By Tom Ozimek The more than 4,000-page $1.7 trillion “omnibus” government funding bill that President Joe Biden has vowed to sign into law includes around ...

DOJ Employed ‘Reverse Spying’ in Attempt to Shut Down Investigation into Russia Collusion Hoax: Devin Nunes

By Katie Spence Devin Nunes subpoenaed the DOJ and FBI for documents related to their involvement with the Russia collusion hoax when he was a congressman and chair ...

Arizona Judge Rules on Kari Lake’s Election Lawsuit

By Allan Zhong An Arizona judge ruled against Republican gubernatorial candidate Kari Lake’s election case, confirming the election of Katie Hobbs as Arizona governor-elect. The court didn’t find any clear or ...

‘Worst in History’: Critics Rip $1.7 Trillion Government Funding Bill

By Emel Akan In yet another last-minute attempt to avoid a government shutdown, both the Senate and the House approved a massive $1.7 trillion spending ...

Constitutional Scholar: Revised Elections Law in $1.7 Trillion Spending Bill May Not Survive Legal Scrutiny

By John Haughey With the U.S. Senate on Dec. 22 approving the $1.7 trillion omnibus spending package that funds the federal government through September, the ...

Gun Rights Group Files Emergency Request With Supreme Court

By Michael Clements A Virginia-based Second Amendment rights group is asking the U.S. Supreme Court to overrule a lower court and compel New York to follow the ...