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

Kari Lake Team Focuses on Printing Problems in Election Case Trial, Defense Calls for Sanctions Over No ‘Evidence’

By Allan Stein MESA, Ariz.—Attorneys representing Republican gubernatorial candidate Kari Lake and local election officials squared off in a Mesa courtroom on Dec. 22 with Lake’s side accusing ...

Arizona GOP Candidate Files Election Appeal With Arizona Supreme Court

By Jack Phillips Arizona secretary of state candidate Mark Finchem filed a notice of appeal after a judge rejected his election-related lawsuit challenging the results of the ...

IRS Halts Controversial New Rule Requiring Reporting of $600 Payments

By Jack Phillips The Internal Revenue Service (IRS) on Friday announced it would delay a rule that would have required tens of millions of Americans who received ...

Trump’s Tax Returns Suggest Presidency Didn’t Make Him Any Richer as His Net Worth Plunged

By Tom Ozimek When former President Donald Trump took office on Jan. 20, 2017, he became the wealthiest commander-in-chief the nation ever had, but when he left ...

‘Without a Shadow of a Doubt’: Kari Lake Responds After 2-Day Election Trial Ends

By Jack Phillips Arizona GOP candidate Kari Lake released a statement Thursday saying that her lawyers proved that there was “malicious intent” that caused disruption during Maricopa County’s Nov. ...

Federal Court Releases Bankman-Fried, but His Parents Are on the Hook

By Kevin Stocklin Former FTX crypto exchange CEO Sam Bankman-Fried, just extradited to the United States from a prison in the Bahamas, was freed on $250 ...

2 Minnesota Counties Agree to Remove Duplicate Voter Registrations After Settling Lawsuits

By Matthew Vadum Two Minnesota counties have agreed to remove duplicate voter registrations from their voter rolls after an election-integrity group sued them. Nicollet County and Hennepin County, ...

Lake vs Hobbs Election Case Trial Begins in Maricopa County

By Allan Stein MESA, Ariz.—The first of a two-day-trial began Wednesday in Maricopa County in an election lawsuit filed by Republican gubernatorial candidate Kari Lake against Democratic Gov.-elect Katie Hobbs ...

Texas National Guard ‘Border Force’ Blocking Illegal Crossings

By Tom Ozimek Texas National Guard troops deployed to El Paso have constructed a razor-wire barrier along the Rio Grande and have been blocking people from making unauthorized crossings ...

Reforms to Electoral Count Act Included in $1.7 Trillion Omnibus Bill

By Samantha Flom Republicans and Democrats have attached a bill revising the Electoral Count Act to their $1.7 trillion omnibus spending package, contending that the new law would prevent ...

House Panel Votes to Publicly Release Trump’s Tax Returns

By Zachary Stieber A U.S. House of Representatives panel voted Dec. 20 to make six years of former President Donald Trump’s tax returns public via a report. The 24-16 ...

GOP Attorney General Candidate’s Election Challenge Can Go to Trial: Arizona Judge

By Katabella Roberts An Arizona judge on Tuesday ruled that a lawsuit filed by Republican Abraham Hamadeh challenging the results of the election for attorney general can proceed. Hamadeh lost to Democrat ...