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

Fox News Parts Ways With Lara Trump Amid Father-in-Law’s Presidential Bid

By Samantha Flom Lara Trump will no longer serve as a contributor to Fox News, the network confirmed on Dec. 3. The parting of ways follows former President Donald ...

Top FBI Official Steps Down as Republicans Prepare to Probe Into Bureau

By Samantha Flom A top FBI official has stepped down just as House Republicans have announced plans to investigate recent operations and actions at the bureau. In a Dec. 2 post to ...

Georgia Voters Head to the Polls for Senate Runoff Race Between Warnock and Walker

By Jack Phillips Voters went to the polls on Tuesday to cast ballots in Georgia’s Senate runoff race between Sen. Raphael Warnock (D-Ga.) and Republican former football star ...

Musk Reveals Details of Behind-the-Scenes Twitter Operation to Censor Hunter Biden Laptop Story

By Hans Mahncke News Analysis Late on Dec. 2, Elon Musk started the process of releasing thousands of internal Twitter emails. Musk, whose purchase of Twitter was completed on Oct. ...

McCarthy Says Defense Bill Won’t Move Forward Unless Military Vaccine Mandate Dropped

By Katabella Roberts House Minority Leader Kevin McCarthy (R-Calif.) vowed on Sunday that the fiscal 2023 National Defense Authorization Act (NDAA) will not move forward unless the military’s COVID-19 vaccine mandate ends. Speaking on ...

Trump Responds to Elon Musk’s Twitter Revelation

By Jack Phillips Former President Donald Trump responded to the release of “The Twitter Files” this weekend, decrying what he described as official corruption across the federal ...

FBI Coordination With Big Tech Censorship Ahead of 2020 Election Revealed in Agent Deposition, Missouri AG Says

By Petr Svab Officials from the FBI and the Department of Homeland Security frequently met with major social media companies ahead of the 2020 election ...

Kari Lake Responds to Judge Who Sanctioned Her Legal Team in Lawsuit

By Jack Phillips The campaign of Arizona Republican candidate Kari Lake responded to a district court imposing a fine on her lawyers after filing an ...

Pentagon Debuts New Stealth Bomber, the B-21 Raider, Amid Rising China Threat

By The Associated Press PALMDALE , Calif.—America’s newest nuclear stealth bomber made its debut Friday after years of secret development and as part of the Pentagon’s answer to ...

IRS Warning Americans to Report $600 Transactions From Payment Processors or Risk Facing Audit

By Naveen Athrappully The Internal Revenue Service reminds taxpayers to report transactions of at least $600 made through payment networks like Venmo, Paypal, and Cash ...

Pentagon Won’t Yield on Ending COVID-19 Vaccine Mandate as Senators Threaten Budget

By Jack Phillips The Pentagon said it would continue to require that troops get COVID-19 vaccines even as Republican senators threaten to hold up the National Defense Authorization Act (NDAA) ...

House GOP Leader Reports That Postal Workers Stole Over $20,000 In Campaign Donations

By Joseph Lord House Republican Conference Chair Elise Stefanik (R-N.Y.) relayed reports that over $20,000 in campaign funds were stolen from her by postal workers, ...