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

Reversal of Long-Standing Policy Keeps Key Documents on Hunter Biden’s Business From Congress

By Mark Tapscott Congressional investigators are being denied access to 148 Suspicious Activity Reports (SARs) filed with the Department of the Treasury by banks concerning financial dealings ...

SpaceX Gets US Approval to Deploy up to 7,500 Satellites

By Reuters WASHINGTON—The U.S. Federal Communications Commission (FCC) said on Thursday it approved SpaceX’s bid to deploy up to 7,500 satellites, but put on hold some other ...

Supreme Court Justices Question Biden Administration’s Border Policy

By Hans Von Spakovsky and Cully Stimson News Analysis The Supreme Court heard oral arguments Tuesday in a lawsuit filed by Texas and Louisiana over Biden administration guidelines that severely restricted the ...

Cost Concerns Force NASA to Cancel Greenhouse Gas Monitoring Satellite

By Naveen Athrappully NASA announced on Tuesday that it intends to cancel the development of its GeoCarb mission, which was proposed to be a low-cost satellite ...

Dallas Fed Survey of Oil Executives Suggests Biden Is ‘Holding Us Back’

By Andrew Moran U.S. oil and gas sector activity advanced at a strong pace, although the rate of expansion decelerated in the third quarter, according ...

McCarthy Issues Warning to Jan. 6 Committee to Preserve Its Findings

By Jack Phillips House Minority Leader Kevin McCarthy (R-Calif.) told the House Jan. 6 committee to preserve the findings, including ones that are not included in ...

Appeals Court Denies Biden’s Bid to Revive Student Debt Bailout

By Tom Ozimek A federal appeals court has rejected the Biden administration’s bid to freeze a Texas judge’s ruling that President Joe Biden’s plan to cancel student loan debt was ...

Biden Administration Gives Trump Tax Returns to House Democrats

By Zachary Stieber President Joe Biden’s administration has handed over years of former President Donald Trump’s federal tax returns to the U.S. House of Representatives. “Treasury has ...

America’s Voting Patterns and the 2024 Elections

By Robert Genetski News Analysis The 2022 midterm elections show U.S. voters are more sharply divided than at any time since the 2000 election. Not only did ...

Full List: See How Senators Voted on Respect for Marriage Act

By Zachary Stieber The U.S. Senate on Nov. 29 approved the “Respect for Marriage Act,” with a dozen Republicans crossing the aisle to vote yes. See below how each senator ...

Democrats Elect New Leader to Succeed Pelosi

By Joseph Lord House Democrats on Nov. 30 voted for Rep. Hakeem Jeffries (D-N.Y.) to replace Rep. Nancy Pelosi (D-Calif.) as the party’s top leader in the lower chamber. Democrats ...

Majority of Americans Don’t Completely Trust Integrity of America’s Elections: Poll Shows

By Patricia Tolson A new survey reveals that the majority of Americans do not trust the integrity of America’s elections. According to a poll conducted among likely General Election ...