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

‘Superhero’ Teen Spends a Year Helping Tend Farmer’s Land After He Was Struck With a Rare Autoimmune Condition

By Louise Chambers When her neighbor, a farmer, fell ill suddenly, a Minnesota teen volunteered to help him tend the land. The farmer was beyond grateful for ...

Arizona’s Cochise County Sued Twice After Voting to Delay Election Certification

By Katabella Roberts Two lawsuits have been filed against the Cochise County Board of Supervisors in Arizona after it voted to delay the certification of its election canvass past the statutory deadline ...

Pennsylvania County That Ran Out of Paper Ballots Fails to Certify Election Results

By Jack Phillips A county in Pennsylvania that didn’t have enough paper ballots on Election Day failed to certify the results of the Nov. 8 midterms by ...

Handgun Owners Carrying Daily Doubled in 4 Years, Study Says

By Naveen Athrappully The number of Americans carrying handguns on a daily basis doubled between 2015 and 2019 according to a new study, with self-protection ...

Here’s Where the Warnock–Walker Race Stands After Early Voting Starts in Georgia Runoff

By Jack Phillips More than 180,000 voters cast their ballots during early voting in the Georgia Senate runoff election between Sen. Raphael Warnock (D-Ga.) and Republican candidate Herschel Walker, ...

NBC News Reporter Not Seen on Air Since Paul Pelosi Attack Report Retracted

By Jack Phillips NBC News correspondent Miguel Almaguer has not appeared on the air since a Nov. 4 report on details surrounding the attack targeting Paul ...

42 Biden Admin Officials Put on Notice by House Republicans

By Jack Phillips At least 42 Biden administration officials were sent letters by Republicans on House Judiciary Committee this month as they request testimony from ...

Protesters Demand Election Redo in Arizona Amid Claims of ‘Serious Voter Suppression’

By Tom Ozimek Protesters claiming voter disenfranchisement and a stolen election rallied near the Arizona state Capitol on Friday, demanding that the planned Nov. 28 certification of the 2022 ...

A Trump, DeSantis Ticket

By Stephen Zogopoulos, Founder USNN World News Corporation It’s time for the Republican Party to strategize on the 2024 General Election and beyond. A Trump, ...

Trump Will Not Cooperate With ‘Sham Investigation,’ Spokesperson Says

By Katie Spence Former President Donald Trump has branded as a “sham” a Department of Justice (DOJ) investigation into his handling of classified documents and the Jan. 6 breach. And ...

Top House Republican Reveals How GOP Will Target Hunter Biden’s Financial Ties to Father

By Jack Phillips Rep. James Comer (R-Ky.), the likely next chairman of the House Oversight Committee, said that Republicans will investigate more than 150 suspicious activity reports ...

New Hampshire Democrats Lose Lawsuit Which Sought to Block Recount

By Alice Giordano An omitted stack of ballots for a Republican candidate has overturned the election results for a critical House seat in the state ...