Economy - USNN World News

Economy

GOP senators pitch extending extra unemployment aid through end of year

by USNN World NewsAugust 6, 2020August 6, 2020

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

NATIONAL NEWS

Kari Lake Gives Update, Says ‘Whistleblowers Are Coming Forward’

By Jack Phillips Arizona Republican governor’s candidate Kari Lake issued a Monday update, saying her attorneys are working to obtain more information and “whistleblowers are coming forward” after ...

Judge Says Former White House Press Secretary Jen Psaki Must Answer Questions Under Oath

By Zachary Stieber Former White House press secretary Jen Psaki must sit for a deposition, a U.S. judge ruled on Nov. 21. Psaki, who now works for MSNBC, is not ...

Rail Strike Fears Resurge as Biggest Rail Union Rejects White House Deal

By Tom Ozimek The risk of a crippling national rail strike has resurged after some members of America’s biggest rail union rejected a deal that was brokered ...

Hunter Biden Laptop Repairman Reveals ‘Chilling’ Warning From FBI Agent

By Jack Phillips John Paul Mac Isaac, the laptop repairman who allegedly found Hunter Biden’s laptop, revealed Monday that he is working with Republican lawmakers as ...

An ‘unthinkable morning’: 1 dead, 16 injured after car crashes into Apple store in Hingham

By Patriot Ledger Staff HINGHAM − A man has died and 16 people were injured Monday after a black SUV crashed into the Apple store ...

Energy Group: GOP Needs to Push Back Against Biden’s ‘Apocalyptic’ Predictions

By Jack Phillips A nonprofit group representing energy industry workers said that House Republicans need to target the Biden administration’s climate-related policies that have hampered the ...

Uncounted Votes on Overlooked Memory Card Flip Election in Georgia

By Jack Phillips An overlooked memory card in Cobb County, Georgia, with uncounted ballots changed the final results of a special election, officials have said. The county’s Board ...

Nikki Haley Says She Might Run for President in 2024 Despite Promising She Wouldn’t If Trump Did

By Zachary Stieber Former Trump administration official Nikki Haley said over the weekend she’s considering launching a 2024 presidential bid. “A lot of people have asked if I’m ...

Special Counsel Investigating Trump Is ‘Tool to Attack a Political Enemy’: FBI Veteran

By Eva Fu In appointing a special counsel to investigate former President Donald Trump, the Justice Department (DOJ) has turned its law enforcement apparatus into ...

Arizona’s ‘Election Integrity Unit’ Demands Answers From Maricopa County Over Election Day Problems

By Allen Stein The Arizona Attorney General’s Elections Integrity Unit sent a letter to Maricopa County demanding answers on problems that took place with the ...

Kari Lake Says She ‘Will Become Governor’ After Attorney General’s Letter

By Jack Phillips Arizona gubernatorial candidate Kari Lake proclaimed Saturday that she will become governor after the attorney general’s office demanded explanations on alleged Election Day problems in ...

Judge Orders Unsealing of Names of 8 Anonymous Individuals Relating to Jeffrey Epstein

By Tom Ozimek A federal judge on Friday ordered the unsealing of documents featuring the real names of some of the “John Does” relating to ...