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

Alleged Paul Pelosi Attacker Is an Illegal Immigrant, Officials Confirm

By Zachary Stieber The man who allegedly attacked Paul Pelosi is an illegal immigrant, U.S. officials have confirmed. “U.S. Immigration and Customs Enforcement (ICE) lodged an immigration detainer ...

Biden Takes Heat From Both Sides Over Speech Criticizing ‘Extreme MAGA Republicans’

By Samantha Flom While President Joe Biden undoubtedly expected to receive backlash from Republicans following his Nov. 2 speech warning that “democracy is under threat” from supporters of ...

A Key Date in the Efforts Against an Incoming President

By Jeff Carlson News Analysis Jan. 12, 2017, has proven to be an incredibly important date in American politics. It was on this date that Igor Dancehnko’s ...

Plaintiffs Ask Judge to Find Benson in Contempt of Court for Failing to Correct Election Guidance Manual

By Steven Kovac A Michigan Court of Claims judge has been asked to declare Secretary of State Jocelyn Benson, a Democrat, in contempt for noncompliance ...

Wisconsin Court Shoots Down Attempt to Change Rules for Absentee Ballots Before Midterms

By Katabella Roberts A Wisconsin judge on Wednesday dealt a blow to a group in the state who hoped to change rules governing absentee ballots, denying their request ...

Massachusetts Governor, Overwhelmed by Illegal Immigrants, Asks Biden Admin for Help

By Samantha Flom Massachusetts Gov. Charlie Baker has appealed to the Biden administration for assistance in supporting the influx of illegal immigrants seeking refuge in ...

Pennsylvania Supreme Court Orders Undated, Wrongly Dated Ballots to Not Be Counted

By Mimi Nguyen Ly The Pennsylvania Supreme Court on Tuesday ordered counties to not count any ballots that are in undated or incorrectly dated envelopes in the ...

Florida Midterms: Republicans Surpass Democrats in Vote-By-Mail and Early Voting Numbers

By Patricia Tolson With only one week to go until the Nov. 8 midterm election, Republicans have surpassed Democrats in vote-by-mail and early voting numbers. According ...

Democrats Likely to Lose More Than 20 House Seats in 2022 Midterm: Cook Political Report

By Jack Phillips The head of the Cook Political Report predicted that Democrats are likely to lose more than 20 seats in the House of ...

Biden Claims There Are ‘54 States’ Amid Concerns Over Cognitive Ability

By Lorenz Duchamps President Joe Biden has once again become a center point of discussion after claiming at a campaign rally in Pennsylvania that there ...

Alleged Paul Pelosi Attacker Charged With Assault, Attempted Murder

By Zachary Stieber The man who allegedly attacked the husband of U.S. House Speaker Nancy Pelosi (D-Calif.) was charged Oct. 31 with federal and state ...

U.S. Chief Justice Roberts pauses fight over Trump tax returns

By Reuters WASHINGTON, Nov 1 (Reuters) – U.S. Chief Justice John Roberts on Tuesday temporarily blocked a U.S. House of Representatives committee from gaining access ...