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

Nancy Pelosi’s Husband Attacked During Home Invasion

By Zachary Stieber U.S. House Speaker Nancy Pelosi’s husband was attacked in the early hours of Oct. 28 during a home invasion, Pelosi’s office says. A person ...

Pentagon: US to End Sea-Launched Nuclear Missile Program

By Jack Phillips The United States will stop developing nuclear-armed, sea-launched cruise missiles, according to new documents released by the Department of Defense (DOD). The documents ...

Senators Share Documents With Prosecutors Probing Hunter Biden

By Zachary Stieber Two senators have shared documents they’ve obtained while investigating President Joe Biden’s son with prosecutors who are probing the son, Hunter Biden, the ...

Trump to Hold Rallies in Four States Ahead of Midterm Elections

By Frank Fang Former President Donald Trump is set to go on a rally blitz for candidates he has endorsed in at least four battleground states during ...

Trump Was Right on TikTok, says Top Democrat Senator

By Victoria Kelly-Clark One of the Democratic Party’s leading figures, Sen. Mark Warner (D-Va.), who is head of the United States Senate intelligence committee, has said former ...

Arizona County Approves Plan to Hand Count Ballots, Citing Declining Voter Confidence

By Katabella Roberts A Republican-controlled county in Arizona will hand count some ballots cast at polls in November’s midterm congressional elections after voting to approve the measure on Oct. 24. The ...

GOP Gubernatorial Candidate Zeldin Says He’ll Declare Crime Emergency in NY

By Jack Phillips Republican New York gubernatorial candidate Lee Zeldin suggested he would declare a crime emergency and end cashless bail if he’s elected, according to remarks ...

Michigan State Senator Raises Concerns About Secretary of State Jocelyn Benson, Election Integrity

By Tiffany Meier, Joshua Philipp and Naveen Athrappully Michigan state Sen. Ruth Johnson, a Republican, has accused Michigan Secretary of State Jocelyn Benson, a Democrat, of incompetence, and raised concerns about election ...

Tudor Dixon, Gretchen Whitmer Debate Pandemic Response, Mandating COVID Jabs for School Kids in Michigan

By Caden Pearson Democratic Michigan Gov. Gretchen Whitmer said she doesn’t support “requiring the COVID vaccine” for school kids after being put on the spot by Republican gubernatorial candidate Tudor Dixon during ...

US, Other IEA Members Have ‘Huge’ Oil Reserves That Can Be Tapped If Supply Is Disrupted: Birol

By Naveen Athrappully Members of the International Energy Agency (IEA) can tap into its oil reserves to alleviate any supply issues, the agency’s executive director Fatih Birol ...

Independent Voters Rush Away From Democrats on Economy Ahead of Midterms: Survey

By Bryan Jung A new survey reveals that independent voters are fleeing from the Democrats due to the economy and inflation, two weeks before the midterm elections. Independents are 20 percent ...

‘Misguided’ Government Policies Worsen US Homelessness Crisis: Report

By Emel Akan Homelessness in the United States has increased dramatically over the last decade and is now at crisis levels in many major cities. ...