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

Judge Strikes Down NYC Vaccine Mandate for All City Workers

By Caden Pearson A New York Supreme Court judge on Monday struck down New York City’s vaccine mandate for all city workers, finding the rule to be unconstitutional, arbitrary, ...

Arizona Defies Biden Admin, Files Lawsuit and Starts Installing Shipping Container Barrier in Cochise County

By Katabella Roberts Arizona has forged ahead with erecting a shipping container barrier along the Arizona-Mexico border in an effort to close the gaps, despite the Biden administration’s attempts to ...

Biden Falsely Claims Student Debt Forgiveness Program Was Approved by Congress

By Zachary Stieber President Joe Biden has falsely said that his administration’s new student debt relief program was approved by Congress as a piece of legislation. “It’s passed,” Biden said. ...

Biden Says He Wants to Limit Gun Owners to ‘8 Bullets in a Round’

By Jack Phillips President Joe Biden on Sunday said that he is pushing a limit on gun owners having more than “eight bullets in a round.” It’s unclear ...

GOP Launches 73 Election Integrity Lawsuits Ahead of 2022 Midterms

By Jack Phillips The Republican National Committee (RNC) has filed 73 lawsuits on election issues during the 2022 midterm election cycle, according to its chair. RNC ...

New Email Reveals Answer to Establishment’s Efforts to Oust Trump

By Jeff Carlson and Hans Mahncke News Analysis An FBI email previously not known to the public has revealed that the bureau planned to make Igor Danchenko—the primary ...

Military Whistleblowers Sound Alarm on ‘Devastating’ Consequences of Pentagon’s Vaccine Mandate

By J.M. Phelps Whistleblower service members are speaking out on behalf of thousands of service members whose careers have been jeopardized for objecting to Secretary ...

Judge Strikes Down Controversial Clause in NY’s New Election Laws

By Allen Zhong A New York state court judge on Friday struck down one controversial sentence in New York’s new election laws. New York Supreme Court Justice Dianne Freestone ...

Federal Appeals Court Temporarily Halts Biden’s Student Loan Relief

By Mimi Nguyen Ly A federal appeals court on Friday temporarily blocked President Joe Biden’s plan to cancel billions of dollars in federal student loans. The ...

Lawyers Prepare to Sue Any State That Requires COVID-19 Vaccination to Attend School

By Zachary Stieber Any state that requires COVID-19 vaccination to attend school will face a lawsuit, lawyers said this week. The Informed Consent Action Network (ICAN), ...

Biden Says It’s His ‘Intention’ to Run for Reelection in 2024

By Lorenz Duchamps President Joe Biden said in an interview on Friday that it is his “intention” to run for reelection in 2024, though he ...

Judge Orders Fauci, Psaki, Top Officials Be Deposed in Big Tech Censorship Case

By Caden Pearson A federal court on Friday ordered Dr. Anthony Fauci and other top officials to testify under oath at depositions in a case that’s uncovered ...