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

Tight Job Market Sees IRS Facing Uphill Battle to Hire 87,000 Staff

By Bryan Jung The Internal Revenue Service’s plan to massively expand its staff has become more difficult with the tight U.S. labor market. The Democrats’ “Inflation Reduction ...

Former DNI Raises Concerns Over Potential ‘Misclassified Documents’ Seized in Mar-a-Lago Raid

By Katabella Roberts Former White House Director of National Intelligence John Ratcliffe said Sunday that the FBI took documents from Donald Trump’s Florida Mar-a-Lago home that had ...

Key Dossier Source Confirms He Was Paid by FBI for Years

By Zachary Stieber A key source for the anti-Donald Trump dossier paid for by Democrats has confirmed that he was on the FBI’s payroll for years. Igor ...

Trump Says the FBI ‘Colluded With Russia’

By Jack Phillips Former President Donald Trump on Saturday reversed a long-held Democrat narrative by saying it was the FBI that colluded with Russia—not him. For years, Trump has ...

Why ‘Leaving California’ Is Rapidly Growing in Popularity

By Jamie Joseph Terry Gilliam, founder of the Facebook groups “Leaving California” and “Life After California,” has garnered more than 250,000 members combined who are ...

Half a Billion Worth of Narcotics Seized by US Coast Guard in Florida

By Naveen Athrappully The U.S. Coast Guard has recovered over 28,500 pounds of marijuana and cocaine, offloading it on Thursday at the Base Miami Beach, ...

Fauci, the Master Bureaucrat, Says Its Not His Fault

By Jeffrey A. Tucker Commentary Let’s imagine that one day, liberty, prosperity, security, and rationality were all shredded. Most of the country could not go to ...

Judge Names Special Master to Review FBI Raid Documents, Rejects DOJ Criminal Probe Request

By Caden Pearson Florida-based U.S. District Judge Aileen Cannon on Thursday appointed a senior Brooklyn federal judge to serve as special master to independently review documents the FBI seized ...

Nearly 50 Members of Congress Call on Pentagon to End Military Vaccine Mandate

By Katabella Roberts Nearly 50 Republican lawmakers, led by Rep. Mike Johnson (R-La.), have called on the Department of Defense (DOD) to withdraw its COVID-19 vaccine mandate for military members, ...

Nonprofit Group Ranks Lawmakers on Critical Issues Ahead of 2022 Midterms

By Hannah Ng and Steve Lance The Moms for America Action group has released its first-ever Congressional Ratings “Report Card” that grades all 535 Members ...

District of Columbia Repeals Gun Ammo Limit in Bid to Settle Second Amendment Lawsuit

By Matthew Vadum The District of Columbia has gotten rid of its regulation limiting how much ammunition a concealed-carry handgun permit holder may carry after a local ...

An Assault on the 2nd Amendment’: Over 100 Republicans Express Concern Over Card Companies Labeling Gun Sales

By Joseph Lord More than 100 Republicans in a letter expressed concern over the decision of several credit card giants to establish a new specific merchant code ...