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

Controversial Hunter Biden FBI briefing back in spotlight after whistleblower claims

By Jerry Dunleavy, Justice Department Reporter Two top Senate Republicans want answers on a controversial summer 2020 FBI briefing, as whistleblower disclosures claim the bureau improperly labeled evidence on Hunter Biden ...

White House Gets Criticized for Trying to Change Definition of Recession

By Naveen Athrappully The Biden administration is being slammed for attempting to change the definition of an economic recession, just ahead of the upcoming second-quarter GDP ...

US Senate Passes $280 Billion CHIPS Act for Domestic Semiconductors

By Andrew Thornebrooke The U.S. Senate passed its controversial chips and science legislation on July 27. The measure will now go to the House and, should it ...

Trump Reveals Why He ‘Can’t’ Leave Politics

By Jack Phillips Former President Donald Trump on Tuesday revealed that he cannot leave politics during his first speech in more than a year in Washington, D.C. “Never ...

State Attorneys General Sue the Biden Administration for Tying School Lunch Funding to LGBT Policies

By Naveen Athrappully The attorneys general of 22 states have filed a lawsuit against the Biden administration over a new rule that seeks to block ...

US Oil Sales to China Could Be ‘Unlawful Activity,’ GOP Lawmakers Tell Biden

By Eva Fu Republican lawmakers are pressing President Joe Biden to make clear whether he had a role in auctioning off oil from U.S. emergency ...

FBI Wrongly Labeled ‘Derogatory Information’ on Hunter Biden as Disinformation: Whistleblowers

By Frank Fang Sen. Chuck Grassley (R-Iowa) revealed on July 25 that there were “systemic and existential problems” within the Justice Department and the FBI, after “highly ...

US Sold Nearly 6 Million Barrels of Oil Reserves to China, Records Show

By Eva Fu The Biden administration has sold nearly 6 million barrels of oil from the U.S. strategic reserve to an entity tied with the ...

Doctor Announces $25 Million Defamation Lawsuit Against Houston Methodist Following Suspension

By Zachary Stieber A doctor in Texas is suing the health care institution that suspended her for allegedly purveying “dangerous misinformation.” Dr. Mary Bowden, who now runs her ...

At Washington Summit, Republicans Forge a Vision for the Future

By Dan M. Berger WASHINGTON—As former President Donald Trump flirts with announcing a run to retake the White House, his loyalists gathered in Washington for the America ...

GOP Planning Fauci Probe After 2022 Midterms

By Jack Phillips Several Republican lawmakers signaled they are planning to target White House COVID-19 adviser Anthony Fauci in investigations if the GOP secures at least one chamber in ...

Liz Cheney Trailing Behind Trump-Backed Harriet Hageman in US House Race: Poll

By Katabella Roberts Rep. Liz Cheney (R-Wyo.) is trailing significantly behind Trump-endorsed challenger Harriet Hageman in the race for Wyoming’s lone U.S. House seat in August, according to a recent poll ...