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

Trump Talks Energy, War, Illinois Primaries in New Interview

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Oath Keepers FBI Interviews Contradict Indictment Charges

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Abortion Clinics Start Closing After Roe v. Wade Ruling

By Tom Ozimek Abortion clinics in multiple states closed their doors on June 25 following the Supreme Court decision to overturn Roe v. Wade and ...

Biden Accidentally Reveals Very Specific Cheat Sheet Reminding Him How to Act

By Rita Li A cheat sheet giving U.S. President Joe Biden specific instructions on how to behave was captured on camera during a June 23 conference. The 79-year-old ...

Kansas to Be First Test of Voter Sentiment in the ‘Post-Roe’ Era

By John Haughey The first ballot test of the official, newly-minted “post-Roe era” will be on Aug. 2, when Kansas voters are presented with a proposed amendment ...

House Republicans Voice Opposition to Senate Gun Control Legislation

By Frank Fang House GOP leaders have announced that they will vote against the Senate’s gun control bill, with House Republican Whip Steve Scalise (R-La.) saying he ...

Senate Breaks Filibuster on Gun Deal, Clearing the Way for Final Passage

By Joseph Lord The U.S. Senate on June 23 voted to break the filibuster on a controversial gun deal hammered out between Republicans and Democrats, clearing the ...

Supreme Court Allows GOP Legal Defense of North Carolina’s Embattled Voter ID Law

By Matthew Vadum The Supreme Court ruled 8-1 on June 23 that North Carolina’s Republican-controlled legislature must be allowed to step in to advocate for a ...

Police Husband of Teacher Killed in Texas School Shooting ‘Detained,’ Had Gun Taken Away

By Caden Pearson A Uvalde police officer whose teacher wife was killed in the mass shooting at Robb Elementary School was blocked by law enforcement from trying to help her, an ...

NRA Responds to Senate’s Gun-Control Bill

By Jack Phillips The National Rifle Association (NRA) responded to the Senate’s gun control package by saying it “falls short on every level.” “The NRA will support ...

Andrew Gillum Charged With Wire Fraud, Making False Statements

By Zachary Stieber The man who ran against Ron DeSantis in Florida’s 2018 gubernatorial race has been charged with wire fraud, conspiracy, and making false ...

Critical Race Theory is Part of Globalist Power Grab: Expert

By Samantha Flom Concerns over the influence of critical race theory on public education have erupted over the past few years, sparking a moral outcry at school ...