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

Jan. 6 Committee Is Used to ‘Abolish Electoral College’ and as a ‘Cover Up’ for Pelosi: House Republicans

By Mimi Nguyen Ly House Republicans on Wednesday spoke out against the Jan. 6 Committee, accusing the entire effort of being a “partisan witch hunt” ...

Steve Bannon Subpoenas Pelosi, Jan. 6 Panel Members in Contempt of Congress Case

By Joseph Lord Steve Bannon’s legal team has issued subpoenas to top Democrats and members of the controversial Jan. 6 House of Representatives panel in a development ...

Man Arrested Near Home of Supreme Court Justice Had a Gun, Wanted to Kill: Officials

By Zachary Stieber A California man arrested near the home of Supreme Court Justice Brett Kavanaugh on June 8 has been charged with attempted murder. Nicholas John Roske ...

Grassley, Franken, Nunn Win Iowa Primary Races

By Jeff Louderback Seven-term Republican Sen. Chuck Grassley (R-Iowa) easily won in his race against state Sen. Jim Carlin (R) while Republican state Senator and Air Force ...

Trump-Backed Candidate Leads Challenger in Montana GOP Primary

By Allan Stein MISSOULA, Mont.—Five percentage points separate former U.S. Interior Secretary Ryan Zinke and his closest Republican rival, former Montana Sen. Al Olszewski in a hotly ...

Pro-Trump Candidate Leads California Election to Fill Seat Vacated by Devin Nunes

By Brad Jones Connie Conway leads the congressional seat previously held by Rep. Devin Nunes (R-Calif.) who resigned in January to lead former President Donald ...

San Francisco Voters Oust Progressive Soros-Backed Prosecutor in Recall Vote

By Brad Jones Voters have ousted Chesa Boudin (D) as San Francisco’s district attorney. Unlike California Gov. Gavin Newsom’s recent recall election, Boudin didn’t face any opponents. On June 7, San ...

How Fake Is Twitter’s User Data?

By Jeffrey A. Tucker Over the last several weeks, the perception has grown that Elon Musk will not be the emancipator of Twitter, freeing it finally from its ...

Energy Transition to Wind and Solar Is More Expensive and Environmentally Nonviable: Study

By Harry Lee Environmentalists, the Biden administration, and some states have been pushing for a drastic energy transition to renewable energies such as wind and solar, saying ...

Judge Agrees to Toss Charge Against Jan. 6 Defendant

By Zachary Stieber A federal judge on June 7 agreed to dismiss a charge against a defendant in the Jan. 6, 2021, breach of the ...

Only 28 Percent of Americans Approve of Biden’s Handling of Inflation: Poll

By Hannah Ng Less than 30 percent of American voters are content with President Joe Biden’s handling of inflation, a new poll shows. According to the ABCNews/ ...

Obama Approved Accusing Russia of DNC Hack Before FBI Received DNC Server Images

By Ivan Pentchoukov President Barack Obama approved a statement by the U.S. intelligence community in October 2016 accusing Russia of stealing emails from the Democratic National Committee ...