Economy - USNN World News

Economy

US employers hire 1.8M despite new COVID-19 shutdowns

by USNN World NewsAugust 7, 2020December 5, 2024

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

NATIONAL NEWS

Police Waited to Enter Texas School as Shooter Opened Fire: Witnesses

By Jack Phillips Several witnesses on the scene of the Texas mass shooting said that police waited to enter as videos surfaced of parents telling officers to “Go protect ...

Twitter to Pay $150 Million After Being Accused of Improperly Selling User Data

By Mimi Nguyen Ly Twitter has agreed to pay $150 million after it was accused of having sold private information from users to target advertising, without ...

Biden’s ATF Pick, Senator Clash Over ‘Assault Weapon’ Definition During Judiciary Hearing

By Joseph Lord The Senate Judiciary Committee on May 25 met to consider the nomination of Steven Dettelbach to be director of the Bureau of Alcohol, Firearms, ...

18 Major Airlines, FAA, and DOT to Be Sued Over COVID Vaccine Mandates

By Enrico Trigoso John Pierce Law has filed a lawsuit against Atlas Air, on behalf of US Freedom Flyers (USFF) and Atlas employees, and plans ...

Ex-Clinton Lawyer Told Different Stories to Congress and FBI About Origin of Trump-Russia Info, Jury Hears

By John Haughey and Zachary Stieber WASHINGTON—A lawyer representing Hillary Clinton’s campaign told members of Congress in 2017 that he took information about Donald Trump and Russia to the ...

Obama officials tried to ‘circumvent’ Trump’s foreign policy

By Bob Unruh Some officials from Barack Obama’s administration were actively trying to undermine the administration of President Donald Trump while he was in office, ...

Anonymous Source Who Vouched for Trump–Russia Claims is Same Man Who Sent Lawyer to FBI: Agent

By John Haughey and Zachary Stieber WASHINGTON—The technology executive who helped gather data on Donald Trump and Russia in 2016 sent some of the data to the FBI ...

Texas Elementary School Shooter Posted to Facebook 3 Times Before Massacre: Governor

By Charlotte Cuthbertson and Zachary Stieber UVALDE, Texas—The man who killed 19 children in an elementary school on May 24 posted thrice to Facebook before arriving at the facility, Gov. ...

14 Students, 1 Teacher Killed After Shooting at Texas Elementary School: Governor

By Zachary Stieber Fourteen children and a teacher were fatally shot by an 18-year-old male at an elementary school in Texas on May 24, Gov. Greg Abbott said. The ...

DC Attorney General Sues Zuckerberg Over Cambridge Analytica Data Breach Scandal

By Rita Li Washington, D.C. Attorney General Karl Racine on Monday filed a lawsuit against Facebook founder Mark Zuckerberg for allegedly failing to secure millions of users’ ...

Texas Ranchers Struggling With Property Damage Amid Surge of Illegal Immigrants

By Autumn Spredemann As a human tidal wave continues flowing across the U.S. southern border from Mexico, cattle ranchers in Texas scramble to deal with ...

Gas Prices Jump 33 Cents in Past 2 Weeks, Some Analysts See $6 per Gallon by August

By Tom Ozimek The average price of regular-grade gasoline spiked 33 cents over the past two weeks to $4.71 per gallon, according to the Lundberg ...