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

Durham Asks Court to Compel Production From Clinton Campaign, DNC

By Zachary Stieber Special Counsel John Durham’s team on April 6 asked a federal judge to force Hillary Clinton’s presidential campaign and two other parties to ...

Nearly 92 Percent of Congressional Seats Set For Elections After Post-Census Redistricting

By John Haughey When Republican Gov. Larry Hogan signed into law new congressional maps drawn by the Democrat-controlled state General Assembly on April 4, Maryland ...

DHS Giving Cell Phones to Illegal Border Crossers: White House

By Nick Ciolino and Charlotte Cuthbertson The White House confirmed Wednesday that the administration is giving cell phones to illegal border crossers before releasing them into the United ...

Texas Governor Directs State to Bus or Fly Illegal Immigrants to DC as Title 42 Ends

By Isabel Van Brugen Texas Gov. Greg Abbott on Wednesday said that his government will provide charter buses or flights to transport illegal immigrants released from federal custody ...

Trump Stumps for State Candidates in Overflowing Michigan Rally

By Steven Kovac WASHINGTON, Michigan—An overflow crowd turned out on April 2 to hear former president Donald Trump campaign for attorney general candidate Matt DePerno ...

Subpoena for Hunter Biden to Testify Before Congress Blocked by Democrats: GOP

By Jack Phillips Democrats on the House Oversight Committee blocked a Republican-backed subpoena to compel Hunter Biden to testify as a witness. “Democrats just denied our motion to subpoena Hunter ...

Lockdown States Drag Down Overburdened Labor Market

By Petr Svab News Analysis States that instituted more severe COVID-19 lockdowns have put a drag on recovery in a labor market desperate for hires. With the onset of ...

South Dakota Gov. Kristi Noem Signs Legislation Restricting Teaching of Critical Race Theory in K-12 Schools

By Katabella Roberts South Dakota Gov. Kristi Noem signed an executive order on April 5 that will restrict the teaching of block critical race theory (CRT) in K-12 education in ...

John Durham: Ex-Clinton Lawyer Allegedly Lied to FBI in Writing

By Jack Phillips Special counsel John Durham published potentially conclusive evidence in the case against former Clinton campaign lawyer Michael Sussmann on Monday night, showing alleged text ...

Oops! AOC’s campaign fails to disclose $1 million in spending

By Bob Unruh U.S. Rep. Alexandria Ocasio Cortez, D-N.Y., or AOC as she’s more widely known, has a history of wild statements and actions. Recently she ...

‘Watch them sweat:’ Speculation swirls as Elon Musk becomes largest Twitter shareholder

By Joe Saunders, The Western Journal The worlds of high finance and social media collided Monday with the news that South African billionaire Elon Musk ...

Trump Endorses Sarah Palin for Alaska Congressional Seat

By Zachary Stieber Former President Donald Trump has endorsed former Alaska Gov. Sarah Palin after she announced a bid for the congressional seat left vacant by a sudden death. “Wonderful patriot Sarah ...