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

Top House Republicans Allege Democrats ‘Not Serious’ About Confronting China in Chips, Competition Bill

By Mimi Nguyen Ly Top House Republicans say their Democrat colleagues are “not serious” about confronting the Chinese Communist Party (CCP), after the House unveiled ...

US Semiconductor Chip Shortage Poses Economic, National Security Risks: Commerce Dept.

By Katabella Roberts The United States is facing a chronic shortage of semiconductor chips and a long-term solution is desperately needed to avoid economic and national security risks ...

Biden Administration Is Withdrawing OSHA COVID-19 Vaccine Mandate

By Jack Phillips The federal Occupational Safety and Health Administration (OSHA) announced Tuesday it will formally withdraw its COVID-19 vaccine mandate for private businesses with 100 ...

‘Null, Void, and Unenforceable’: NY Judge Strikes Down Governor’s Mask Mandate

By Jack Phillips A New York Supreme Court judge on Monday evening ruled that Gov. Kathy Hochul’s mask mandate for schools and public places is unconstitutional, ...

Schweizer: Bidens got $31 million from China intelligence-linked sources

By Bob Unruh Peter Schweizer, the president of Governmental Accountability Institute and author of “Profiles in Corruption” and “Clinton Cash,” previously has warned China’s influence ...

Sen. Sinema Censured by Arizona Democratic Party

By Jack Phillips Sen. Kyrsten Sinema (D-Ariz.) was censured by the Arizona Democratic Party’s executive board over the weekend for voting to keep the Senate’s filibuster, which effectively blocked ...

US Now Requires All Foreign Travelers to Be COVID-19 Vaccinated When Crossing Land Ports, Ferry Terminals

By Mimi Nguyen Ly Starting Saturday, non-U.S. travelers who wish to enter the United States via ferry terminals or land ports of entry at the U.S.–Mexico ...

Biden’s COVID-19 Vaccine Mandate for Federal Workers Blocked Nationwide

By Zachary Stieber President Joe Biden’s COVID-19 vaccine mandate for federal employees was blocked on Friday by a federal judge. Biden does not have the authority to impose such ...

Scientists Who Were Instrumental to COVID-19 ‘Natural Origins’ Narrative Received Over $50 Million in NIAID Funding in 2020-2021

By Jeff Carlson and Hans Mahncke News Analysis Four prominent scientists who played key roles in shaping the public narrative around the origin of COVID-19 received ...

Hunter Biden Invested in Chinese Company Tied to Senior Chinese Communist Party Officials: Emails

By Frank Fang Hunter Biden, the second son of U.S. President Joe Biden, once held a stake in a Chinese company with ties to senior party ...

Federal Appeals Court Rules Two California Counties Violated Rights With Pandemic Gun Store Shutdowns

By Katabella Roberts A federal appeals court ruled on Thursday that two California counties violated the constitutional right to keep and bear arms when they shut down gun and ...

Noncitizen Voting Push Is Part of Agenda to Rid America of Citizenship: Election Expert

By Charlotte Cuthbertson The recent New York City law to allow at least 800,000 noncitizens to vote in municipal elections is unconstitutional and likely to be overturned ...