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

FAA Vaccine Policy Violates Its Own Rules, Attorneys and Doctors Say

By Enrico Trigoso The FAA (Federal Aviation Administration) is breaking its own rule that states pilots should not fly after having taken medications that have been approved ...

Gallup Poll Shows Dismal Approval Ratings for McConnell, Pelosi, Biden

By Joseph Lord A Gallup poll that asked respondents to rank their approval of major federal leaders found that Supreme Court Chief Justice John Roberts ...

Thousands More Flights Canceled as COVID-19 Continues to Disrupt Holiday Travel

By Katabella Roberts Thousands more flights were canceled across the United States on Monday amid the ongoing CCP (Chinese Communist Party) virus nationwide surge in Omicron variant cases. Around 3,259 flights were canceled ...

Addictive ‘Brain Hijacking’ Methods of Social Media Platforms Harmful to Users, Especially Children: Insider

By Isabel van Brugen and Joshua Philipp Addictive “brain hijacking” methods used by social media giants to keep users on their platforms have harmful effects, particularly on children, according to industry ...

Georgia Tries to Be Less Taxing

By Gregory Bresiger Georgia, with its strong economic recovery from the CCP (Chinese Communist Party) virus pandemic, may become the 10th state without a state an income tax. A former ...

Dem Senators Tell Virginia Supreme Court Redrawn Electoral Map Doesn’t Protect Democrats Enough

By Matthew Vadum Virginia’s two Democratic U.S. senators urged the state’s Supreme Court to reject proposed changes to the state’s congressional map, claiming that the ...

US Navy Warship Pauses Deployment After COVID-19 Outbreak Among ‘100 Percent Immunized’ Crew

By Mimi Nguyen Ly A U.S. Navy warship has paused its deployment to South America due to a COVID-19 outbreak among its “100 percent immunized” crew, the ...

Airlines Across US Continue to Cancel, Delay Hundreds of Christmas Holiday Flights Amid Omicron Surge

By Katabella Roberts Airlines across the United States continued to cancel hundreds of Christmas holiday flights on Sunday amid the nationwide surge in Omicron cases which has also ...

Judge Orders New York Times to Return Legal Memos to Project Veritas

By Mimi Nguyen Ly A New York judge has ordered The New York Times to return confidential legal memos it obtained between investigative journalism organization Project Veritas and the group’s lawyer. The ...

GM Releasing Kits That Can Convert Old Gasoline Cars to Electric Vehicles

By Naveen Anthrappully General Motors (GM) plans on going beyond manufacturing a fleet of electric cars, according to an announcement Wednesday regarding electrification component sets, ...

Head of US Energy Alliance Says Biden Administration’s Energy Policies Are Driving up Costs of Oil and Gas

By Masooma Haq and Steve Lance While the pandemic has spurred demand, leading to increased energy prices, the Biden administration’s reliance on imports is a greater contributor to ...

US Secret Service Investigating Hundreds of Fraud Cases Linked to Funds for Pandemic Relief

By Naveen Anthrappully More than 900 fraud cases linked to pandemic-related relief funds are being investigated, said a U.S. Secret Service statement issued Tuesday. In the statement, the ...