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

US Coal Stockpiles Hit Record Low

By Nathan Worcester U.S. coal stockpiles dipped to just 80 million tons in September, the lowest monthly total since the Energy Information Administration (EIA) began tracking such ...

New York City to Mandate COVID-19 Vaccines for Private Sector Workers

By Zachary Stieber Private sector workers in New York City will have to get a COVID-19 vaccine or face termination, Mayor Bill de Blasio announced Monday. “We have decided to ...

Woman’s New Accusation Against Chris Cuomo Led to CNN Firing: Lawyer

By Jack Phillips Chris Cuomo, who was fired by CNN on Saturday, is facing an allegation of sexual misconduct, according to a lawyer who is representing a ...

COVID-19 a Pandemic of Fear ‘Manufactured’ by Authorities: Yale Epidemiologist

By Isabel van Brugen and Jan Jekielek The COVID-19 pandemic has been one of fear, manufactured by individuals who were in the nominal positions of authority as the virus began ...

Bob Dole, Former Republican Presidential Candidate, Dies at 98

By Jack Phillips Bob Dole, a former Republican U.S. Senator from Kansas and GOP presidential candidate, has died at age 98, his family confirmed in ...

CNN Fires Anchor Chris Cuomo Following Indefinite Suspension

By Mimi Nguyen Ly CNN on Saturday terminated one of its top anchors, Chris Cuomo, after having indefinitely suspended him earlier this week. The suspension was announced on Tuesday ...

6th Circuit Court Rules Against Biden Administration in OSHA Vaccine Mandate Lawsuit

By Tom Ozimek The Sixth Circuit Court has denied the federal government’s motion to transfer the Occupational Safety and Health Administration (OSHA) vaccine-or-test requirement lawsuit ...

Manchin Joins GOP to Fight Private Sector Vaccine Mandate

By Joseph Lord Sen. Joe Manchin (D-W.Va.) has come out against President Joe Biden’s unprecedented private sector vaccine mandate, joining Republicans in officially cosponsoring a bill ...

Lithium Prices Shoot Up, Disrupting Plans for Electric Car Manufacturers

By Naveen Anthrappully Car manufacturers are finding it increasingly pricier to manufacture electric vehicles (EV) as the costs of procuring lithium, one of the main ...

Tesla Launches Electric Quad Bike in US for Kids

By Reuters Tesla Inc. has launched an electric quad bike for kids in the United States for $1,900, two years after the electric-car maker introduced the all-terrain ...

Actually, Justice Sotomayor, Everything Has Changed About The Abortion Debate Since Roe

By Tiana Lowe Justice Sonia Sotomayor bases part of her abortion jurisprudence on demonstrably faulty suppositions about the developing science of pregnancy and contraception. When the ...

Ghislaine Maxwell sex abuse trial enters fourth day after first accuser testifies

By Luc Cohen NEW YORK, Dec 2 (Reuters) – Ghislaine Maxwell’s sex abuse trial was set to enter its fourth day on Thursday, following emotional ...