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

Business Lobby Files Court Notice Over Biden’s Vaccine Mandate: Stop ‘Bullying Businesses to Comply’

By Tom Ozimek The Job Creators Network (JCN), a business advocacy group, has filed a notice with the Sixth Circuit Court of Appeals—which is hearing ...

Idaho House Passes Bill to Compensate Sick Workers Post-Vaccination

By Tammy Hung The Idaho state house passed a bill on Nov. 16 to compensate workers who fall ill from receiving the vaccine under employer-enforced ...

Workers Returning Back to the Office Across US: Survey

By Naveen Athrappully Foot traffic in American workplaces reached the highest levels since the pandemic and related lockdowns began, with back-to-office trends strongest in metros like ...

Online Retail Gets More Expensive, Weak Discounts For Holidays: Adobe Survey

By Naveen Athrappully E-commerce has gotten more expensive due to the inflationary environment, according to a recent report from Adobe, and it’s significant during the holiday season ...

Historic pro-GOP voting gap revealed, potential 70-seat pickup

By Paul Bedard, Washington Secrets Columnist Voters socked by inflation and underwhelmed by President Joe Biden now favor Republicans in the 2022 midterm elections by a historic ...

Kyle Rittenhouse Acquitted on All Counts

By Jackson Elliott KENOSHA, Wisconsin—Jurors acquitted Kyle Rittenhouse on all counts on Friday. The jury reached the verdict just after 12:10 p.m. local time and the foreman read it aloud ...

Rittenhouse Jury Concludes Third Day of Deliberations Without Verdict

By Jackson Elliott At the end of the third day of jury deliberations for the trial of Kyle Rittenhouse, no verdict was given. Although no one can ...

Biden’s ‘Build Back Better’ Plan Would Increase Deficit by $367 Billion Over 10 Years: CBO

By Katabella Roberts President Joe Biden’s “Build Back Better” legislation, if passed through Congress, would increase the U.S. deficit by $367 billion over 10 years, the Congressional ...

One Year On, America’s Trump Stores Are Still Winning

By Jackson Elliott In many places in rural America, it seems the 2020 election never ended. “Trump 2020” signs still dot the roadsides, Trump flags ...

Trust in the US Media Is in Free Fall: Poll

By Naveen Athrappully Trust in media, whether it be traditional or alternate, has declined considerably over the years across all political spheres, according to a ...

Bank of America Initiates Pilot Program Separating Vaccinated From Unvaccinated Employees

By Matt McGregor A source who works with Bank of America has disclosed a pilot program beginning Nov. 18 that plans to separate vaccinated from unvaccinated employees ...

Republican Defeats Democrat Mayoral Candidate Despite Top Endorsements

By Jack Phillips Endorsements from top Democrats including President Barack Obama and House Majority Whip Jim Clyburn (D-S.C.) were not enough to secure a victory ...