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

New Orleans Entirely Without Power, 911 Service Due to Ida: Officials

By Jack Phillips All of New Orleans, Louisana, is now without power due to Hurricane Ida, according to the city’s emergency preparedness campaign. Entergy, the main utility for ...

Gas Prices to Rise as Hurricane Ida Shuts Down 95 Percent of Gulf’s Oil Production

By Jack Phillips Hurricane Ida shut down more than 95 percent of the Gulf of Mexico’s oil production, said regulators, suggesting the Category 4 storm will have ...

47 Victims Rescued, 102 Arrested in Multi-State Human Trafficking Operation

By Allen Zhong A human trafficking operation joined by 12 states has rescued 47 victims and arrested 102 people, Missouri Attorney General Eric Schmitt announced on Aug. ...

‘Not a Day for Politics’: Psaki Answers US Lawmakers’ Calls for Biden to Resign

By Lorenz Duchamps White House Press Secretary Jen Psaki on Thursday responded to calls from U.S. lawmakers urging President Joe Biden to resign after 13 U.S. service ...

Supreme Court Blocks CDC Eviction Moratorium

By Mimi Nguyen Ly Evictions to resume amid COVID-19 pandemic. The U.S. Supreme Court on Thursday blocked the Centers for Disease Control and Prevention’s eviction moratorium, thereby opening the ...

The Era of ‘Zuckbucks’ in Florida Election Administration Ends

By Matthew Vadum The last of three Florida counties that took grant monies from a left-wing activist group funded by Facebook founder Mark Zuckerberg to help administer ...

NY Still Needs to Come Clean on COVID-19 Nursing Home Deaths Scandal: Report

By Petr Svab The government of the State of New York still has more explaining to do and heads that should roll regarding the decision ...

Healthcare Workers Pack Hearing to Support Bill to Ban Vaccine Mandates in Michigan

By Steven Kovac LANSING, Mich.—A public hearing on a proposed new law to ban employers from requiring workers to be vaccinated against the CCP (Chinese Communist ...

Kentucky Supreme Court: New Laws Limiting Governor’s Emergency Powers Can Go Into Effect

By Zachary Stieber Laws passed by the Kentucky legislature shouldn’t have been blocked from going into effect earlier this year, the state’s highest court ruled on Aug. ...

How to Assert your Right To Refuse Vax if Job Demands it

By Hal Turner Newsdesk Many companies are taking it upon themselves to demand employees be vaccinated with the experimental and highly dangerous COVID-19 vaccine. People ...

West Virginia Sues Biden Administration Over Refusal to Restart Remain in Mexico Policy

By Zachary Stieber West Virginia on Thursday sued President Joe Biden’s administration, alleging its refusal to restart the Trump era policy known as Remain in Mexico ...

North Carolina Senate Passes Bill That Would Repeal Pistol Permit Law

By Zachary Stieber State House also passed legislation, but governor may veto. The North Carolina Senate this week approved legislation that would repeal a background check currently required ...