Economy - USNN World News

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

Economy

SBA disaster loan investigation reveals rampant fraud: Report

by USNN World NewsJuly 29, 2020July 29, 2020

NATIONAL NEWS

Hasbro Suspends Critical Race Training Whistleblower, Says Report ‘Mischaracterizes Our Values’

By GQ Pan Hasbro has reportedly suspended a whistleblower who leaked an internal training session at the company that claimed children as young as two can harbor ...

Trump Hails Arizona GOP Senate for Election Audit at Phoenix Rally

By Jack Phillips President Donald Trump on Saturday hailed the Arizona state Senate for its months-long audit of Maricopa County’s 2.1 million ballots and election equipment, while ...

Federal Court Rules Against California Gov. Newsom’s Order Barring Private School In-person Classes

By Jack Phillips Gov. Gavin Newsom acted in an unconstitutional manner when he implemented COVID-19-related mandates barring private school children from in-person classes, ruled the U.S. Court ...

The International Spyware Scandal Runs Deeper Than Pegasus

By Ken Silva Much attention has been paid this week to bombshell allegations that Israeli-created spyware may have been used to target journalists, dissidents, and ...

United States District Court: COVID-19 is all “Hype” – No worse than Flu – No need to Mask or Lockdown -VACCINES KILLED 45,000 so far!

By Hal Turner Newsdesk Documents filed with the United States District Court show the “Public Health Emergency” that is COVID-19 . . . does not ...

Mississippi Asks Supreme Court to Overturn Roe v. Wade in Abortion Case

By Jack Phillips Mississippi’s attorney general asked the U.S. Supreme Court on Thursday to overturn the landmark abortion decision Roe v. Wade and argued that the practice ...

Cruz Leads 24 GOP Senators to File Amicus Brief in Supreme Court Case Protecting Second Amendment

By Masooma Haq Sen. Ted Cruz (R-Texas), ranking member of the Senate Judiciary Subcommittee on the Constitution, led 24 other Republican senators to file an ...

Sen. Paul Sending Criminal Referral of Fauci to Department of Justice

By Zachary Stieber Sen. Rand Paul (R-Ky.) on Wednesday sent a criminal referral of Dr. Anthony Fauci to the Department of Justice, in the aftermath of their contentious back-and-forth ...

Texas Rep. Introduces Bill to Audit 13 Most-Populous Counties’ Election Results

By Jack Phillips A Texas House representative announced Monday he’s introducing a bill for a forensic audit of the most populous counties’ election results. According to the text of House Bill 241, ...

California Appeals Court Overturns Anti-Misgendering Law on First Amendment Grounds

By Matthew Vadum A California appeals court struck down as unconstitutional a state law that penalized elder-care workers for using pronouns inconsistent with elderly long-term ...

Wisconsin Lawmaker Calls for ‘Full Forensic Audit’ After Georgia, Arizona Updates

By Zachary Stieber A Wisconsin representative on Friday said 2020 election reviews being done in the state should be expanded into a “full forensic audit” following alleged ...

Legal Group Launches Effort to Learn About Biden Administration’s Coordination With Big Tech

By Zachary Stieber A legal group is seeking information on the extent of the Biden administration’s coordination with Big Tech after White House officials this week said ...