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

Arizona Senate President Says 2020 Election Audit’s Ballot Count Doesn’t Match Maricopa Tally

By Isabel Van Brugen Arizona Senate President Karen Fann said on July 13 that the number of ballots counted in the audit of the 2020 general election differs from the tally ...

Pennsylvania Sen. Mastriano Invited Biden to Meet, Discuss Election Audit

By Beth Brelje In anticipation of President Joe Biden’s Tuesday visit to Philadelphia to discuss voter rights, Pennsylvania state Senator Doug Mastriano, a Republican, sent a letter ...

Semiconductors Key to US Supremacy in High-Tech War

By Emel Akan WASHINGTON—The global semiconductor shortage during the pandemic has intensified the battle for technological dominance between the world’s two largest economies. Supply chain shocks ...

Texas House Republicans Vote to Track Down Absent Democrats, Potentially Arrest Them

By Jack Phillips Texas House Republicans on Tuesday voted to track down and possibly arrest absent Democratic lawmakers who fled the state to avoid voting on ...

DeSantis: Disrespected Police Officers Can Relocate to Florida

By Jack Phillips Florida Gov. Ron DeSantis said on July 12 that police officers from around the United States are welcome to relocate to Florida for ...

Texas Democrats Plan Walkout to Block GOP’s Election Overhaul Bill: Party Chairman

By Jack Phillips Democrat lawmakers in Texas will walk out in a bid to deny Republicans the quorum they need to convene a special legislative session called ...

‘I Look Forward to It’: Trump Says He’ll Sit for Twitter, Google, Facebook Lawsuit Deposition

By Jack Phillips Former President Donald Trump said Thursday he is eager and willing to provide sworn testimony in a deposition in his lawsuits against Google, Twitter, ...

‘Devastating Situation’: South Dakota Governor Sends More Troops to Border

By Jack Phillips South Dakota Gov. Kristi Noem has announced that additional state National Guard members will be sent to the U.S.–Mexico border to assist immigration enforcement efforts. According ...

Alan Dershowitz: Trump Lawsuit Against Twitter ‘Will Shake Things Up Considerably’

By Jack Phillips Legal scholar Alan Dershowitz on Wednesday said that President Donald Trump’s class-action lawsuits against Facebook, Google, and Twitter are “very, very important” for the future ...

Federal Judge Rejects Challenge to Georgia Voting Law

By Jack Phillips A federal judge in Georgia declined to block portions of the recently passed Georgia election law after an organization filed a legal challenge that sought to ...

Pennsylvania Senate Chairman Initiates Forensic Probe of 2020, 2021 Elections

By Zachary Stieber A Pennsylvania senator announced on July 7 that he has triggered a forensic investigation of the 2020 and 2021 elections. State Sen. Doug Mastriano, a Republican, ...

Mike Pompeo on Critical Race Theory, 1619 Project: ‘An Attempt to Divide the Country’

By GQ Pan Former Secretary of State Mike Pompeo has weighed in on the national debate over the teaching of critical race theory (CRT) and The New ...