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

Florida Judge Blocks Biden’s Debt Relief Program for Non-White Farmers

By Jack Phillips A federal judge in Florida temporarily halted the White House’s $4 billion debt relief program that targeted farmers on the basis of race, saying ...

Wisconsin Senate Passes ‘Second Amendment Sanctuary’ Bill

By Jack Phillips Wisconsin’s GOP-led state Senate on Wednesday passed a measure to turn the state into a “Second Amendment sanctuary,” becoming the latest to ...

Newsom to Officially Face Recall Election

By Ivan Pentchoukov The petition to recall California Gov. Gavin Newsom has cleared its final hurdle on June 23 with confirmation from the state’s top election official ...

New Law Requires Florida Students to Be Taught About ‘The Evils of Communism’

By Mimi Nguyen Ly High school students in Florida will be required to learn about “the evils of communism” under one of three bills Gov. Ron DeSantis signed ...

Pennsylvania House Passes Election Integrity Bill: ‘The System Does Not Work’

By Jack Phillips The Pennsylvania state House on Tuesday night approved a Republican-backed election reform bill that would include a requirement that voters present identification, among other ...

Georgia Conducting Secret 2020 Ballot Review—Keeping Plaintiffs in the Dark

By Paul Sperry, Real Clear Investigations After several Fulton County, Ga., poll monitors testified last year that boxes of mail-in ballots for Joe Biden looked liked they’d been ...

Former White House Chief of Staff: DeSantis Won’t Run Against Trump in 2024

By Zachary Stieber Former President Donald Trump’s former chief of staff is alleging that Florida Gov. Ron DeSantis will not run for president in 2024 if ...

Arizona-Style Election Audit Needed in Nevada: GOP Chairman

By Jack Phillips After visiting the election audit of Arizona’s Maricopa County, the head of Nevada’s Republican Party said a similar review is needed in Nevada—although that possibility appears slim, as ...

McCarthy Responds to Speculation That Trump Should Be Elected House Speaker

By Jack Phillips House Minority Leader Kevin McCarthy (R-Calif.) responded to speculation about former President Donald Trump potentially being voted as House speaker if Republicans take the House majority ...

Maricopa County Audit Report Expected in August

By Zachary Stieber The final report for the 2020 election audit taking place in Arizona’s largest county is not expected to be out until August, an official involved ...

Gov. Abbott Signs Into Law 7 Bills Enforcing Second Amendment in Texas, Including Constitutional Carry

By Katabella Roberts Texas Gov. Greg Abbott on June 17 signed into law seven pieces of gun-rights related legislation aimed at enforcing the protection of Second Amendment Rights in Texas. The ...

Pennsylvania Election Audit a ‘Very Real Possibility’: Top Senate Republican

By Jack Phillips A Pennsylvania Senate Republican suggested that an election audit in the commonwealth is a “very real possibility” after meeting with a group of audit activists at ...