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

Election Assessment in Pennsylvania County Uncovers Five ‘Issues of Note’

By Zachary Stieber An election assessment conducted in a Pennsylvania county months ago and quietly released to the public in recent weeks uncovered five errors, including three linked to ...

California Woman Who Got Both Moderna Vaccine Shots Dies of COVID-19: Officials

By Jack Phillips An elderly woman in Napa County, California, who had received both Moderna vaccine shots died from COVID-19, county health officials said. While scant details ...

Report: Zuckerberg-Backed Grants, Which Were Irregularly Distributed, Increased Voter Turnout for Democrats in Wisconsin 2020 Election

By Li Hai A Wisconsin-based think tank analyzed the impact of private election administration grants on the 2020 presidential election in Wisconsin, claiming in its newly released ...

Lawmakers From Other States Descend on Arizona to See Election Audit

By Zachary Stieber Lawmakers from multiple states have visited the 2020 election audit in Arizona’s largest county in recent days, with more visits planned. Delegations from Pennsylvania, ...

Election Workers Set to Be Deposed in Georgia Ballot Case

By Zachary Stieber Several election workers in Fulton County, Georgia are scheduled to be deposed in the coming days in a lawsuit that alleges thousands of fraudulent ballots ...

Vernon Jones, GOP Gubernatorial Candidate, Headed to Arizona to Observe Election Audit

By Zachary Stieber Georgia gubernatorial candidate Vernon Jones is heading to Arizona this week to tour the 2020 election audit taking place there. Jones, a Republican who is challenging Georgia ...

Why a Judge Has Georgia Vote Fraud on His Mind: ‘Pristine’ Biden Ballots That Looked Xeroxed

By Paul Sperry, Real Clear Investigations When Fulton County, Georgia, poll manager Suzi Voyles sorted through a large stack of mail-in ballots last November, she noticed an alarmingly ...

Justice Department Unveils Proposed Gun Restriction Rule

By Zachary Stieber The Department of Justice on Monday unveiled a proposed rule that regulations for rifles apply to pistols that are equipped with certain stabilizing braces. The ...

Trump: ‘Too Early’ to Tell If Pence Would Be Running Mate in Potential 2024 Bid

By Isabel Van Brugen Former President Donald Trump said Saturday night that it’s “too early” to tell if he would consider former Vice President Mike Pence to be his ...

Virginia County now ‘Ground Zero’ in Fight Against Critical Race Theory, Parent Activist Says

By Matthew Vadum Loudoun County, Virginia, has become “ground zero” in the fight against critical race theory-based indoctrination in schools nationwide, according to the co-founder of ...

Ex-Treasury Official Sentenced to Jail for Leaks Related to Mueller Probe

By Tom Ozimek A former Treasury Department official has been sentenced to six months behind bars for leaking thousands of confidential banking documents, including ones ...

Taxpayers Fleeing California Take $8.8 Billion In Gross Income to Other States

By Tom Ozimek California, with its relatively large tax burden compared to other states, has seen a taxpayer exodus in recent years and, along with ...