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

Google Reassigns Diversity Staffer Who Said Jews Have ‘Insatiable Appetite for War and Killing’

By Zachary Stieber Google on Wednesday said it reassigned a top diversity officer after critics noted he wrote years ago that Jews have an “insatiable appetite ...

Washington Post: Labeling Lab Leak as ‘Debunked Conspiracy Theory’ Was Wrong

By Zachary Stieber The Washington Post quietly walked back its claims regarding the theory that the virus that causes COVID-19 escaped from a laboratory in Wuhan, China. The ...

Pennsylvania Legislators Travel to Arizona to Observe Election Audit

By Zachary Stieber A delegation from Pennsylvania is set on Wednesday to tour the audit taking place in Arizona’s largest county. The delegation will visit the Arizona Capitol to ...

‘Let Me Be Very Clear’: Michael Flynn Sets Record Straight in Myanmar-Style Coup Reports

By Jack Phillips Former Trump advisor and retired Lt. Gen. Michael Flynn denied claims over the weekend that he supports a Burma-style coup in the United States. In ...

Sidney Powell Claims Trump ‘Can Simply Be Reinstated,’ Biden Told to Leave White House

By Jason Lemon Attorney Sidney Powell, who filed baseless 2020 election challenges on behalf of former President Donald Trump, insisted on Saturday that the Republican politician ...

Texas Senate Passes Major GOP-Backed Election Reform Bill

By Jack Phillips The Texas state Senate passed a sweeping election overhaul bill on May 30 that has been criticized by high-profile Democrats over provisions that they say expands ...

Court Rules Efforts to Recall Michigan Gov. Gretchen Whitmer Can Proceed

By Jack Phillips A Michigan court ruled that several recall efforts against Gov. Gretchen Whitmer can proceed after the governor had argued that they were not appropriate. The Michigan Court ...

Facebook Whistleblower Leaks ‘Vaccine Hesitancy’ Censorship Documents

By Isabel Van Brugen A Facebook whistleblower has leaked documents that appear to expose the tech giant’s plans to censor content that show COVID-19 “vaccine hesitancy.” Whistleblower Morgan Kahmann, a ...

Wisconsin Nov. 3 Election Will Be Investigated by Retired Officers: Assembly Speaker

By Jack Phillips Wisconsin state Assembly Speaker Robin Vos says he’s hiring retired police officers to probe aspects of the 2020 presidential election, joining efforts in Republican-led ...

Busted! Windham Auditors Tampered With Machine Tape Data – Bombshell!

By Before Its News Team Smoking Gun Evidence on the NH Audit With Attorney Matt DePerno, David Clements, Susan Settenbrino, Nick Moseder, Marylyn Todd and ...

DeSantis: People Moving to Florida ‘Overwhelmingly’ Registering as Republicans, Including Democrats

By Jack Phillips Florida Gov. Ron DeSantis said that people moving to Florida from other states are “overwhelmingly” registering as Republicans, and that includes Democrats who ...

‘I Believe He’ll Run’: Buzz Grows Around Trump 2024 Presidential Bid

By Jack Phillips Several Republicans, including two lawmakers, predicted that former President Donald Trump will indeed make another bid for president in 2024. When asked during a ...