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

Windham, New Hampshire 2020 Election Audit Starts

By Zachary Stieber A 2020 election audit in a small New Hampshire town started on Tuesday. A three-person team in Windham, which has a population of roughly 15,000, ...

Here Is Why the Democrats Are Totally Panicked About the Arizona Audit

By Stu Cvrk All eyes are on Arizona. Republicans and Trump supporters are certain that the ongoing audit will prove their over-arching allegation that election ...

Kansas Sheriff’s Office Still Probing 12 Claims of 2020 Election Fraud

By Jack Phillips The Shawnee County Sheriff’s Office in Kansas confirmed last week that it’s still investigating claims of voter fraud from the 2020 election. Twelve cases are being investigated, ...

Scholars Line Up to Join Anti-‘Woke’ Online Education Platform

By Petr Svab Hundreds of scholars, including some distinguished figures, have applied for positions at an online education startup that promises explicitly non-“woke” instruction in a number ...

Homeless Man Asks Texas Steakhouse Owner for Job Busing, and She Gives Him ‘A Whole New Start’

By Louise Bevan A Texas community came through for a homeless man in need after a social media post shared his story. Kenneth Smith went from sitting outside ...

Arizona Formally Bans Post-Election Signature Fix for Mail-In Ballots

By Allen Zhong Arizona Gov. Doug Ducey signed a law that bans voters from adding signatures on unsigned mail-in ballots after Election Day. The measure, Arizona Senate ...

Arizona Senate President Says She Thinks Election Audit Will Uncover ‘Irregularities’

By Zachary Stieber The 2020 election audit going on in Arizona’s largest county will likely uncover some issues, the state’s Senate president said on Thursday. “I hope we ...

Californians to Lose Congressional Seat

By Tim Shaler The results of the 2020 census are in, and California is going to lose a congressional seat. The state will only be sending 52 members to the U.S. House ...

Rally in Massachusetts Calls for Removing COVID-19 Mask Restrictions: Dr. Shiva Ayyadurai

By Learner Liu BOSTON, MASSACHUSETTS—Dr. Shiva Ayyadurai, entrepreneur and former U.S. Senate candidate, spoke to more than 1,000 people in a recent rally in front ...

Republicans: Break Up Big Tech After Facebook Board Upholds Trump Ban

By Zachary Stieber Democrats cheer the board’s decision, call for ban to be made permanent. Congressional Republicans on Wednesday, upset with the decision by Facebook’s Oversight Board ...

Parents Should Oppose Critical Race Theory to ‘Save Our Kids’ from Left-Wing Indoctrination: AG Paxton

By Tom Ozimek Texas Attorney General Ken Paxton on Tuesday praised parents for pushing back against the teaching of the quasi-Marxist critical race theory in the nation’s schools, urging ...

Trump Endorses Elise Stefanik to Replace Liz Cheney in House GOP Leadership

By Zachary Stieber Rep. Elise Stefanik (R-N.Y.) should assume the position in the House Republican leadership that Rep. Liz Cheney (R-Wyo.) currently holds, former President Donald Trump said on ...