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

Losing Texas Candidate Issues Warning: 2022 ‘Could Be Major Setback’ for Democrats

By Jack Phillips A Democratic candidate who lost her bid during last weekend’s Texas congressional special election sounded the alarm that the 2022 midterms “could be a ...

Ghislaine Maxwell’s Sex Crimes Trial in New York Delayed Until Fall

By Reuters NEW YORK—A U.S. judge on Monday granted Ghislaine Maxwell’s request to delay her trial on charges she procured teenage girls for the late financier Jeffrey ...

Misinformation Lingers After Incorrect Reporting About Giuliani, FBI

By Zachary Stieber NBC, New York Times, Washington Post corrected stories about the former mayor. Misinformation promoted by NBC and two other news outlets about Rudy Giuliani was later corrected, ...

CCP-Linked Firms May Have Received More Than $400 Million in Virus Relief Loans

By Mark Tapscott Federal tax officials should launch a forensic audit and investigation of more than 125 U.S. firms with significant links to the Chinese ...

Abbott Calls on Democratic Party Official to Resign Following ‘Disgusting’ Racial Slur Against Sen. Scott

By Isabel Van Brugen Texas Gov. Greg Abbott on Sunday called on a state Democratic Party official to resign after he referred to Sen. Tim Scott (R-S.C.) as ...

Voters Advance 2 Republicans, No Democrats in Texas Special Election Runoff Race

By Jack Phillips Two Republicans will advance to a runoff as the top two vote-getters in the race for Texas’s 6th Congressional District, after no one in the 23-candidate ...

Former Security Adviser: John Kerry Undermined Trump in Unapproved Iran Talks

By Ivan Pentchoukov Former Secretary of State John Kerry repeatedly undercut President Donald Trump’s foreign policy towards Iran during unauthorized talks with senior Iranian officials, according to Keith Kellogg, the former ...

House Republicans Question Biden Administration on ‘Questionable’ Census Results

By Zachary Stieber A group of House Republicans questioned whether political interference contributed to what they describe as questionable results from the recently completed 2020 ...

Manchin Opposes Washington Statehood Bill, Says ‘Let the People of America Vote’

By Tom Ozimek Sen. Joe Manchin (D-W.Va.) said Friday that he does not support a bill that would make Washington D.C. the nation’s 51st state, dealing a ...

Tennessee Legislature Passes Bill Requiring Watermarks on Absentee Ballots

By Jack Phillips Tennessee’s Legislature approved a bill that requires the addition of a watermark on all absentee ballots in a nearly unanimous vote. Senate Bill 1314 passed ...

Twitter Stock Drops After Weak Quarter, Missing Target on User Growth

By Jack Phillips Twitter’s stock dropped about 13 percent on Friday to $56.74 per share after the firm issued weak second-quarter guidance on revenue growth ...

John Kerry Financial Disclosures Show Millions in Income From Stocks, Including Oil Companies

By Tom Ozimek John Kerry, special presidential envoy on climate at the State Department, has disclosed millions of dollars in income from stocks—including of oil ...