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

McCarthy Says Biden’s Massive Tax-and-Spend Plans Make Bernie Sanders ‘Look Like a Conservative’

By Tom Ozimek House Minority Leader Kevin McCarthy (R-Calif.) on Thursday sharply criticized President Joe Biden’s massive early-term spending proposals, comparing the president to one of ...

South Dakota Gov. Kristi Noem Sues Biden Admin Over Independence Day Fireworks Cancellation

By Samuel Allegri Republican South Dakota Gov. Kristi Noem sued the Biden administration on April 30 over their cancellation of Independence Day fireworks at Mount Rushmore this ...

NJ Lawmaker Proposes Using CARES Funds for Property Tax Relief Instead of Stimulus Payments for Illegal Immigrants

By Ella Kietlinska New Jersey Assemblyman Gerry Scharfenberger, a Republican, proposed in April a bill urging the governor to reconsider diverting $40 million in federal ...

Florida House Approves GOP-Backed Election Integrity Bill

By Jack Phillips The Republican-controlled Florida House of Representatives approved a voting measure that Republicans say would enhance election integrity in the state. The bill passed in a ...

Biden Draws Ire of Republicans, Pushback From Democrats for $6 Trillion Spending Spree

By Tom Ozimek President Joe Biden’s $6 trillion in early-term spending initiatives—his $1.9 trillion American Rescue Plan that passed with zero Republican votes, along with ...

New York Legislature Begins to Repeal Gov. Cuomo’s Pandemic Orders

By Ivan Pentchoukov New York’s Democrat-led legislature repealed several of Gov. Andrew Cuomo’s pandemic directives on April 28. The state’s Assembly and Senate voted to repeal parts ...

Trump Floats 2024 Presidential Run Again, Says DeSantis Could Be Potential Running Mate

By Jack Phillips Former President Donald Trump said he is floating a 2024 run and could consider Florida Gov. Ron DeSantis as a potential running mate. “I endorsed ...

Maricopa County Election Audit on Pace to be Done by Deadline: Official

By Zachary Stieber The 2020 election audit taking place in the largest county in Arizona is on pace to be done by the deadline next ...

Republican Lawmakers Warn Against Biden Administration Pushing Critical Race Theory in Education

By GQ Pan A pair of Republican congressmen are calling on the Department of Education to reconsider spending federal dollars to promote critical race theory in civics ...

Judge Rejects Democrats’ Bid to Immediately Halt Arizona 2020 Election Audit

By Zachary Stieber An Arizona judge on April 28 rejected an attempt by the Arizona Democratic Party to immediately halt an audit of the 2020 election in ...

Biden’s First 100 Days a Radical Transformation of America

By Ivan Pentchoukov President Donald Trump and conservative pundits warned for months during the 2020 campaign that behind then-candidate Joe Biden’s centrist, bipartisan façade lay ...

Biden Eyes Expanding Welfare State, Overturning Clinton-Era Reform

By Emel Akan WASHINGTON, DC — President Bill Clinton in 1996 signed welfare reform into law, fulfilling his campaign promise to “end welfare as we know it.” A quarter-century ...