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

Utah County Sheriff Vows to Not Enforce ‘Unconstitutional Gun Control’

By GQ Pan Deputies of Cache County, Utah, are not going to enforce any federal policy that may infringe on residents’ Second Amendment rights, the County Sheriff’s office ...

Trump Endorses Rand Paul for Re-Election, Calls Him a ‘True Champion’

By Janita Kan Former President Donald Trump has endorsed Sen. Rand Paul for re-election, expressing his belief that the Kentucky senator will continue to carry out Trump’s ...

Trump: Arkansas Governor’s Veto of Bill Blocking Minor Sex Surgeries ‘The End of Him’

By Zachary Stieber The decision by Arkansas Gov. Asa Hutchinson to veto a bill that blocks gender reassignment surgeries for minors spells “the end of ...

Election Fraud Prosecution at an ‘All-Time High’: Texas Attorney General’s Office

By Jack Phillips An official in Texas’ Attorney General’s office testified during a state House hearing that the number of election fraud cases in Texas is at ...

Treasury Report on Biden’s ‘Made in America’ Tax Plan Shows Corporations on the Hook for Trillions

By Tom Ozimek The Treasury has released a detailed report on President Joe Biden’s “Made in America Tax Plan,” which has the administration putting corporate ...

Sen. Kennedy: Democrats’ Infrastructure Bill Is the Green New Deal, Plus Welfare

By Masooma Haq Senator John Kennedy (R-La.) says that the Biden infrastructure bill proposed by Democrats is actually a welfare and reparations bill that follows ...

Texas No Longer Observing CDC Eviction Moratorium

By Matthew Vadum The Texas Supreme Court has directed courts in the state to stop honoring the federal moratorium on residential evictions that a federal judge in ...

Montana Bans ‘Sanctuary Cities’

By GQ Pan Montana Gov. Greg Gianforte has signed a bill into law that bans “sanctuary cities” in the state. House Bill 200, which was approved last ...

YouTube Deleted 2.5 Million ‘Dislikes’ From Biden White House Videos, Data Indicates

By Petr Svab YouTube has deleted about 2.5 million ‘dislikes’ from videos on the official White House channel of President Joe Biden, according to data collected and posted online ...

Florida Governor Signs Executive Order Banning ‘Vaccine Passports’

By Jack Phillips Florida Gov. Ron DeSantis on Friday signed an executive order that bars the usage of CCP (Chinese Communist Party) virus “vaccine passports,” becoming the first ...

Trump Calls for Boycott of MLB, Coca-Cola, Delta Over Opposition to Georgia Election Reforms

By Ivan Pentchoukov Former President Donald Trump on April 2 urged people to boycott Major League Baseball (MLB), Coca-Cola, Delta, and other corporations which are openly opposing election reforms enacted by ...

Texas Senate Passes Bill That Would Block Social Media Companies From Banning Users for Their Political Views

By Samuel Allegri The Texas Senate passed a bill that forbids social media companies that have at least 100 million users per month to block, ban, demonetize, ...