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

Bartiromo, Pirro, Dobbs File Motions to Dismiss Smartmatic Lawsuits

By Jack Phillips Fox News personalities Maria Bartiromo and Jeannine Pirro, as well as former Fox News host Lou Dobbs, filed separate motions on Friday to dismiss ...

Impeachment Managers Admitted Trump Was Not Impeached for His Words: Sen. Rand Paul

By Samuel Allegri Sen. Rand Paul (R-Ky.) said on Thursday that the House Democrats conducting the impeachment of former President Donald Trump were not able ...

States Push to Rein in Big Tech as Federal Gears Grind Slow

By Tom Ozimek States are moving with urgency in seeking to rein in alleged abuses by Big Tech companies, while the federal government is preoccupied with COVID-19 ...

Texas Official Announces Legislation to ‘Protect’ National Anthem in Wake of NBA Controversy

By Zachary Stieber A top Texas official on Wednesday said he would push for state legislators to pass a bill that would require events receiving public funding ...

Claudia Tenney Will Be Certified Winner of Last Open US House Race: Judge

By Zachary Stieber Republican Claudia Tenney will be declared the winner of the last undecided House of Representatives race this election cycle, a judge ruled Friday. Tenney ran ...

Supreme Court Ruling Clears Way for Indoor Worship Services in California

By Zachary Stieber The Supreme Court on Friday ruled that California officials cannot bar churches from holding indoor services amid the CCP virus pandemic. The nation’s top court issued orders ...

Facebook Bans Second Amendment Group for Unknown Reason

By Zachary Stieber Facebook this week banned a Second Amendment group without providing notice or a clear explanation, the group’s president said. The Virginia Citizens Defense League (VCDL) Facebook ...

Trump Attorneys Argue Senate Impeachment Trial Unconstitutional

By Jack Phillips Former President Donald Trump’s lawyers submitted a brief denying that the former president should be tried in the Senate after the House impeached ...

Trump Nominated for Nobel Peace Prize Over Israel-UAE Peace Deal

By Jack Phillips Former President Donald Trump was nominated for the Nobel Peace Prize on Monday morning by an Estonian member of the European Parliament, Jaak Madison. In a post ...

Venezuela Hired Democratic Party Donor for $6 Million

By The Associated Press MIAMI—Newly filed lobbying records (pdf) show Venezuela’s socialist government previously hired a longtime Democratic Party donor for $6 million at the same ...

‘Yes There Is An Enemy Within’: Rep. Marjorie Greene

By Allen Zhong Rep. Marjorie Taylor Greene (R-Ga.) said Saturday that America is facing “an enemy within.” She singled out socialist “America Last” policies—apparently referring to the opposite ...

Trump Team Touts ‘Good and Cordial’ Meeting With Rep. McCarthy

By Jack Phillips Former President Donald Trump held a meeting with House Minority Leader Kevin McCarthy (R-Calif.) on Thursday in Florida, said Trump’s team in a statement, while including a photo ...