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

Maricopa County Votes to Perform Forensic Audit of Machines Used in November Election

By Tom Ozimek Maricopa County in Arizona will carry out a comprehensive forensic audit of its voting systems to allay concerns raised by some constituents about ...

Texas AG: Court Ruling on Biden’s 100-Day Deportation Freeze Shows ‘No One’s Above the Law’

By Zachary Stieber Texas Attorney General Ken Paxton on Wednesday celebrated the stay on President Joe Biden’s freeze of most deportations while encouraging other attorneys general to review ...

Halting Keystone Pipeline Is Good for Russia: Nikki Haley

By Tom Ozimek Former U.N. Ambassador Nikki Haley said Wednesday that the Biden administration’s axing of the Keystone XL oil pipeline project and what she said were moves to ...

Gabbard: Biden Should Denounce His Administration’s Effort to Take Away Civil Liberties

By Gary Du Former Democratic presidential candidate and former representative for Hawaii, Tulsi Gabbard said in a series of tweets on Tuesday that John Brennans, the Adam ...

Advocates Fear Biden Policies Could Undo Trump-Era Protections for Religious Liberty

By Janita Kan President Joe Biden’s first day in office was marked by a flurry of executive orders. Among those was an order addressing discrimination on the ...

California Officials Say the State’s Unemployment Benefits Fraud Could Top $11 Billion

By GQ Pan California may have sent out as much as $11 billion in pandemic unemployment benefits to fraudsters, officials said Monday. According to a press release (pdf), California’s ...

Trump Endorses Sarah Huckabee Sanders’s Bid for Governor of Arkansas

By Isabel Van Brugen Former President Donald Trump on Monday night publicly endorsed Sarah Huckabee Sanders in her run for Arkansas governor, saying she will “always fight” ...

45 Republican Senators Vote Against Trump Impeachment Trial, Say It’s Unconstitutional

By Jack Phillips The 55–45 decision suggests that Trump will not be convicted in an impeachment trial. Forty-five Republican senators voted against holding an impeachment trial of former ...

Trump Creates ‘Office of the Former President’ to Advance US Interests, Carry on Trump Admin Agenda

By Mimi Nguyen Ly Former President Donald Trump opened an “Office of the Former President” on Monday that seeks to advance the interests of the United States ...

MyPillow Creator Could Run for Governor of Minnesota, Claims Trump Endorsement

By Jack Phillips Mike Lindell, the inventor of My Pillow, said he might run for governor of Minnesota, adding that he was promised an endorsement ...

First Amendment Rights Being Eroded by Technocrats: Director of Citizens for Free Speech

By Ella Kietlinska and Joshua Phillipp The increased censorship of people’s views expressed on social media by Big Tech companies has been part of an ...

Growing Number of Republican Senators Oppose Holding Trump Impeachment Trial

By Zachary Stieber An increasing number of Republican senators are voicing opposition to holding an impeachment trial against former President Donald Trump, leaving Democrats’ ability to swing enough ...