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

Rep. Jim Jordan to Challenge Electoral Votes: ‘We Have a Duty to Step Forward’

By Jack Phillips Rep. Jim Jordan (R-Ohio) said he will challenge the electoral votes on Jan. 6 because Democrats weaponized mail-in ballot initiatives in key ...

Georgia Rep. Vernon Jones: Vote to Keep Socialism From Our Communities

By Isabel Van Brugen Georgia state Rep. Vernon Jones (D-Ga.), a Democrat who is a supporter of President Donald Trump, on Jan. 2 called on voters to back ...

Over 432,000 Votes Removed From Trump in Pennsylvania, Data Scientists Say

By Allen Zhong Pennsylvania election data shows that over 432,000 votes were removed from President Donald Trump during the November election, data scientists say. According to an ...

6-Person Team Briefs Hundreds of State Lawmakers on Election Irregularities

By Ivan Pentchoukov and Zachary Stieber A six-person team that included Rudy Giuliani and Peter Navarro briefed hundreds of state lawmakers about evidence of election irregularities, ...

‘I Will Be There’: Trump Announces He’ll Join ‘Historic’ Rally on Jan. 6

By Jack Phillips President Donald Trump on Jan. 3 said he will join the rally on Jan. 6 and march as the joint session of Congress convenes to count the Electoral ...

Trump: Georgia Secretary of State ‘Unable’ to Answer ‘Ballots Under Table’ Questions; Raffensperger Says It’s ‘Not True’

By Jack Phillips President Donald Trump said that Georgia Secretary of State Brad Raffensperger was unable to answer questions about boxes of ballots being wheeled out from under a ...

Pelosi Reelected as House Speaker in Tight Vote

By Ivan Pentchoukov and Mark Tapscott The U.S. House of Representatives voted 216-209 to re-elect Rep. Nancy Pelosi (D-Calif) as the speaker on Jan. 3 to lead ...

Trump in ‘Good Position’ for Electoral Vote Showdown: Grennell

By Jack Phillips President Donald Trump is in a “really good position” for Wednesday’s challenge in Congress, according to former Director of National Intelligence Ric Grenell. “The Democrats have ...

Facebook Shuts Down Page for GOP Senate Campaigns Just Before Georgia Runoffs

By Zachary Stieber Facebook shut down a fundraising page for Sens. Kelly Loeffler (R-Ga.) and David Perdue (R-Ga.) just days before voters head to the polls to decide between the ...

Sidney Powell: ‘Definitely Possible’ Trump Retains Presidency

By Tom Ozimek Attorney Sidney Powell told FlashPoint host Gene Bailey in a Dec. 29 interview that she believes it is “definitely possible” that President Donald Trump retains the ...

Hacker Claims His Team Got Access to Polling Systems

By Gary Dy and Allen Zhong Jovan Hutton Pulitzer, an Internet guru and inventor, said on Wednesday that his hacker team got access to polling ...

Gohmert on Lawsuit Dismissal: ‘If I Don’t Have Standing to Do That, Nobody Does’

By Zachary Stieber Rep. Louie Gohmert (R-Texas) said late Friday, after a federal judge dismissed the lawsuit he and others filed against Vice President Mike Pence, that the ruling ...