Economy - USNN World News

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

Economy

Rep. Gohmert compares GOP and Democrat coronavirus stimulus proposals

by USNN World NewsJuly 28, 2020July 28, 2020

NATIONAL NEWS

Phill Kline: 2020 Election One of the Most Lawless in US History

By Zachary Stieber A former state attorney general whose group is involved in election-related litigation in battleground states said Saturday that he believes the 2020 ...

Michael Flynn Says Coup Against Trump Still in Progress in First Public Remarks Since Pardon

By Melanie Sun Retired Lt. Gen. Michael Flynn said there is “still a coup in progress” against President Donald Trump in his first public address since being ...

The President Has Clear Paths to Victory: Michael Flynn

By Allen Zhong Gen. Michael Flynn, a former national security adviser for President Donald Trump who was pardoned by the president, said that Trump has clear paths ...

Zuckerberg-Funded Group Comes Into Spotlight in Election-Related Court Cases

By Zachary Stieber A group that received hundreds of millions of dollars from Facebook CEO Mark Zuckerberg is accused in post-election lawsuits of contributing to constitutional violations in key ...

New Lawsuit Asks Wisconsin Supreme Court to Declare All Drop-Box Ballots Illegal and Block Certification

By Tom Ozimek A new lawsuit filed with the Wisconsin Supreme Court seeks to block the state from certifying the election results, arguing that all ballots cast via ...

Michigan Complaint: Vote Counts ‘Not Normal’

By Christina Kim The complaint against Michigan’s Secretary of State Jocelyn Benson and Gov. Gretchen Whitmer, marks the beginning of Powell’s lawsuit against the state. Some of ...

Pennsylvania Senator: ‘Mounting Evidence’ Shows Election Was Compromised

By Zachary Stieber A growing body of evidence shows the presidential election in Pennsylvania was compromised, a state senator said Saturday. “There is mounting evidence that the PA presidential election ...

Sidney Powell’s Allegations in Georgia Serious Enough to Alter the Election Results: Expert

By Gary Du Harmeet K. Dhillon said that former federal prosecutor Sidney Powell’s allegations in her lawsuit filed in Georgia are serious enough to change the ...

Wisconsin Election Officials Say State Supreme Court Shouldn’t Invalidate Election

By Zachary Stieber Election officials in Wisconsin asked the state’s Supreme Court on Friday not to invalidate the Nov. 3 election. The Wisconsin Elections Commission said plaintiffs who filed an ...

Questionable Votes Exceed Margin: Analyst

By Kevin Hogan A data analyst performed 35 experiments in 5 states regarding voter data in the presidential election. According to his findings, in at ...

Giuliani: Trump Campaign Focusing on Supreme Court, State Legislatures

By Zachary Stieber President Donald Trump’s campaign is working on two fronts, Trump’s lawyer Rudy Giuliani said Friday: legal battles and state legislatures. “The objective here is twofold. One ...

Trump, USPS Appeal Ruling that Blocked Postal Service Changes Before Election

By Tom Ozimek President Donald Trump, The U.S. Postal Service (USPS), and Postmaster General Louis DeJoy on Friday appealed a federal judge’s ruling suspending service changes ...