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

Philadelphia Witnesses Allege Obstruction, Other Irregularities During Counting of Ballots

By Bowen Xiao Multiple witnesses testified to being obstructed from observing the counting of ballots and of other irregularities in Philadelphia during a public hearing by the state’s ...

Colorado County GOP Calls for Election Audit Over Doubts About Dominion Voting Systems

By Jack Phillips The Republican Party in Jefferson County, Colorado, is calling for an audit of the 2018 and 2020 elections, expressing concerns about Dominion Voting ...

Judge Blocks Certification of Pennsylvania Election Results

By Ivan Pentchoukov A Pennsylvania judge on Nov. 25 ordered state officials to not certify the results of the 2020 election until her court holds a hearing ...

Nevada Judge Agrees to Hear Evidence of Alleged Voter Fraud

By Zachary Stieber A judge in Nevada has agreed to a court date next month to hear from Republicans who allege widespread voter fraud. First Judicial District Court ...

Trump Lawyer in Wisconsin Seeks to Get His Own Vote Thrown Out

By Jack Phillips Campaign alleges state illegally issued absentee ballots to in-person voters, wants thousands of votes tossed. A Trump campaign lawyer in Wisconsin is attempting to get ...

Representative Gosar – Auditing Arizona’s Election, Media Disinformation May Have Violated Law

By Joshua Phillip The outcome of the 2020 presidential elections are still not finalized, and the Trump team is filing numerous lawsuits as counts and ...

Rep. Hice: ‘Very Serious Problems’ in Georgia’s Election

By Isabel Van Brugen Rep. Jody Hice (R-Ga.), said Sunday that he believes there were “very serious problems in Georgia’s election,” as the state prepared to ...

Attorney Challenging Georgia Election Outcome Appeals Case

By Janita Kan The attorney whose efforts to block the certification of Georgia’s 2020 election results was rejected by a federal judge has filed an appeal to the ...

Nearly a Tenth of Biden Voters in Key States Would Not Have Voted for Him Had They Known About Hunter Biden Scandal: Survey

By Mark Tapscott Large numbers of seven battleground state voters who backed former Vice President Joe Biden would not have voted for him had they known about ...

Thousands in Georgia Registered at Postal, Commercial Addresses, Portraying Them as Residences, Researcher Says

By Petr Svab Thousands of people registered and voted in Georgia using addresses of postal facilities or businesses, but making it look like they were residential addresses, ...

Group Files Emergency Petition in Wisconsin After Identifying 150,000 Potentially Fraudulent Ballots

By Zachary Stieber A group on Tuesday filed an emergency petition with the Wisconsin Supreme Court, challenging the state’s unofficial election results. The Thomas More Society’s Amistad Project said it ...

‘Asleep at the Wheel’: Trump Adviser Says DOJ, FBI Need to Investigate Alleged Election Fraud

By Jack Phillips A campaign adviser for President Donald Trump decried the Department of Justice (DOJ) for not taking sufficient action in combatting alleged voter fraud during ...