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

Subpoena in Georgia Election Lawsuit Seeks Video Footage From State Farm Arena

By Ivan Pentchoukov The plaintiff in an election lawsuit in Georgia on Monday served a subpoena on State Farm Arena seeking video footage filmed on the premises during and after Election Day. The subpoena names ...

Trump’s Big Win and the Will of the People

By Richard Greenhorn You should be of high spirits. Donald J. Trump, who is the only major American political figure alive interested in conserving anything, won ...

Giuliani Reveals Why Trump Legal Team Issued Statement on Sidney Powell

By Jack Phillips President Donald Trump lawyer Rudy Giuliani offered an explanation on why Trump’s legal team issued a statement saying lawyer Sidney Powell is ...

Wisconsin Officials Find Uncounted Ballots During Recount

By Zachary Stieber Election officials in Wisconsin on Nov. 24 found a batch of uncounted ballots during the state’s partial recount. Officials found 386 uncounted ballots. Milwaukee’s elections board voted ...

Lawmakers, Experts Warned of Election Vulnerabilities Years Ago

By Bowen Xiao Lawmakers, cybersecurity officials, and expert panelists warned the public years ago of the vulnerabilities of America’s election infrastructure, as well as threats ...

Oregon Governor Encourages People to Call Police on Neighbors Who Violate COVID-19 Restrictions

By GQ Pan Oregon Gov. Kate Brown said ahead of Thanksgiving that people in her state should call the police if they find out their neighbors are violating the latest ...

CCP Media Outlet Continues Paying US Counterparts Millions to Publish Its Propaganda

By Li Hai China Daily, the Chinese regime’s propaganda outlet, has spent millions for the past six months on U.S. publications, according to its statement ...

‘Anonymous’ Anti-Trump NY Times Writer Identified as Witness in General Flynn Probe

By Jack Phillips Two GOP Senate committee chairs have requested FBI documents that apparently identified the “anonymous” anti-Trump New York Times op-ed writer who claimed ...

Trump Says He Will Never Concede to ‘Fake Ballots and Dominion’

By Tom Ozimek President Donald Trump said late Monday that, despite the General Services Administration (GSA) being given the green light to engage with Joe Biden’s transition ...

Former Republican Candidate Alleges Hard Evidence of Corruption in US Election System

By Masooma Haq Russell Ramsland, a former Republican Party candidate who ran in Texas in 2016, claimed in an affidavit, filed as part of an ...

Appeals Court Grants Expedited Review of Trump Campaign’s Pennsylvania Lawsuit

By Jack Phillips President Donald Trump’s campaign on Monday secured a legal win after the U.S. Third Circuit Court of Appeals granted an expedited review of their ...

Trump Still Has Several Constitutional Paths to Victory, Dershowitz Says

By Jack Phillips Alan Dershowitz, a Harvard Law professor emeritus, said he thinks President Donald Trump has several legal paths to a 2020 election victory. Dershowitz said there ...