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

McConnell: Trump ‘100 Percent Within His Rights’ to Weigh Legal Options on Election

By Jack Phillips Senate Majority Leader Mitch McConnell (R-Ky.) said on Nov. 9 that the race between President Donald Trump and Democratic presidential candidate Joe Biden isn’t ...

Georgia Election Official: ‘We Are Going to Find That People Did Illegally Vote’

By Jack Phillips Vote-counting efforts in the state to be finished Tuesday or Wednesday. Georgia’s vote-counting efforts will be done either on Tuesday or Wednesday, and ...

Thousands of Unregistered People Allowed to Vote by Mail in Detroit, Poll Watcher Alleges

By Petr Svab Thousands of mail-in ballots from people who weren’t properly registered to vote were added to vote counts in Detroit, Michigan, a poll ...

ALL Media Outlets PULL Live Voting Total Update Feeds – Too Many Americans Watching Vote-Switching

By Hal Turner News Desk The entirety of the U.S. mass-media suddenly and inexplicably PULLED all their live voting total feeds from both TV and ...

Whistleblower Saw People in Biden Van Opening, Filling, and Sealing Nevada Ballots, Trump Campaign Claims

By Ivan Pentchoukov The Trump campaign on Sunday described a sworn affidavit from a whistleblower in Nevada who alleges to have witnessed people inside a Biden-Harris van ...

Missouri, Kentucky AGs Join Lawsuit Challenging Pennsylvania Mail-In Ballot Deadline Extension

By Tom Ozimek Attorneys general in Missouri and Kentucky have joined a Republican lawsuit challenging Pennsylvania mail-in ballots before the U.S. Supreme Court, according to multiple reports. A spokesperson for ...

Biden–Trump Margin in Pennsylvania Close to Automatic Recount: Sen. Toomey

By Zachary Stieber The vote margin between Democratic presidential nominee Joe Biden and President Donald Trump in Pennsylvania is close to the threshold that would trigger an ...

Lindsey Graham Urges Trump, Republicans Not to Concede to Biden

By Jack Phillips Sen. Lindsey Graham (R-S.C.), chairman of the Senate Judiciary Committee, called on President Donald Trump not to concede and to “fight hard” in the ...

Philadelphia Ballot Observer Criticizes Transparency of Counting Process

By Charlotte Cuthbertson PHILADELPHIA—Ballot observer Brian McCafferty became so disillusioned with the lack of access he and others were afforded during the ballot-counting process in ...

Arizonians Losing Faith in Integrity of Election Process

By Bowne Xiao PHOENIX—Arizonians have converged almost every night outside the Maricopa County Elections Department after Election Day over what they see as a fraudulent and corrupt ...

Statistical Anomalies in Biden Votes, Analyses Indicate

By Petr Svab With the 2020 elections marred by legal challenges and fraud allegations, some have used statistical analysis to try to determine if foul ...

Michigan Republicans to Probe Voting Software After Counting Error

By Jack Phillips Republicans in Michigan said they are expanding their investigation into Dominion Voting Systems after a county-level counting error switched Republican votes to Democrat last week. “Our ...