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

Why We Have to Fight for Justice

By D Renegade It has been a long road to get to this point. The lessons that I learned organizing NCFreedom.us and then starting NCRenegade.com ...

Arizona Voters File Lawsuit to Restore Their Ballots Cancelled Over Sharpies

By John Binder Arizona voters who claim their ballots were canceled because they were asked to use Sharpie markers to fill them out have filed ...

I Haven’t Conceded Anything! Democrat Operatives Closed the Gap for Biden

By Rush Limbaugh RUSH: I’m sorry, folks. I can’t help it. When I watch the Drive-By Media and the news outlets up there and they ...

They Want Us to Believe the Country Voted For Republicans, But Against Trump?

By Rush Limbaugh RUSH: Let’s get started on the phones. This is Kirsten. Kirsten’s in Long Island. It’s great to have you. Hi. CALLER: Hi. It’s ...

Where things stand in ongoing battle for control of Senate, 4 races up in the air

By Marisa Schultz | Fox News Control of the Senate is still unclear with 4 races undecided. Republicans, on defense in 12 states, pulled off a series of high-profile ...

Trump campaign attacks Fox News polling expert who called Arizona for Biden

By Helen Coster, Lisa Richwine (Reuters) – U.S. President Donald Trump’s campaign on Thursday attacked the person at Fox News responsible for the network’s projection calling Arizona ...

Biden inches nearer to victory through voter fraud tactics; Trump launches lawsuits and rages about ‘fraud’

By Jeff Mason, Steve Holland, Trevor Hunnicutt WASHINGTON/WILMINGTON, Del. (Reuters) – Democrat Joe Biden crept nearer to victory over Donald Trump on Thursday in an exceedingly close U.S. ...

North Carolina election results to take another week to be finalized

By Evie Fordham | Fox News Around 40,000 provisional ballots and 116,000 mail-in ballots must still be processed. The presidential contest and balance of power in the Senate may depend on North ...

Military ballots still arriving in swing states where vote count is unfinished

By Vandana Rambaran | Fox News Military mail-in ballots are still arriving in battleground states such as Pennsylvania, North Carolina, and Nevada, even as President Trump and his campaign protest ...

Trump campaign to escalate legal fight with Nevada lawsuit

By Steve Holland, Tom Hais (Reuters) – President Donald Trump’s campaign prepared to ramp up legal efforts to challenge vote counts in closely-contested states ...

Recount rules in crucial battleground states explained

By Thomas Barrabi | Fox News Trump campaign signaled that it would pursue recount in Wisconsin. With President Trump and Democratic nominee Joe Biden locked in a tight race and results in ...

More Americans voted for Donald Trump this year than in 2016

By Tyler Olson | Fox News President Trump received more votes in the 2020 presidential election than he did in the 2016 presidential election as Joe Biden also surpassed the ...