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

Trump tells Pennsylvania crowd he just signed executive order to protect fracking $Trump tells Pennsylvania crowd he just signed executive order to protect fracking$

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Trump vows ‘comeback’ in campaign’s closing message, claims Biden will ‘lock down your state’

By Morgan Phillips | Fox News President Trump told supporters in Michigan that Joe Biden would “eradicate the economy” while he would “eradicate the virus.” Presidential competitors are ...

Biden tax hike would accelerate exodus from high-tax states, experts predict

By Brittany De Lea FOXBusiness Biden’s plan could result in marginal tax rates of more than 60% in three states and New York City. Democratic nominee Joe Biden’s tax plans ...

Fraudster attempts to register dead Americans as Dems in Florida

By Brittany De Lea | Fox News At least 50 new voter applications were sent to the Broward county elections office – and many of the voters ...

Biden’s lead over Trump narrows slightly to 8 points

By Dana Blanton | Fox News Democratic presidential candidate Joe Biden’s lead over President Trump has narrowed a touch to 8 points from a 10-point advantage in early October, according to ...

Twitter lifts New York Post’s suspension over Hunter Biden report

By Joseph A. Wulfsohn | Fox News ‘We’re baaaaaaack’ the paper celebrated on its newly-unlocked account. Twitter lifted its suspension of the New York Post’s main account Friday, ending a weeks-long ...

Democrats turning out at lower rates than Republicans in Miami

By Vandana Rambaran | Fox News Democrats are turning out at lower rates than Republicans in Florida’s largest county, Miami-Dade, after Democratic nominee Joe Biden’s campaign pared down field ...

Primetime CNN, MSNBC shows ignore historic U.S. economic rebound

By Joseph A. Wulfsohn | Fox News Both anti-Trump networks have a history of ignoring headlines that benefit the president during prime time. CNN and MSNBC may still call ...

Trump and Biden’s final economic pitch: GDP growth vs ‘deep hole’

By Jonnelle Marte, Reuters The data from the Commerce Department showed that the economy grew by an annualized rate of 33.1% in the third quarter, ...

Trump Jr. warns election is ‘about freedom versus tyranny, capitalism versus socialism and Communism’

By Charles Creitz | Fox News President’s eldest son describes Democrat Party as ‘a socialist and Marxist party’. The Democrats’ “endgame” is to transform America into a far-left, Marxist ...

Four battleground states see the most unreturned mail ballots so far

By Associated Press An estimated 1.9 million ballots were still outstanding in Florida, along with 1 million in Pennsylvania. ATLANTA (AP) — Just days before the ...

Trump in Arizona: ‘We don’t have freedom of the press. We have suppression of the press’

By Morgan Phillips | Fox News ‘Here’s a guy who gets caught,’ Trump said, referring to Joe Biden’s son. ‘And the media doesn’t want to write about. President ...