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

Michigan judge strikes down ban on open carry guns at polling sites on Election Day

By Danielle Wallace | Fox News Judge said state laws already provide tools to stop those whose goal is to intimidate voters. A judge on Tuesday blocked a ban ...

Zuckerberg ‘not aware’ that Facebook election integrity official worked for Biden

By Evie Fordham FOXBusiness Anna Makanju was a policy adviser for Biden. Facebook CEO Mark Zuckerberg said that he was “not aware” that a Facebook election integrity official used to ...

DOJ, citing Hunter Biden story, Justice Thomas, supports changes to Section 230 in letter to Congress

By Tyler Olson | Fox News The law’s advocates defend it as important for free speech and job creation on the Internet. The Department of Justice (DOJ) on Tuesday sent ...

Suburban mom on why she’s backing Trump: Biden can’t even say the words ‘law and order’

By Joshua Q. Nelson | Fox News Polling shows Trump trailing Biden in key states among suburban women. A suburban woman Trump supporter appeared on Fox News Wednesday to explain ...

Media’s ‘total omission’ of accusations in new Bobulinski interview stuns critics

By Brian Flood | Fox News ‘Lapdog press’ blacks out explosive Tony Bobulinski claims as CNN, MSNBC, NYT, WaPo skip story. ‘Mainstream liberal media has shown itself unworthy ...

Biden stays silent on Bobulinski claims about family’s business ventures

By Brooke Singman | Fox News Biden has long denied being involved in his family’s business dealings. Joe Biden and his presidential campaign are staying mum after Hunter Biden’s ...

Trump slams Biden for floating Supreme Court changes, warns he will nominate ‘radical left’ judges if elected

By Brooke Singman | Fox News Biden has not released a list of potential Supreme Court nominees. President Trump on Tuesday said that allies of his Democratic rival Joe ...

Rove breaks down Trump’s ‘path to victory’ through Michigan, Pennsylvania, Wisconsin

By Yael Halon | Fox News Trump won all three states by fewer than one percentage point in 2016. The fate of President Trump’s reelection bid will ultimately come down to the three ...

Clawing back votes: 7 states allow voters to resubmit ballots

By Ronn Blitzer, Audrey Conklin | Fox News Several states have already reached more than 60% of their 2016 voter turnout. Many Americans are voting early in the 2020 presidential ...

Biden says in video he has created ‘voter fraud organization’

By Evie Fordham | Fox News Democratic nominee Joe Biden said his team has created “the most extensive and inclusive voter fraud organization in the history of American politics” ...

NY Post endorses Trump: ‘Make America great again, again’ and ‘tick off’ Hollywood with reelection

By Brian Flood | Fox News ‘We can put annus horribilis, 2020, behind us and make America great again, again,’ the Post wrote. The New York Post endorsed President ...

Joe Biden appears to confuse Trump with former President George W. Bush

By Tyler Olson | Fox News Biden immediately corrected himself after the minor verbal flub. Democratic presidential nominee Joe Biden misspoke on Sunday and appeared to begin saying the name of ...