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

Violent summer proves deciding factor for some Minnesota voters

By Audrey Conklin | Fox News President Trump says he’s confident of winning Minnesota, despite polls that show him trailing Democratic challenger Joe Biden in the battleground state, which has voted ...

Progressive journalist slams corporate media for ‘dangerous’ blackout of Hunter Biden scandal

By Brian Flood | Fox News ‘This is dangerous for the future of journalism,’ Jordan Chariton says. Progressive journalist Jordan Chariton slammed corporate media on Thursday for ignoring the ongoing ...

Deposition transcripts of accused Epstein enabler released amid trial

By Stephanie Pagones | Fox News The depositions were taken as part of a lawsuit brought against Maxwell by Virginia Roberts Giuffre. More than 400 pages of deposition transcripts ...

Trump knocks Pelosi, Schumer for ‘blue-state bailout’ amid coronavirus relief standstill

By Brittany De Lea FOXBusiness Senate Democrats blocked an attempt by Republicans to push through a $500 billion relief provision. President Trump went after House Speaker Nancy Pelosi ...

Putin says Dem Party closer to ‘ideas’ that gave rise to communism

By Morgan Phillips | Fox News Putin was a member of the Soviet Communist Party for nearly two decades. Russian President Vladimir Putin said the U.S. Democratic Party is closer to ...

Russia, Iran attempting to influence 2020 elections to damage Trump, cause chaos, DNI Ratcliffe announces

By Sam Dorman | Fox News ‘Know that our election systems are resilient and you can be confident your votes are secure.’ Russia and Iran are attempting to influence the 2020 elections and have obtained some ...

Biden campaign faces backlash for TV ad depicting Michigan tech CEO as struggling bar owner

By Danielle Wallace | Fox News The Blind Pig co-owner blamed President Trump, not Democratic Gov. Whitmer, for his bar’s economic downturn. The Biden team is under fire for releasing ...

Trump says choice is ‘American Dream’ or ‘socialist hellhole’ in 2020 race

By Audrey Conklin | Fox News US would be ‘no different than Venezuela’ under a Biden administration, Trump tells ‘Fox & Friends’. President Trump on Tuesday equated the race between himself and ...

Glenn Greenwald trashes media ‘cone of silence’ around Hunter Biden email scandal

By Yael Halon | Fox News The Intercept founding editor claims journalists working with ‘FBI, CIA and the NSA … to manipulate the American people’. The Intercept founding ...

Cancer-stricken Rush Limbaugh says he can no longer deny he’s ‘under a death sentence’

By Brian Flood | Fox News ‘You know, I wake up every day and thank God that I did,’ radio legend says. Cancer-stricken talk radio legend Rush Limbaugh provided listeners ...

Elon Musk sets 4-year timeline for SpaceX Mars mission, says there’s a ‘fighting chance’

By Peter Aitken | Fox News The timelines are ‘only guesses,’ but Musk is determined to see his team achieve them. Elon Musk has said he could see a ...

Obama’s 2008 campaign vetted Hunter Biden’s $100,000 retainer with big bank

By Ronn Blitzer | Fox News Back in 2008, when then-candidate Barack Obama was running for the presidency, his campaign defended chosen running mate Joe Biden for backing a bill in ...