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

‘Thousands upon thousands’ of Trump supporters greet president in California: McEnany

By Edmund DeMarche | Fox News Trump was headed to a fundraiser in Newport Beach. LOS ANGELES– Kayleigh McEnany, the White House press secretary, took to Twitter on Sunday to show ...

Ratcliffe says Hunter Biden laptop, emails ‘not part of some Russian disinformation campaign’

By Brooke Singman | Fox News ‘There is no intelligence that supports that,’ Director of National Intelligence Ratcliffe says. Director of National Intelligence John Ratcliffe on Monday said ...

Biden vs. Trump – the unspoken issues costing Dems dearly in rural, industrial America

By Daniel Allott | Fox News In conversations with voters around the county, it’s been clear that social issues matter most. President Donald Trump and former Vice President Joe Biden ...

Casket outside Brooklyn nursing home filled with 6,500 covers of Cuomo’s book

By Nick Givas | New York Post ‘We are all COVID orphans now,’ one attendee said. A casket display outside a Brooklyn nursing home in New York had 6,500 copies of Gov. Andrew ...

U.S. government agencies to use AI to cull and cut outdated regulations

By David Shepardson WASHINGTON (Reuters) – The White House Office of Management and Budget (OMB) said Friday that federal agencies will use artificial intelligence to ...

Social media erupts over Biden’s Big Tech ties after Facebook, Twitter censor NY Post’s story on Hunter

By Evie Fordham, Yael Halon | Fox News A former Facebook exec will oversee enforcement of the Biden campaign’s ethics plan. The Biden campaign is facing renewed criticism over ...

Free speech rally marred by violence as counterprotesters storm event, beat pro-Trump demonstrators

By Paul Best | Fox News An organizer of the protest had a tooth knocked out. A rally called to promote free speech and denounce big tech censorship turned ugly Saturday in San Francisco, ...

Biden campaign warns against complacency in memo: ‘Donald Trump can still win this’

By Peter Doocy, Marisa Schultz | Fox News The Biden campaign sent out a three-page memo to supporters Saturday warning that President Trump can still win and the race is “neck and ...

Cops rip Biden’s claim they should be trained to shoot suspects ‘in the leg’

By Marisa Schultz | Fox News Police reject the ‘incredibly ignorant suggestion’ Law enforcement groups blasted Vice President Joe Biden for again suggesting training police to shoot suspects “in the leg” is a ...

USNN Endorses Donald John Trump For President

By NH POLITICIAN Donald John Trump is the 45th and current president of the United States. Before entering politics, he was a businessman and television ...

String of ballot mishaps confirms mail-in vote fears

By Ronn Blitzer | Fox News The Honest Elections Project warns many states are not equipped for mail-in voting. The Honest Elections Project is warning that recent events ...

Biden’s ABC town hall questioners include former Obama speechwriter, wife of former Pennsylvania Dem candidate

By Tyler Olson | Fox News Former Obama-Biden administration speechwriter among questioners at ABC town hall. Two of the questioners at the ABC town hall featuring Democratic presidential candidate Joe Biden on Thursday had ...