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

Twitter’s Un-American Censorship of the New York Post

By DAVID HARSANYI Some of the most powerful gatekeepers of political speech are simply shutting down inconvenient stories while journalists stand by and cheer. You can imagine, ...

C-SPAN’s Scully on leave admitting lying about Trump tweet, Twitter account being hacked

By Joseph A. Wulfsohn | Fox News Scully was set to moderate the now-canceled second presidential debate. C-SPAN has suspended political editor Steve Scully, who was at one ...

Twitter’s double standard emerges after NY Post Hunter Biden story blocked, other media get pass, critics say

By Brian Flood | Fox News ‘Their goal is to make it as unfair and undemocratic as possible,’ Dan Gainor says. Twitter faced unrelenting backlash after blocking the spread ...

Lara Logan visits Nancy Pelosi’s San Francisco mansion in ‘The Socialist Invasion’

By Yael Halon | Fox News ‘The super-wealthy, like Harris and Pelosi, are always exempt from the socialist policies they push on everyone else’, says Fox Nation ...

Hannity: Hunter Biden emails expose ‘damning information’, ‘corrupt practices’ of Biden family

By Charles Creitz | Fox News Former VP is ‘lying straight to your face’ when he denies discussing overseas business with son, Fox News host claims. The New York ...

Trump slams Biden over reports Hunter Biden introduced Burisma exec to VP dad: ‘Totally corrupt’

By Megan Henney FOXBusiness The correspondence is contained in a massive trove of data recovered from a laptop. ‘The whole thing is insane. Joe Biden is a ...

When court packing goes wrong: Venezuela and other Latin American countries offer sobering reality

By Maxim Lott | Fox News Experts warn that adding court seats has been attempted in other countries, often with disastrous results. The concept of adding more seats to ...

Twitter locks official Trump campaign account over sharing Hunter Biden video

By Marisa Schultz, Brooke Singman | Fox News Trump campaign fires back: ‘This is election interference, plain and simple’. Twitter suspended the official account of the Trump campaign on Thursday, saying ...

Thousands of Pennsylvania voters sent wrong mail-in ballots

By Brittany De Lea | Fox News Tens of thousands of voters in the critical battleground state of Pennsylvania will receive reissued mail-in ballots after being sent the wrong ...

Facebook and Twitter reducing distribution of New York Post Hunter Biden story

By Audrey Conklin, Paul Conner, Nick Givas FOXBusiness Facebook and Twitter limited the distribution of a story in the New York Post about a purported email between Hunter Biden and an ...

Exodus leads to massive rent declines in expensive cities

By Brittany De Lea FOXBusiness NYC and the Bay Area saw rents drop significantly more in September than the national average. Some of the country’s largest cities ...

Texas Republicans challenge curbside, drive-thru voting in new lawsuit

By Megan Henney | Fox News Lawsuit seeks to halt drive-thru voting program, limit curbside voting. The Texas Republican Party filed a lawsuit Monday night challenging a decision by the state’s ...