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Category: Economy

The US Economy

Capital One slapped with $80M fine for 2019 data hack
Posted inEconomy

Capital One slapped with $80M fine for 2019 data hack

USNN World Newsby 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.”
Posted inEconomy

In SALT cap stimulus square-off, lawmakers squabble over $10,000 deduction limit

USNN World Newsby USNN World NewsAugust 5, 2020August 5, 2020
McConnell open to extending $600 unemployment boost in coronavirus stimulus deal
Posted inEconomy

McConnell open to extending $600 unemployment boost in coronavirus stimulus deal

USNN World Newsby USNN World NewsAugust 5, 2020August 19, 2024
McConnell mocks Malibu for seeking stimulus funding to help with electric car conversion
Posted inEconomy

McConnell mocks Malibu for seeking stimulus funding to help with electric car conversion

USNN World Newsby USNN World NewsAugust 5, 2020August 5, 2020
Stocks rally as slow coronavirus-relief talks move in 'right direction'
Posted inEconomy

Stocks rally as slow coronavirus-relief talks move in ‘right direction’

USNN World Newsby USNN World NewsAugust 4, 2020December 5, 2024
White House considering unilateral actions with coronavirus aid bill stuck in Congress
Posted inEconomy

White House considering unilateral actions with coronavirus aid bill stuck in Congress

USNN World Newsby USNN World NewsAugust 3, 2020August 3, 2020
Democrats, White House still at odds over extra coronavirus unemployment benefits
Posted inEconomy

Democrats, White House still at odds over extra coronavirus unemployment benefits

USNN World Newsby USNN World NewsAugust 2, 2020August 2, 2020
Bipartisan leaders of Problem Solvers Caucus predict deal on horizon for coronavirus stimulus bill
Posted inEconomy

Bipartisan leaders of Problem Solvers Caucus predict deal on horizon for coronavirus stimulus bill

USNN World Newsby USNN World NewsAugust 1, 2020August 1, 2020
Trump says second stimulus check could be 'way higher' than $1,200
Posted inEconomy

Trump says second stimulus check could be ‘way higher’ than $1,200

USNN World Newsby USNN World NewsJuly 30, 2020July 30, 2020
Lawmakers face a tight deadline
Posted inEconomy

Trump calls GOP coronavirus proposal ‘semi-irrelevant’ as deal appears far off

USNN World Newsby USNN World NewsJuly 29, 2020July 29, 2020
SBA disaster loan investigation reveals rampant fraud: Report
Posted inEconomy

SBA disaster loan investigation reveals rampant fraud: Report

USNN World Newsby USNN World NewsJuly 29, 2020July 29, 2020
Rep. Gohmert compares GOP and Democrat coronavirus stimulus proposals
Posted inEconomy

Rep. Gohmert compares GOP and Democrat coronavirus stimulus proposals

USNN World Newsby USNN World NewsJuly 28, 2020July 28, 2020

Posts pagination

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NATIONAL NEWS

  • Ex-Facebook exec warns social media ‘threat to democracy,’ may spark civil warEx-Facebook exec warns social media 'threat to democracy,' may spark civil war
    By Brian Flood | Fox News ‘The attention-based business model of social media companies is a threat to democracy,’ Tim Kendall says. Media Angle is a column offering ...
  • Whitmer kidnapping plot suspects also discussed abducting Virginia governorWhitmer kidnapping plot suspects also discussed abducting Virginia governor
    By Danielle Wallace | Fox News Members of anti-government paramilitary groups allegedly discussed kidnapping Virginia’s governor during a June meeting in Ohio, an FBI agent testified Tuesday during ...
  • More gaffes from Biden prompt Trump to say former VP’s ‘dementia’ is worseningMore gaffes from Biden prompt Trump to say former VP's 'dementia' is worsening
    By Audrey Conklin | Fox News President Trump criticized 2020 Democratic presidential nominee Joe Biden’s memory in a Tuesday tweet. The president’s tweet came after the former vice president made a ...
  • Will All The Name-Brand People Who Pushed The Russian Collusion Conspiracy Get Off Scot-Free?Will All The Name-Brand People Who Pushed The Russian Collusion Conspiracy Get Off Scot-Free?
    By Drew Holden The Russian collusion hoax has fallen apart more every day. And we haven’t heard a word of comment from any of the ...
  • Early Voting Totals – WisconsinEarly Voting Totals - Wisconsin
    By Hal Turner Radio Show News Desk Looks like things are not going so well . . . for Democrats! It may have something to do ...
  • California election officials probing unauthorized ballot drop-off boxes popping up across stateCalifornia election officials probing unauthorized ballot drop-off boxes popping up across state
    By Danielle Wallace | Fox News Officials could not confirm who may be responsible at this time. State and local election officials in California are investigating after multiple unofficial mail-in ...
  • I Didn’t Vote For Trump In 2016, But I’d Crawl Over Broken Glass To Vote For Him NowI Didn’t Vote For Trump In 2016, But I’d Crawl Over Broken Glass To Vote For Him Now
    By David Sound Even though I had voted for every Republican presidential candidate since 1980, I didn’t vote for Donald Trump in 2016. Many Republican nominees ...
  • Team Trump Turns Tide in Voting Law Legal BattlesTeam Trump Turns Tide in Voting Law Legal Battles
    By Ashley Oliver South Carolina is the latest in a string of states to side with President Donald Trump’s reelection campaign in upholding voting laws ...
  • Wisconsin blocked from accepting mail-in ballots after Election DayWisconsin blocked from accepting mail-in ballots after Election Day
    By Vandana Rambaran | Fox News A federal appeals court in Wisconsin overruled a lower court’s decision to extend the deadline for counting absentee ballots by six days, doling ...
  • Americans are Googling these 5 questions as election loomsAmericans are Googling these 5 questions as election looms
    By Julia Musto FOXBusiness With the presidential election now just 23 days away, Americans are increasingly looking for answers. But while the outcome of the Nov. 3 contest isn’t something voters ...
  • San Francisco tax revenue plunge points to resident exodusSan Francisco tax revenue plunge points to resident exodus
    By Brittany De Lea | Fox News Sales tax revenues declined by more than 40% this spring. San Francisco experienced a 43% year-over-year decline in sales tax revenues during the pandemic, ...
  • Trump picks up another Nobel Peace Prize nomination from Europe after diplomatic victoriesTrump picks up another Nobel Peace Prize nomination from Europe after diplomatic victories
    By Adam Shaw | Fox News Laura Huhtasaari hailed Trump’s efforts to ‘build peace in the world.’ President Trump has picked up another nomination for the Nobel Peace Prize, after a ...
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