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

How much did the Russia and Hillary Clinton email probes cost taxpayers?

By Lucas Manfredi FOXBusiness Taxpayers were left to foot the bill for investigations that cost millions. President Trump announced Tuesday evening that he has “fully authorized the total Declassification of ...

Trump’s declassification of Russia, Clinton docs sparks fierce fights between current and ex-officials

By Edmund DeMarche | Fox News Some of Trump’s critics took to Twitter to downplay the significance of the announcement. President Trump’s decision Tuesday to authorize the declassification of all documents ...

White House says Trump is ‘projecting strength’ as he battles coronavirus, defends taking off mask

By Brooke Singman | Fox News The president returned to the White House Monday evening after being discharged from Walter Reed. The White House is defending President Trump as he fights coronavirus, saying ...

Fed’s Powell urges more federal stimulus to help economy recover from coronavirus pandemic

By Megan Henney FOXBusiness Powell said the recovery will be ‘strong and move faster’ if Congress provides more stimulus. Federal Reserve Chairman Jerome Powell urged lawmakers to provide the pandemic-stricken economy ...

24 potential ‘superhabitable’ planets discovered close to Earth

By Chris Ciaccia | Fox News The planets, which may have conditions suited to host life, could be older, warmer, larger and wetter than Earth. Earth may be ...

Judge attacked by ‘anti-feminist’ describes horrifying attack that injured her husband, killed her son

By Stephanie Pagones | Fox News US District Court Judge Esther Salas spoke about steps she’s taking to ensure her son will never be forgotten. The New Jersey ...

Another sexually-charged allegation against Democratic senator candidate emerges as he drops out of town hall event

By Evie Fordham | Fox News All eyes are on North Carolina Senate candidate after he pulled out of a town hall event. Republican Sen. Thom Tillis of North Carolina said his Democratic challenger Cal ...

Biden suggests people were able to quarantine because ‘some Black woman was able to stack the grocery shelf’ in viral clip

By Joseph A. Wulfsohn | Fox News Critics blasted the Democratic nominee on social media. Joe Biden has landed in hot water over a viral clip of him suggesting why ...

NBC News town hall raises concerns as critics question makeup of ‘undecided’ voters in audience

By Joseph A. Wulfsohn | Fox News ‘Can’t blame him for doing it,’ Politico reporter Marc Caputo said. NBC’s town hall featuring Joe Biden did not receive the warmest reception ...

Whitmer slams Michigan high court striking down emergency COVID orders

By Evie Fordham | Fox News Whitmer faced protests for her lockdown orders. Michigan Gov. Gretchen Whitmer railed against the state Supreme Court’s decision to strike down her orders to extend ...

Texas Gov. Greg Abbott says new criminal allegations against AG Ken Paxton ‘raise serious concerns’

By Megan Henney | Fox News Charges were made by members of the attorney general’s office. Top Texas Republicans are expressing concerns over new allegations that the Lone Star State’s ...

California city flag stolen, replaced by Trump campaign banner

By David Aaro | Fox News Police are working on identifying those responsible. Police on Sunday were investigating a theft of a city of Long Beach flag that was reportedly ...