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

California wildfires rage as wine country blaze forces evacuation of hospital, hundreds of homes

By Travis Fedschun | Fox News The Glass Fire has scorched at least 11,000 acres and spurred evacuations in Napa and Sonoma Counties. Hundreds of homes and a ...

Some Minneapolis City Council members may regret pledge to dismantle police department: report

By Lucas Manfredi | Fox News Residents have voiced concerns about rising crime and frustration with city’s response civil unrest. Some members of the Minneapolis City Council may ...

Trump calls New York Times report that he avoid paying taxes ‘totally made up’

By Andrew O’Reilly | Fox News ‘Everything was wrong, they are so bad,’ Trump said. President Trump lambasted a New York Times report that said he paid no federal income taxes ...

Trump takes press to task for skipping over Hunter Biden scandals

By Edmund DeMarche | Fox News President Trump on Sunday may have shown a preview of this week’s upcoming presidential debate when he asked reporters at the ...

Wildfire erupts in California’s Napa County, emergency evacuations over ‘dangerous rate of spread’

By Travis Fedschun | Fox News The Glass Fire near St. Helena has consumed at least 800 acres. Mandatory evacuations were issued Sunday morning in areas of Northern California after a fast-moving wildfire erupted ...

Trump calls for Biden to take a drug test before upcoming presidential debate

By Danielle Wallace | Fox News Trump said Biden’s past debate performances have been ‘record setting UNEVEN’. President Trump said Sunday that he demanded his Democratic opponent Joe Biden take a drug ...

Pelosi doubles down that Biden shouldn’t debate Trump: ‘Why bother?’

By Megan Henney | Fox News House Speaker Nancy Pelosi on Friday doubled down on her argument that Democratic presidential nominee Joe Biden should not debate President Trump, claiming the Republican incumbent ...

LA police detain, release driver after vehicle plows into protesters; at least 1 injured: report

By David Aaro | Fox News Later, another vehicle approached the same protesters, reports said. At least one person was taken to a hospital Thursday night after multiple vehicles ...

Breonna Taylor shooting: Video purportedly shows tense moments after officer was struck by gunfire

By Greg Norman | Fox News Sgt. Jonathan Mattingly was not indicted by a grand jury following Taylor’s death. A new video has emerged purportedly showing the tense ...

Republicans on North Carolina Board of Elections resign after mail-in ballot changes

By Evie Fordham | Fox News Gov. Roy Cooper, a Democrat, can nominate their replacements. Both Republicans on the five-person North Carolina State Board of Elections submitted their resignations on Wednesday night, ...

Trump says Biden ‘should leave the campaign’ after Senate GOP report on Hunter Biden’s business dealings

By Brooke Singman | Fox News The president made the comments during an interview on ‘The Brian Kilmeade Show’. President Trump on Thursday said his Democratic opponent Joe Biden “should leave ...

Breonna Taylor protests: Suspect accused of shooting cops ID’d as Louisville sees nearly 100 arrests after grand jury decision

By Danielle Wallace | Fox News No update was provided on the two officers wounded during demonstrations. The Louisville Metro Police Department announced Thursday nearly 100 arrests were made overnight amid demonstrations following a ...