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

Biden pushes gun control less than 24 hours after attempted assassination on deputies

By Bradford Betz | Fox News Trump has used the ambush to portray Biden as weak on crime. Democratic presidential nominee Joe Biden on Sunday called for gun control less ...

New details on condition of LA deputies attacked in patrol car, huge reward offered for info on triggerman

By Stephanie Pagones | Fox News Both sheriff’s deputies now listed in stable condition. Los Angeles police officials have announced a $100,000 reward for information that leads them to the gunman ...

Trump calls for swift justice in shooting of ambushed deputies as manhunt intensifies in LA

By Andrew O’Reilly | Fox News Authorities have offered a $100,000 for information leading to an arrest and conviction. President Trump argued on Sunday for tougher criminal sentencing guidelines ...

Republicans demand answers on Mueller team wiping phones, suggest ‘anticipatory obstruction of justice’

By Brooke Singman | Fox News Congressional Republicans call the purported accidental ‘wiping’ an ‘amazing coincidence’. Congressional Republicans demanded answers on Friday as to whether there “was a ...

Libertarians pick first female presidential nominee

By Paul Steinhauser | Fox News Newly minted Libertarian Party presidential nominee Jo Jorgensen is touting that she’s the “freedom” candidate. “The choice isn’t one or the other but the ...

CBS reporter tweets about Biden not ‘outworking’ Trump

By Morgan Phillips | Fox News CBS reporter Kathryn Watson questioned why Joe Biden wasn’t campaigning more after news broke that the former vice president was not expected to ...

Data shows that half of 2019 donations to ActBlue came from untraceable ‘unemployed’ donors

By Hollie McKay | Fox News A Take Back Action Fund analysis of $400M in donations to liberal causes raises red flags of possible foreign involvement. Less than ...

Never Forget – We Remember

By NH POLITICIAN The September 11 attacks (often referred to as 9/11) were a series of four coordinated terrorist attacks by the Islamist terrorist group al-Qaeda against the United States on the morning of Tuesday, ...

Texas police group warns drivers to ‘enter at your own risk’ after Austin cuts police funding

By Morgan Phillips | Fox News ‘Limited support next 20 miles,’ one sign reads. A Texas police group has put up billboards on Austin city limits warning drivers that the city had ...

Left-wing dark money groups to ‘carpet-bomb’ 2020 election, report warns

By Adam Shaw | Fox News Report says network’s revenues eclipse those of conservative groups such as the Heritage Foundation. A network of left-wing groups with budgets eclipsing ...

Biden spokesman refuses to discuss whether former VP used teleprompter to answer questions

By Sam Dorman | Fox News ‘This is straight from the Trump campaign talking points,’ TJ Ducklo tells Bret Baier. Former Vice President Joe Biden’s national press secretary attempted to deflect a ...

Trump reacts to ‘great honor’ of Nobel Peace Prize nomination, calls it ‘great thing for our country’

By Yael Halon | Fox News ‘It shows that we’re trying to make peace, not war all the time,’ Trump tells ‘Fox News Rundown’ President Trump welcomed his nomination for ...