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

Trump speech at Michigan rally interrupted by ‘We love you’ chant

By Edmund DeMarche | Fox News A crowd had a similar chant recently in North Carolina. President Trump’s speech during a rally on Thursday in Freeland, Mich., was briefly interrupted ...

Critics blast CNN’s Jake Tapper for ‘lying’ after claim about GOP candidate Sean Parnell

By Joseph A. Wulfsohn, Brian Flood | Fox News Ric Grenell published Tapper’s denial that was made in a direct message on Twitter. CNN anchor Jake Tapper is facing criticism for ...

Trump challenges Woodward for sitting on coronavirus quotes

By Brooke Singman | Fox News ‘He knew they were good and proper answers,’ president tweets. President Trump on Thursday challenged Bob Woodward, questioning why the veteran journalist didn’t report his ...

NYC protesters, leading lives of wealth and privilege, busted for rioting

By Gabrielle Fonrouge | New York Post Seven ‘comrades’ had their mug shots tweeted out by the NYPD early Wednesday. The so-called revolutionaries who were busted for rioting at a New Afrikan ...

Byron York claims he uncovered real player behind Trump impeachment push

By Caleb Parke | Fox News The Fox News contributor told ‘The Ingraham Angle’ it didn’t take a ‘rocket scientist’ to figure out Lt. Col. Alexander Vindman ...

Trump campaign raises $210M in August, still behind Biden’s record haul

By Brooke Singman | Fox News Biden campaign, DNC raised an unprecedented $364.5 million in August. The Trump campaign and Republican National Committee raked in $210 million in August, an ...

Delaware women accused of stealing MAGA hat indicted on robbery, hate crime charges

By Evie Fordham | Fox News The two women could spend a total of 15 years in prison, according to Delaware Online. Two Delaware women accused of stealing a MAGA ...

Trump takes N.Y. Dems to task after city police chief and high-ranking officers resign amid protest

By Megan Henney | Fox News Trump blasted Cuomo, saying he has ‘no idea what to do’. President Trump tore into New York Gov. Andrew Cuomo and Rochester’s mayor on ...

Georgia: 1,000 people voted twice in state primary

By Fox 5 | Fox News Georgia Secretary of State Brad Raffensperger said those voters were ‘breaking the law’. Georgia Secretary of State Brad Raffensperger said Tuesday that 1,000 Georgians ...

Hawaii officials intercept cult at airport, reroute group back to Colorado

By Janine Puhak | Fox News Protesters had reportedly taken issue with the group’s ‘appropriation of Hawaiian culture’ in the previous month. Keep it moving, folks. Authorities have announced ...

Al Sharpton: Defunding police is something ‘a latte liberal’ may like, but ‘proper policing’ is necessary

By Brian Flood | Fox News ‘On the ground it is certainly feeling more violent, feeling more unsafe in unsafe communities,’ he said. MSNBC’s Al Sharpton said Tuesday that defunding the NYPD is ...

Biden’s ‘mental acuity’ has diminished in the last 4 years, ex-WH stenographer says: ‘He’s lost a step’

By Alana Goodman | Washington Free Beacon Mike McCormick calls Biden’s public speaking ability ‘a complete difference’ compared to 2017. Joe Biden’s former White House stenographer said the vice president’s public ...