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 says US will be ‘very careful’ after intel community warns of election interference from rival nations

By Adam Shaw | Fox News ‘We’re going to look at it very closely.’ President Trump on Friday said the U.S. will be “very careful” after the intelligence community warned ...

Group sends hundreds of thousands of ‘potentially misleading’ ballot applications

By Morgan Phillips | Fox News The mailings contain legitimate ballot applications but appear to be from a government source. A voter registration group is sending hundreds of ...

Biden walks back African American ‘diversity’ remarks, lauds community’s ‘diversity of thought’

By Joseph A. Wulfsohn | Fox News ‘In no way did I mean to suggest the African American community is a monolith,’ ex-VP says. Presumptive Democratic presidential nominee Joe Biden attempted ...

Trump claims Biden ‘no longer worthy of the Black Vote’ in wake of diversity comment

By Brooke Singman | Fox News ‘Sleepy Joe Biden just lost the Black Vote,’ Trump first said in a now-deleted tweet. President Trump on Friday said his presumptive ...

NRA fights back, files its own suit against NY attorney general seeking to disband organization

By Stephanie Pagones | Fox News President Trump slammed AG Letitia James’ suit against the group, calling it ‘a very terrible thing’. The National Rifle Association is fighting back against ...

Washington Post issues major correction after botching Trump-Twitter post

By Joseph A. Wulfsohn | Fox News The Washington Post sparked massive confusion Wednesday evening after erroneously reporting that President Trump was banned from tweeting because of a claim he ...

Cities go to extremes with quarantine crackdowns: Checkpoints, power shutoffs, steep fines

By Tyler Olson | Fox News Some travelers will be stopped in NYC. The interstate in Chicago has signs warning about quarantine requirements. With the daily number of coronavirus cases ...

Pelosi blasts Trump for saying he may deliver convention speech from White House: ‘He can’t do that’

By Megan Henney | Fox News She questioned whether the move was ‘legally wrong’ or ‘ethically out of the question’. House Speaker Nancy Pelosi slammed President Trump for suggesting that ...

Trump downplays Republican concerns about giving nomination acceptance at White House: ‘It is legal, there is no Hatch Act’

By Morgan Phillips | Fox News President Trump played down fears from a Republican senator that him giving his speech accepting the Republican nomination from the White House ...

Trump rips athletes kneeling for anthem, calls Black Lives Matter a ‘Marxist group’

By Joshua Nelson | Fox News ‘They’re not looking for good things for our country,’ he said. President Trump called Black Lives Matter a Marxist group on Wednesday, pushing ...

Carolyn Maloney declared winner in New York congressional race marred by mail-in ballot problems

By By Gregg Re | Fox News Trump had called for a do-over in the contest, calling it a ‘total disaster’. Election officials in New York finally declared winners late ...

DB Cooper case gets new clues in tiny algae found on ransom money, study says

By Chris Ciaccia | Fox News In a cold case for nearly 50 years ago, a scientist has uncovered new clues in the D.B. Cooper case by ...