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 Defaults on $18.6 Billion Debt, Now Businesses Have to Pay

By Travis Gilmore California borrowed approximately $20 billion from the federal government to cover unemployment benefits during the pandemic, and with Gov. Gavin Newsom’s recent ...

Congressman Calls for Review of Gender-Transition Medications After Mass Shooting

By Mark Tapscott Federal officials should consider pausing or withdrawing government approval of the drugs used in gender-transitioning procedures such as those administered to Nashville ...

Supreme Court Inches Closer to Decision in Major Redistricting Case

By Matthew Vadum The U.S. Supreme Court is moving closer to deciding if it will issue an opinion in a high-profile case in which Republicans ...

Biden’s Indo-Pacific Trade Agreement Could Further Strengthen Big Tech Monopolies, Lawmakers Warn

By Joseph Lord A coalition of congressional Republicans are speaking out against President Joe Biden’s proposal for a trade agreement they say could further strengthen ...

Auto Worker’s Union Withholds Support for Biden’s Reelection Campaign Over His EV Policies

By Savannah Hulsey Pointer United Auto Workers (UAW) is delaying its endorsement of President Joe Biden’s reelection campaign, according to a May 2 union memo. The Detroit-based ...

Former Intelligence Heads Brennan, Clapper to Testify to House Panel Over Role in Hunter Biden Laptop Letter

By Savannah Hulsey Pointer Former CIA Director John Brennan and former Director of National Intelligence James Clapper are scheduled to testify before a Congressional panel ...

Florida Legislature Passes Sex-Specific Bathroom Bill

By Katabella Roberts Florida Republicans passed legislation on May 3 that would make it a crime for individuals to use public restrooms that do not align ...

FBI Director Subpoenaed After Whistleblower Reveals ‘Criminal Scheme’ Involving Joe Biden

By Jack Phillips The Republican-led House Oversight Committee on May 3 subpoenaed the FBI for a file alleging that a whistleblower linked President Joe Biden ...

Billionaire Who Funded Lawsuit Against Trump Met With Jeffrey Epstein

By Zachary Stieber The Democrat megadonor who funded a lawsuit accusing former President Donald Trump of defamation met with Jeffrey Epstein at the sex offender’s home. Reid Hoffman, ...

‘Quit Building Big’: Space Force Officials Talk Need for Speed and Agility

By Nathan Worcester Defense officials told senators what they think the United States must do to compete with China and other rivals in space. Time, they ...

IRS Spent $10 Million on Weapons Since COVID-19 Pandemic Began: Watchdog

By Katabella Roberts The Internal Revenue Service (IRS) has been splashing out millions stocking up on guns, ammunition, and combat gear since 2020, according to the findings ...

Trump to Partake in CNN Town Hall

By Jackson Richman Former President Donald Trump, the current frontrunner for the GOP presidential nomination in 2024, is set to participate in a May 10 ...