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

IN-DEPTH: States Fight ESG Industry, Despite Costs and Long Odds

By Kevin Stocklin As conservative states push back against the progressive agenda of Wall Street banks and asset managers, some analysts are warning that “anti-ESG” ...

Florida Legislature Clears Way for DeSantis to Run for President Without Resigning

By Bill Pan Florida’s Republican-led Legislature has approved a bill clarifying that Gov. Ron DeSantis may run for president in 2024 while keeping his current ...

State Supreme Court Gives Republicans Major Win in Key Swing State

By Jack Phillips The North Carolina Supreme Court on April 28 overturned a prior ruling that struck down alleged partisan gerrymandering, giving the state GOP a ...

ABC Refuses to Air RFK Jr. Comments About COVID-19 Vaccines

By Zachary Stieber ABC News cut off a presidential candidate when he started talking about COVID-19 vaccines, raising concerns about censorship. Robert Kennedy Jr., who recently announced ...

Federal Agency Issues Emergency Waiver for E15 Gasoline to Boost Fuel Supply

By Jack Phillips The U.S. Environmental Protection Agency on Friday issued an emergency nationwide waiver that allows for the sale of gasoline with higher concentrations of ...

IRS Hiring More Armed Tax Enforcers in All 50 States

By Tom Ozimek The Internal Revenue Service (IRS) is hiring armed tax agents nationwide to bolster the ranks of its criminal investigations division as the ...

Trump Says He’d ‘Crush’ Biden in Possible 2024 Rematch

By Janice Hisle Former president Donald Trump spent much of his latest campaign speech drawing contrasts between himself and, as he put it, “Crooked Joe ...

Biden Authorizes Southern Border Deployment of Reservist Troops

By Chase Smith President Joe Biden authorized the deployment of reserve troops to the southern border to combat “international drug trafficking” under the National Emergencies ...

Fox News Ratings Plunge During Tucker Carlson’s Former Time Slot

By Jack Phillips In the wake of Tucker Carlson’s sudden exit from Fox News, ratings for the cable news channel’s 8 p.m. time slot saw ...

New North Dakota Law Keeps Sex-Specific Bathrooms for People of That Sex

By Bill Pan North Dakota Gov. Doug Burgum has signed into law a bill that keeps access to bathrooms, locker rooms, and shower rooms to ...

Senate Votes to Overturn Biden Admin’s Truck Emissions Rule, With Support From Manchin

By Ryan Morgan The Senate passed a resolution on Wednesday to overturn a heavy-duty engines emissions rule implemented by President Joe Biden’s administration after Sen. ...

Growing Division Among California Democrats Stalls Fentanyl Bill Again Amid Fiery Protests by Victims’ Families

By Travis Gillmore SACRAMENTO—A series of outbursts echoed in the chambers of a Senate Public Safety Committee hearing on April 25 following comments indicating a ...