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Category: Economy

The US Economy

Capital One slapped with $80M fine for 2019 data hack
Posted inEconomy

Capital One slapped with $80M fine for 2019 data hack

USNN World Newsby 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.”
Posted inEconomy

In SALT cap stimulus square-off, lawmakers squabble over $10,000 deduction limit

USNN World Newsby USNN World NewsAugust 5, 2020August 5, 2020
McConnell open to extending $600 unemployment boost in coronavirus stimulus deal
Posted inEconomy

McConnell open to extending $600 unemployment boost in coronavirus stimulus deal

USNN World Newsby USNN World NewsAugust 5, 2020August 19, 2024
McConnell mocks Malibu for seeking stimulus funding to help with electric car conversion
Posted inEconomy

McConnell mocks Malibu for seeking stimulus funding to help with electric car conversion

USNN World Newsby USNN World NewsAugust 5, 2020August 5, 2020
Stocks rally as slow coronavirus-relief talks move in 'right direction'
Posted inEconomy

Stocks rally as slow coronavirus-relief talks move in ‘right direction’

USNN World Newsby USNN World NewsAugust 4, 2020December 5, 2024
White House considering unilateral actions with coronavirus aid bill stuck in Congress
Posted inEconomy

White House considering unilateral actions with coronavirus aid bill stuck in Congress

USNN World Newsby USNN World NewsAugust 3, 2020August 3, 2020
Democrats, White House still at odds over extra coronavirus unemployment benefits
Posted inEconomy

Democrats, White House still at odds over extra coronavirus unemployment benefits

USNN World Newsby USNN World NewsAugust 2, 2020August 2, 2020
Bipartisan leaders of Problem Solvers Caucus predict deal on horizon for coronavirus stimulus bill
Posted inEconomy

Bipartisan leaders of Problem Solvers Caucus predict deal on horizon for coronavirus stimulus bill

USNN World Newsby USNN World NewsAugust 1, 2020August 1, 2020
Trump says second stimulus check could be 'way higher' than $1,200
Posted inEconomy

Trump says second stimulus check could be ‘way higher’ than $1,200

USNN World Newsby USNN World NewsJuly 30, 2020July 30, 2020
Lawmakers face a tight deadline
Posted inEconomy

Trump calls GOP coronavirus proposal ‘semi-irrelevant’ as deal appears far off

USNN World Newsby USNN World NewsJuly 29, 2020July 29, 2020
SBA disaster loan investigation reveals rampant fraud: Report
Posted inEconomy

SBA disaster loan investigation reveals rampant fraud: Report

USNN World Newsby USNN World NewsJuly 29, 2020July 29, 2020
Rep. Gohmert compares GOP and Democrat coronavirus stimulus proposals
Posted inEconomy

Rep. Gohmert compares GOP and Democrat coronavirus stimulus proposals

USNN World Newsby USNN World NewsJuly 28, 2020July 28, 2020

Posts pagination

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NATIONAL NEWS

  • A ‘New Phase’ Never Seen Before: Victor Davis Hanson on What Trump Indictment Means for AmericaA ‘New Phase’ Never Seen Before: Victor Davis Hanson on What Trump Indictment Means for America
    By Terri Wu and Jan Jekielek With last week’s indictment of former President Donald Trump, the country has entered an unsettling new era characterized by chronic dysfunction, according ...
  • CEOs of Multi-Billion Dollar Organization Do Not Make Accounting EntriesCEOs of Multi-Billion Dollar Organization Do Not Make Accounting Entries
    By Joe Hoft The corrupt Soros-backed and Obama-connected DA’s office in Manhattan is indicting President Trump by claiming that President Trump is somehow behind accounting ...
  • The Democrat Party Reportedly Received Half Its Donations from Unemployed Americans, Many Are Elderly Voters Whose Identities May Have Been Stolen – Where’s the Money Really Coming FromThe Democrat Party Reportedly Received Half Its Donations from Unemployed Americans, Many Are Elderly Voters Whose Identities May Have Been Stolen – Where’s the Money Really Coming From
    By Joe Hoft In 2020 millions were reportedly donated to BLM after George Floyd was killed.  At the same time, 20+ police were killed and ...
  • Census Map Shows Dramatic California ExodusCensus Map Shows Dramatic California Exodus
    By John Seiler Commentary Sometimes a map tells a dramatic story. That’s the case for the following map released March 30 by the U.S. Census Bureau. It shows ...
  • US Manufacturing Slumps to Lowest Level in 3 YearsUS Manufacturing Slumps to Lowest Level in 3 Years
    By Tom Ozimek U.S. manufacturing activity contracted in March for the fourth straight month, dropping to its lowest level in nearly three years amid a ...
  • US Now a Majority Permitless Carry Country After DeSantis Signs Gun Rights LawUS Now a Majority Permitless Carry Country After DeSantis Signs Gun Rights Law
    By Jack Phillips Florida Gov. Ron DeSantis signed a “permitless carry” bill into law on April 3, making Florida the 26th state to do so, ...
  • Rep. Jordan Says Subpoena ‘On the Table’ for Manhattan DA After Trump IndictmentRep. Jordan Says Subpoena ‘On the Table’ for Manhattan DA After Trump Indictment
    By Ryan Morgan Rep. Jim Jordan (R-Ohio) said a subpoena is on the table if it will compel Manhattan District Attorney (DA) Alvin Bragg to ...
  • Trump Arrives in New York City Ahead of Tuesday’s ArraignmentTrump Arrives in New York City Ahead of Tuesday’s Arraignment
    By Jack Phillips Former President Donald Trump arrived in New York City on Monday afternoon as he prepares to surrender himself to the Manhattan District ...
  • Trump Intelligence Director John Ratcliffe Says Manhattan DA Indictment Leak Is a ‘Felony’Trump Intelligence Director John Ratcliffe Says Manhattan DA Indictment Leak Is a ‘Felony’
    By Jack Phillips Former Director of National Intelligence John Ratcliffe said that the leaking of information suggesting that former President Donald Trump would be indicted ...
  • Jared Kushner Breaks Silence on Trump IndictmentJared Kushner Breaks Silence on Trump Indictment
    By Jack Phillips Former President Donald Trump’s son-in-law and erstwhile White House advisor Jared Kushner responded to a Manhattan grand jury having indicted the former ...
  • Trump Indictment Unifies GOP, Undermines American’s Trust in Justice System: PunditsTrump Indictment Unifies GOP, Undermines American’s Trust in Justice System: Pundits
    By Alice Giordano The indictment of Donald Trump has not only brought unity to a fractured Republican party, political pundits and legal analysis also say ...
  • Key Things to Know About Trump’s IndictmentKey Things to Know About Trump’s Indictment
    By Tom Ozimek Former President Donald Trump’s unprecedented indictment has surged into the limelight and fueled public debate over whether this case is legitimate and ...
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