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

Ex-Trump Adviser John Bolton Responds to Claims of Chinese Spy Balloons During Trump Presidency

By Jack Phillips Former national security adviser John Bolton said that it would be problematic if alleged Chinese spy balloons transited over the United States under the ...

Military Experts Issue Warnings on Possible US-China Conflict After Spy Balloon Shot Down

By Jack Phillips Several former military officials said that the United States could face significant shortfalls if there is ever a conflict with the Chinese ...

Federal Law Banning Marijuana Users From Having Firearms Is Unconstitutional, Judge Rules

By Matthew Vadum A federal law barring marijuana users from possessing guns violates the Constitution, a federal judge in Oklahoma ruled. The decision cites last year’s landmark Supreme ...

Another Year of Net Migration Loss for California, New Data Shows

By Jamie Joseph California experienced the largest net domestic outmigration of any state in 2022, with a decrease of 343,230 people, according to a real ...

NC Supreme Court Hands Win to GOP on Redistricting, Voter ID

By Tom Ozimek The North Carolina Supreme Court on Friday handed a victory to the state’s Republican legislators by siding with a petition that asked the high ...

Bipartisan Group of Montana Lawmakers Call Out Biden Admin for Handling of Chinese Balloon

By Savannah Pointer A bipartisan group of Montana lawmakers called out the Biden administration for its response to the suspected Chinese surveillance balloon floating over ...

Facebook, Instagram Threaten to Restrict or Ban Project Veritas

By Caden Pearson Facebook and Instagram have threatened to restrict or ban Project Veritas from their platforms, both owned by Meta, after a journalist confronted a senior YouTube ...

Montana Authorities Address ‘Massive Explosion’ Rumors in Sky Where Chinese Spy Balloon Was Spotted

By Tom Ozimek Montana officials have issued a statement saying that reports of a “massive explosion” taking place in the sky near where a Chinese spy balloon was spotted ...

Trump Pledges ‘Peace Through Strength’ Unveiling His 2024 Hypersonic Defense Plan

By Savannah Pointer Former President Donald Trump unveiled a new military policy as part of his 2024 presidential campaign this week, proposing to develop “a state-of-the-art, ...

Trump: Truth About ‘Fake News’ Reporting on ‘Russia Hoax’ Is Finally Coming Out

By Janice Hisle Former U.S. President Donald Trump says he finally sees some truth emerging about “the fake news.” More than six years after the media began covering ...

House Subcommittee Discusses US Development of Satellite Technology and Protecting It From Rival Threats

By Ross Muscato A subcommittee of the House Committee on Energy and Commerce conducted a Feb. 2 hearing that focused on the use of emerging satellite technology ...

368 Arrested, 131 Rescued in Sex Trafficking Operation in California

By Jack Bradley Authorities arrested 368 people and rescued 131 victims involved in human trafficking in a weeklong statewide multi-agency task force, announced Feb. 1. “We ...