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

Reforms to Electoral Count Act Included in $1.7 Trillion Omnibus Bill

By Samantha Flom Republicans and Democrats have attached a bill revising the Electoral Count Act to their $1.7 trillion omnibus spending package, contending that the new law would prevent ...

House Panel Votes to Publicly Release Trump’s Tax Returns

By Zachary Stieber A U.S. House of Representatives panel voted Dec. 20 to make six years of former President Donald Trump’s tax returns public via a report. The 24-16 ...

GOP Attorney General Candidate’s Election Challenge Can Go to Trial: Arizona Judge

By Katabella Roberts An Arizona judge on Tuesday ruled that a lawsuit filed by Republican Abraham Hamadeh challenging the results of the election for attorney general can proceed. Hamadeh lost to Democrat ...

Trump Responds to Jan. 6 Committee’s Criminal Referrals, Says They Are ‘Fake’

By Frank Fang Former President Donald Trump on Dec. 19 dismissed the Jan. 6 committee’s criminal referrals, saying that the panel has leveled “fake charges” against him ...

‘Twitter Files’ Show Company ‘Directly Assisted’ in US Military Psychological Operations

By Jack Phillips Journalist Lee Fang released the latest installment of the “Twitter Files” on Tuesday, showing how the social media platform “quietly aided” U.S. intelligence ...

Judge Rules 2 of Kari Lake’s Election Lawsuit Claims Can Go to Trial

By Jack Phillips A Maricopa County, Arizona judge ruled that two out of 10 claims brought by GOP gubernatorial candidate that challenges Gov.-elect Katie Hobbs’ election ...

Congress Unveils Sweeping ‘Omnibus’ Funding Bill With $1.7 Trillion Price Tag

By Tom Ozimek Lawmakers have at long last unveiled the legislative text of the huge $1.7 trillion “omnibus” government funding bill for all of fiscal ...

FBI’s Suppression of Speech on Twitter Calls for Congressional Investigation: Analysts

By Eva Fu The FBI’s efforts to limit the free expression of speech on Twitter calls for a “thorough investigation” from the new Congress in January, according to longtime ...

Satellite Launched to Map the World’s Oceans, Lakes, Rivers

By The Associated Press A U.S.-French satellite that will map almost all of the world’s oceans, lakes and rivers rocketed into orbit Friday. The predawn launch aboard a SpaceX rocket from Vandenberg ...

FBI Faces Subpoenas After Twitter Files Exposing Social Media Ties: House Republican

By Frank Fang The FBI is facing subpoenas after the so-called “Twitter Files” revealed that the bureau had been working closely with the social media ...

Internal Twitter Records Show FBI Questioned Twitter on State Propaganda

By Melanie Sun Independent journalist Matt Taibbi published a supplemental thread to Part 6 of the “Twitter Files” on Sunday, bringing to light documented exchanges ...

Federal Judge to Block ‘Tyrannical’ California Gun Law Provision

By Matthew Vadum A federal judge said he will block a “tyrannical” provision in an incoming California gun law because it would have the “chilling effect” of ...