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

Trump Will Not Cooperate With ‘Sham Investigation,’ Spokesperson Says

By Katie Spence Former President Donald Trump has branded as a “sham” a Department of Justice (DOJ) investigation into his handling of classified documents and the Jan. 6 breach. And ...

Top House Republican Reveals How GOP Will Target Hunter Biden’s Financial Ties to Father

By Jack Phillips Rep. James Comer (R-Ky.), the likely next chairman of the House Oversight Committee, said that Republicans will investigate more than 150 suspicious activity reports ...

New Hampshire Democrats Lose Lawsuit Which Sought to Block Recount

By Alice Giordano An omitted stack of ballots for a Republican candidate has overturned the election results for a critical House seat in the state ...

New Special Counsel Makes First Move, Challenging Claim From Trump Team

By Zachary Stieber Newly appointed special counsel Jack Smith on Thanksgiving made his first public move since being tasked with leading the investigation into whether former President Donald ...

Wife of New Special Counsel on Trump Case Donated to Biden Campaign and Produced Michelle Obama Film

By Hannah Ng Some conservatives have raised questions about the impartiality of the newly appointed special council on former President Donald Trump’s case, Jack Smith, after ...

Appeals Court Allows Congressional Candidates to Challenge California’s Election Laws

By Brad Jones The 9th Circuit Court of Appeals has ruled that an election integrity case involving complaints from congressional candidates in 13 counties across California has standing to ...

‘They’re Trying to Run Out the Clock:’ Kari Lake Files 1St Lawsuit After Election

By Zachary Stieber Arizona Republican gubernatorial candidate Kari Lake on Nov. 23 filed a lawsuit against Maricopa County. Lake sued Stephen Richer, the county’s recorder, and other officials in ...

Arizona Attorney General Candidate Sues Over Midterm Election Results

By Zachary Stieber A Republican candidate for Arizona’s attorney general position on Nov. 22 sued his opponent and a slew of election officials, including officials in ...

Texas Supreme Court Rules Harris County Should Count Over 2,000 Votes Cast Late on Election Day

By Katabella Roberts The Texas Supreme Court ruled on Tuesday that Harris County should include over 2,000 votes that were cast during an extended one-hour period of voting on Election ...

Incoming GOP Congressman Fears Democrats Will Downplay FTX Scandal, Calls for ‘Thorough’ Investigation

By John Ransom A newly-elected GOP representative from New York said that he worries that Democrats will try to downplay potential campaign finance and securities ...

RNC Attorneys That Surveyed Maricopa County Voting Sites Confirm Widespread Problems

By Allan Stein A memo detailing the findings of nearly a dozen attorneys who visited voting sites in Maricopa County, Arizona, on election day describes widespread problems ...

Gen Z and Younger Millennials Shelve Home Ownership

By Mary Prenon Maria Thomas and Tabor Loynd are among the millions of young Americans who question if they will ever be able to buy ...