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Democrats propose to keep $600 unemployment checks rolling until 2021

Democrats propose to keep $600 unemployment checks rolling until 2021

Finance
In the massive legislative package House Democrats unveiled on Tuesday to inject more relief into an economy battered by the coronavirus, unemployed Americans would get an extra $ 600 a week through the end of the year.In the stimulus bill Congress passed in March, many jobless Americans became eligible for that weekly payment on top of their state benefit. The hope was to roughly replace the average person's pre-pandemic earnings. State benefits often don't come out to even half of people's weekly salaries. However, the extra $ 600 payment is currently slated to stop after July 31. Some states are ending it a week earlier, on July 25.The virus has destroyed more than 20 million jobs in the U.S., leaving 15% of Americans unemployed.This is breaking news. Check back for updates.Mo...
House Democrats’ stimulus bill rolls back $10,000 SALT cap for 2 years

House Democrats’ stimulus bill rolls back $10,000 SALT cap for 2 years

Finance
U.S. Representative, Nancy Pelosi (D-CA) at the ceremonial swearing in of Representative Elect Kweisi Mfume (D-MD).Michael Brochstein | Barcroft Media | Getty ImagesA new coronavirus relief bill has been proposed — and it will restore a big chunk of the state and local tax deduction for two years.House Democrats released the text Tuesday for its latest proposed Covid-19 relief measures.The $ 3 trillion Health and Economic Recovery Omnibus Emergency Solutions Act — or HEROES Act — calls for another round of economic stimulus payments to Americans, plus enhancements to the employee retention tax credit.More from Smart Tax Planning:White House weighs pushing tax deadline to SeptemberStates need revenue. These taxes could riseHow are unemployment benefits taxed?Tucked away in the bill is
Democrats propose forgiving $30,000 in student debt for borrowers during coronavirus outbreak

Democrats propose forgiving $30,000 in student debt for borrowers during coronavirus outbreak

Finance
Rep Ilhan Omar (D-MN) takes part in a discussion on "Impacts of Phobia in Our Civic and Political Discourse" during the Muslim Caucus Education Collective's conference in Washington, July 23, 2019.Kevin Lamarque | ReutersDemocratic Reps. Ilhan Omar of Minnesota and Ayanna Pressley of Massachusetts introduced legislation on Monday that would suspend student loan payments and forgive $ 30,000 in debt for borrowers during the coronavirus outbreak. The bill, called the Student Debt Relief Act, would also prevent the government from seizing the wages and Social Security checks of defaulted borrowers. There are now dozens of members of Congress who believe the global health crisis, and the way it has brought the economy to a near halt, has made student debt cancellation necessary. ...
House Democrats propose eliminating $10,000 limit on state and local tax deductions

House Democrats propose eliminating $10,000 limit on state and local tax deductions

Finance
New York, New YorkE+ | Getty ImagesThere are three weeks left in the year, and House Democrats are taking a last shot at ending the $ 10,000 limit on state and local tax deductions.Rep. Thomas Suozzi, D-N.Y, along with Reps. Bill Pascrell, D-N.J., and Mike Thompson, D-Calif., proposed the "Restoring Tax Fairness for States and Localities Act."The measure is scheduled for markup by the House Ways and Means Committee on Wednesday alongside the "Know Your Social Security Act," a bill that aims to aims to reinstate mailed Social Security statements.Suozzi's bill is the latest effort by blue states to fight back against certain provisions in the Tax Cuts and Jobs Act.The overhaul of the tax code, which went into effect in 2018, imposed a $ 10,000 limit on state and local tax deductions that ite...
Democrats claim victory in key Virginia and Kentucky elections

Democrats claim victory in key Virginia and Kentucky elections

World
Media playback is unsupported on your device US Democrats have made gains in state elections, in what is being seen as a blow to President Donald Trump.Democrat Andy Beshear claimed victory in Kentucky's governor vote, after a tight race in the conservative-leaning state.Meanwhile, Democrats seized full control of the legislature in Virginia for the first time in over 20 years.The results are being viewed as a gauge of the political mood ahead of next year's presidential election.However, Republicans held on to power in the Mississippi governor vote, following a closely-fought race in the traditional Republican stronghold.US state governors head the executive branch in state governments.In Kentucky, Mr Beshear claimed victory over incumbent Re...