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WASHINGTON, D.C. – Since the start of his presidency, President Donald Trump and his administration have talked about getting manufacturing companies to come back to the United States, a process known as reshoring.Now, with unemployment at a historic high, another 1.5 million people filing jobless claims last week and still 19.5 million continued claims or people unemployed, the idea of reshoring is being revisited by Congress.Some on Capitol Hill are proposing reshoring incentives for companies in the next stimulus package.“There are a lot of potential ways that the administration and Congress could come up with tax subsidies and tax breaks for companies that produces here,” said Ed Yardeni, an economist and the president of Yardeni Research.While believes there could be some jobs created by companies reshoring in the U.S., it’s hard to say how many. That’s partly because, many companies that would consider reshoring would also consider using artificial intelligence at their production plants.“Clearly bringing back jobs would be great, but I don’t think we go back to the 70s and 80s, where we had a lot more people employed,” Yardeni added. “I would think that if you are reshoring and bring production back to the U.S., you are going to use state of the art technology to do that, so I’m not sure it is going to be a huge win-win in terms of jobs.”Experts, including Yardeni, believe companies that would most likely consider reshoring would be those in the pharmaceutical and technology sector. Their reason for the move is likely less for job creation and more because of national security concerns.Either way, the way to get more jobs out of reshoring may be by doing more than just incentivizing companies to come back to the U.S.“Maybe what we need is to combine reshoring with really focusing on reeducating a lot of the labor force so that they can manage the robots, build the robots, program the robots, as opposed to doing the job the robots are doing,” said Yardeni. 2004

WASHINGTON (AP) — The Trump administration has laid down rules aimed at preventing residents in high-tax states from avoiding a new cap on widely popular state and local tax deductions. The action over the new Republican tax law pits the government against high-tax, heavily Democratic states in an election-year showdown.The Treasury Department's rules released Thursday target moves by states like New York, New Jersey and California — where residents could see substantial increases in their federal tax bills next spring because of the ,000 cap on state and local deductions. Experts say the issue likely will have to be resolved by the federal courts.Four states — Connecticut, Maryland, New Jersey and New York — already have sued the federal government over the deduction cap, asserting it's aimed at hurting a group of Democratic states and tramples on their constitutional budget-making authority.A dozen states have taken or are considering measures to get around the cap. Most of the workarounds take advantage of federal deductions for charitable contributions — which aren't capped — in place of the old deductions for paying state and local income taxes. So people's state and local taxes exceeding ,000, which can't be deducted, are turned into deductible charitable donations.The new rules' "dollar-for-dollar" limit also applies to many other states that already have charitable funds offering tax breaks, senior Treasury officials said. Those states include solidly Republican ones and others with relatively low taxes. In those programs, donors to schools, hospitals or land conservation programs can get their state taxes reduced in return — plus a charitable deduction on their federal tax returns.The limit means taxpayers only can deduct as a charitable contribution the portion of their donation for which they don't also get a state tax credit.But some experts said the Treasury rules seem to be designed to protect those existing charitable programs in some states. An exception to the "dollar-for-dollar" requirement "plainly appears to be designed to protect certain ... pre-existing state regimes," said Daniel Rosen, a tax lawyer at Baker McKenzie who is a former IRS official.Treasury said it expects that only about 1 percent of all U.S. taxpayers would see a reduction of their tax credits for donations to private-school voucher fund. Several states — Alabama, Arizona, Georgia, Montana and South Carolina — allow taxpayers who donate to private-school funds to get a 100 percent credit against their state taxes, according to data compiled by the Institute on Taxation and Economic Policy.___HOW DO THE LIMITS WORK UNDER THE NEW RULES?Dollar-for-dollar: When a taxpayer receives a benefit in return for donating to charity, the taxpayer should only be able to deduct the net value of the donation as a charitable contribution, Treasury says.An example: You donate ,000 to a charity in a state that offers a 70 percent tax credit, so 0 in this case. You would only be able to claim a 0 charitable deduction on your federal return.There is an exception. If the state tax credits don't exceed 15 percent of the amount donated, so up to a 0 state tax credit on a ,000 donation, the taxpayer could claim the full amount as a charitable deduction.___WHY IS THIS IMPORTANT?Taxpayers could have less incentive to donate without getting a deduction or having the deduction reduced.All states rely on property and income taxes to fund an array of services such as education, health care and public safety. Advocates for restoring the full state and local deductions say that the reduced property tax deduction brings a decrease in the value of taxpayers' homes, possibly spurring residents of high-tax states to move elsewhere and crimping funding for local programs.___WHAT'S HAPPENING IN THE HIGH-TAX STATES?Measures designed to work around the ,000 cap have been adopted in Connecticut, New Jersey, New York and Oregon, and introduced or explored publicly by officials in California, Illinois, Maryland, Nebraska, Rhode Island, Virginia, Washington and the District of Columbia.New York Gov. Andrew Cuomo, a Democrat, has called the state-local deduction cap an "assault" on New York by Trump and Republican lawmakers in Washington.In some key "blue" states:—Connecticut has a new law establishing a state charitable fund; donors can get tax credits in exchange for giving.—In New Jersey, where high local property taxes are the major issue, the state is allowing local schools and governments to use the charitable workaround. But so far, no towns have notified authorities that they've set up funds to receive contributions — because state regulators haven't issued the necessary rules, experts say.—New York is offering three options: One like Connecticut's, one like New Jersey's and another to let employers pay payroll taxes for employees, who would receive credits to cancel out the income taxes they would have paid otherwise.—In Maryland, about 500,000 residents — over 18 percent of state taxpayers — will together lose .5 billion in state and local deductions, according to state estimates.___Mulvihill reported from Cherry Hill, New Jersey. Associated Press writer Michael Catalini in Trenton, New Jersey, contributed to this report. 5305

Were you able to take your planned summer vacation in 2020? If so, consider yourself lucky.According to a survey commissioned by Lending Tree and conducted by Value Penguin, 72% of Americans did not take a summer vacation this summer. Of those that did, 71% opted to travel by car instead of plane.With most Americans not traveling in 2020, the use of paid time off from work also declined. The survey found that 44% of Americans did not use any paid time off this summer, with an additional 22% saying they took less time off than usual.The survey found that men along with younger and middle-aged Americans were more likely to travel. Just 13% of baby boomers and 9% of silent generation members traveled this summer.“Women tend to be more cautious than men in many ways, so I’m not surprised they might be more reluctant to go on vacation,” said Matt Schulz, chief credit analyst at LendingTreeFor some Americans, nearly 20%, the summer was considered not too different than other summers.Finances also seemingly played a role in who traveled, as 52% of households earning over 0,000 a year traveled this summer compared to just 15% of households making less than ,000 a year.To read the full study, click here. 1228

WAVERLY, Ohio -- One of the four suspects charged in the murder of the Rhoden family pleaded not guilty during his arraignment in court today.Edward “Jake” Wagner was arraigned on aggravated murder charges in Pike County court.It’s not clear what role Jake Wagner is suspected of playing in the 2016 murders of eight members of the Rhoden family. Investigators believe Jake Wagner was in a custody dispute with one of the victims, 19-year-old Hanna Rhoden.Authorities arrested Jake Wagner, his brother, George Wagner IV, and parents, George “Billy” Wagner III and Angela Wagner on Nov. 13. Jake Wagner faces additional charges for having sexual contact with Hanna Rhoden when she was 15 years old and he was 20.Officials set the following court dates: 774

WASHINGTON, D.C. — Six Russian military officers sought to use computer hacking to disrupt the French election, the Winter Olympics in South Korea and U.S. businesses.That's according to a Justice Department indictment unsealed Monday that details attacks on a broad range of political, financial and athletic targets.While announcing the charges at a press conference, Assistant Attorney General John C. Demers called the officers’ actions “the most disruptive and destructive” computer attacks ever attributed to a single group. Demers said no country has weaponized its cyber capabilities as maliciously and irresponsibly as Russia, “wantonly causing unprecedented collateral damage to pursue small tactical advantages and to satisfy fits of spite.” All the defendants are alleged intelligence officers in the Russian military agency known as the GRU. The DOJ previously charged members of the same unit, also known to cybersecurity researchers as “Sandworm Team,” for their role in Russia’s efforts to interfere in the 2016 U.S. elections. Though, the new indictment doesn't charge the officers in connection with the interference in the U.S. elections.The indictment also accuses the defendants in destructive attacks on Ukraine’s power grid. “These were the first reported destructive malware attacks against the control systems of civilian critical infrastructure,” said Demers. “These attacks turned out the lights and turned off the heat in the middle of the Eastern European winter, as the lives of hundreds of thousands of Ukrainian men, women and children went dark and cold.” From there, Demers says the conspirators’ “destructive path” widened to encompass “virtually the whole world.” The conspirators allegedly unleashed the “NotPetya” malware, which was reportedly designed to bring down entire networks in seconds and searching for remote computer connections through which to attack additional innocent victims. “The entirely foreseeable result was that the worm quickly spread globally, shutting down companies and inflicting immense financial harm,” said Demers. “This irresponsible conduct impaired the ability of companies in critical sectors, such as transportation and health, to provide services to the public–not only in Ukraine, but as far away as Western Pennsylvania."Demers says the malware led to monetary losses of nearly billion. Next, officials say the conspirators then turned their sights on the Winter Olympics. “The conspirators, feeling the embarrassment of international penalties related to Russia’s state-sponsored doping program, i.e., cheating, took it upon themselves to undermine the games,” said Demers. “Their cyber-attack combined the emotional maturity of a petulant child with the resources of a nation state.” The officers are accused of conducting spear phishing campaigns against South Korea, the host of the 2018 games, as well as the International Olympic Committee, Olympic partners, and athletes. Then, during the opening ceremony, they allegedly launched the “Olympic Destroyer” malware attack, which deleted data from thousands of computers supporting the Games, rendering them inoperable. The officers are also accused of supporting a hack-and-leak operation in the days leading up to the 2017 French elections, with attacks directed at the political party of French President Emmanuel Macron. “This indictment lays bare Russia’s use of its cyber capabilities to destabilize and interfere with the domestic political and economic systems of other countries, thus providing a cold reminder of why its proposal is nothing more than dishonest rhetoric and cynical and cheap propaganda,” said Demers. 3669