Articles by USNN World News

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

National News

Pelosi blasts Trump for saying he may deliver convention speech from White House: ‘He can’t do that’

by USNN World NewsAugust 5, 2020August 5, 2020

National News

Trump downplays Republican concerns about giving nomination acceptance at White House: ‘It is legal, there is no Hatch Act’

by USNN World NewsAugust 5, 2020August 5, 2020

Economy

McConnell mocks Malibu for seeking stimulus funding to help with electric car conversion

by USNN World NewsAugust 5, 2020August 5, 2020

Trump calls Black Lives Matter a 'Marxist group,' rips athletes kneeling for anthem

National News

Trump rips athletes kneeling for anthem, calls Black Lives Matter a ‘Marxist group’

by USNN World NewsAugust 5, 2020August 5, 2020

Weather

Tropical Storm Isaias caused 147 mph wind gust atop Mount Washington in New Hampshire

by USNN World NewsAugust 5, 2020September 7, 2024

World

Beirut explosion: Rescue workers frantically search for survivors as Lebanon capital confronts massive devastation

by USNN World NewsAugust 5, 2020June 20, 2024

National News

Carolyn Maloney declared winner in New York congressional race marred by mail-in ballot problems

by USNN World NewsAugust 4, 2020February 26, 2025

Congress

Dem Senator walks out of Ted Cruz’s Antifa hearing: ‘I don’t think you listen’

by USNN World NewsAugust 4, 2020August 4, 2020

Economy

Stocks rally as slow coronavirus-relief talks move in ‘right direction’

by USNN World NewsAugust 4, 2020December 5, 2024

National News

DB Cooper case gets new clues in tiny algae found on ransom money, study says

by USNN World NewsAugust 4, 2020August 4, 2020

NATIONAL NEWS

Ryan Routh, DOJ Offer Opening Arguments in Trump Assassination Attempt Trial

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By Jack Phillips White House deputy chief of staff Stephen Miller confirmed on Monday that the White House will be going after networks that organized ...

Trump Says He Will Declare National Emergency If Washington Stops Cooperating With ICE

By Aldgra Fredly President Donald Trump on Sept. 15 threatened to declare a national emergency in Washington after Mayor Muriel Bowser said local police would ...

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Employees Fired, Suspended for Celebrating Charlie Kirk’s Death

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