Economy - 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

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

Economy

Second coronavirus stimulus check update: Here’s when Americans could receive the cash

by USNN World NewsJuly 28, 2020July 28, 2020

NATIONAL NEWS

Frank James Now a Suspect in New York Subway Shooting

By Zachary Stieber The man authorities deemed April 12 as a person of interest in a shooting that took place earlier in the day on ...

Facebook Silent on FBI Informants Using Platform to Push Whitmer Kidnap Plot

By Ken Silva On Oct. 28, 2020, Facebook CEO Mark Zuckerberg testified in Congress about what he was doing to monitor online extremism, citing his company’s work ...

Takeover Speculation Grows After Elon Musk Turns Down Twitter Board Seat

By Andrew Moran Elon Musk will no longer join Twitter’s board of directors, the social network has officially announced. Twitter CEO Parag Agrawal confirmed on April 10 that Musk ...

Several People Shot, Explosives Found in Brooklyn Subway Station: FDNY

By Jack Phillips Several people were shot and several explosive devices were reportedly found at a subway station in Brooklyn on Tuesday, said the Fire ...

California Looks to Reduce Weekly Work Hours to 32

By Alice Sun California legislators proposed a new bill that would allow employees of bigger companies to work fewer hours in a week without losing ...

1,634 Non-Citizens Under Investigation for Attempting to Register to Vote in Georgia

By Steven Kovac Georgia’s Secretary of State Brad Raffensperger has referred 1,634 cases of non-citizens attempting to register to vote for investigation and potential prosecution. Attempting ...

Texas Clogs Ports of Entry as State Forces Attention on Illegal Immigration

By Charlotte Cuthbertson Several ports of entry between Texas and Mexico have suffered major slowdowns in recent days as the Texas Department of Public Safety ...

Republicans Will ‘Make Biden a Moderate’ If They Retake Congress, McConnell Says

By Bill Pan Senate Minority Leader Mitch McConnell (R-Ky.) vowed on Sunday that Republicans would force President Joe Biden to govern as “a moderate” if they secure a majority ...

‘Something That’s Frightening’: Robert Epstein Warns Against Big Tech Manipulation

By Masooma Haq and Jan Jekielek A senior research psychologist at the American Institute for Behavioral Research and Technology, in California, Robert Epstein has been researching and ...

California, NY Failed in Handling COVID-19, Florida Among the Best: Report

By Jack Phillips California and New York handled COVID-19 lockdowns and restrictions the worst, according to a new report. Other than New York and California, New ...

‘Something is up’: Jim Jordan spots major shift in Hunter Biden story

By Daniel Chaitin, Deputy News Editor A top House Republican thinks “something is up” as the federal investigation into Hunter Biden and his financial practices heats up. Rep. ...

Biden told to ‘reload brain’ before ‘shooting off mouth’

By Bob Unruh Joe Biden is being told to “reload” his brain before “shooting off” his mouth any more. The blunt, and insulting, comment comes from ...