USNN World News

Economy

Trump officials recommend executive action as stimulus talks break down

by USNN World NewsAugust 7, 2020August 7, 2020

Economy

US employers hire 1.8M despite new COVID-19 shutdowns

by USNN World NewsAugust 7, 2020December 5, 2024

Economy

GOP senators pitch extending extra unemployment aid through end of year

by USNN World NewsAugust 6, 2020August 6, 2020

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

NATIONAL NEWS

North Carolina Senator Accuses Elections Director of Breaking the Law in Easing Voting Requirements

By Tom Ozimek A North Carolina state senator on Tuesday accused the state’s Board of Elections (BOE) director of breaking the law ahead of last ...

Governor Kristi Noem Announces National Coalition to Protect Fairness in Women’s Sports

By Masooma Haq South Dakota Gov. Kristi Noem on Monday announced the formation of a national coalition to “Defend Title IX” to protect the rights of ...

Trump: America No Longer Has a ‘Free Press’

By Jack Phillips Former President Donald Trump, in an interview on Monday morning, decried the media landscape in the United States saying it no longer has ...

Arizona State Senate Orders Hand Recount of 2.1 Million Ballots From 2020 Presidential Election

By Samuel Allegri Arizona legislators have ordered a recount of 2.1 million ballots for the 2020 presidential election, this time to be done by hand. The ...

Biden Climate Czar John Kerry Spotted Maskless on Plane

By Zachary Stieber President Joe Biden’s climate czar John Kerry was seen maskless on a plane despite requirements that passengers don face coverings, sparking an investigation from American ...

DHS Officials Warned Biden Transition Team About Revoking Trump Border Policies, Former Top Adviser Says

By Ivan Pentchoukov Career officials from the Department of Homeland Security (DHS) warned then-President-elect Joe Biden’s transition team that revoking President Donald Trump’s border policies would have “catastrophic ...

Trump Responds to The Washington Post’s Correction on His Call With Georgia Election Investigator

By Mimi Nguyen Ly Former President Donald Trump issued a lengthy statement following The Washington Post’s correction of a false quote it published in January that claimed he had told ...

Official in Georgia SOS Office Was Sole Source on Trump Phone Call

By Zachary Stieber An official in the Georgia secretary of state’s office was the only source for at least one story that falsely claimed former President Donald ...

Trump Makes Surprise Appearance at Sanders Campaign Event

By Ivan Pentchoukov Former President Donald Trump made a surprise appearance at an event organized by the campaign of Sarah Huckabee Sanders, the former White House Press ...

California Governor Admits Mistakes, Says Recall Unjustified

By The Associated Press SACRAMENTO, CA — California Gov. Gavin Newsom acknowledged mistakes in his handling of the coronavirus pandemic, but insists the recall effort against him has more ...

Alabama GOP Presents Framed Resolution to Trump as ‘One of the Greatest and Most Effective’ Presidents

By Samuel Allegri The Alabama GOP gave former President Donald Trump a framed copy of a resolution the party passed unanimously, declaring him to be “one of ...

IRS Starts Processing $1,400 Stimulus Checks, Payments to Start Showing up This Weekend

By Ivan Pentchoukov The Treasury Department and the Internal Revenue Service (IRS) began processing a new wave of stimulus payments with the first checks expected ...