USNN World News

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

Economy

Trump calls GOP coronavirus proposal ‘semi-irrelevant’ as deal appears far off

by USNN World NewsJuly 29, 2020July 29, 2020

NATIONAL NEWS

Senate Passes Funding Bill to Avert Government Shutdown

By Joseph Lord, Jackson Richman and Arjun Singh WASHINGTON—The U.S. Senate on March 14 approved a House-passed bill to extend government funding by six months, ...

Trump Expresses Confidence That US Will Acquire Greenland During Meeting With NATO Chief

By Emel Akan and Travis Gillmore President Donald Trump on March 13 expressed optimism about the United States acquiring Greenland, highlighting the effort as vital ...

Judge Rules Against Trump in Labor Case With Implications for DOGE

By Kimberly Hayek A federal judge ruled on March 12 against President Donald Trump in a case that could have major implications regarding his attempts ...

EPA to Roll Back Raft of Climate Regulations, Including EV Rule

By Austin Alonzo Environmental Protection Agency (EPA) Administrator Lee Zeldin on March 12 made what he called the “largest deregulatory announcement in U.S. history.” In a ...

USAID Staff Ordered to Destroy Records, Court Filing Says

By Aldgra Fredly Some U.S. Agency for International Development (USAID) employees have received instructions to empty classified safes and destroy agency records, according to a ...

Ontario to Suspend Electricity Export Tariff After Premier, US Commerce Secretary Speak

By Jennifer Cowen Ontario says it will suspend its 25 percent surcharge on electricity exports to Michigan, New York, and Minnesota after Premier Doug Ford ...

Trump to Declare Emergency After Ontario Imposes Tariffs on Electricity Sold to US

By Travis Gillmore President Donald Trump announced on March 11 that he is planning to declare a national emergency after Canada’s Ontario province placed a ...

More Than 200,000 Government Credit Cards Deactivated: DOGE

By Jack Phillips The Department of Government Efficiency (DOGE) said more than 200,000 government credit cards linked to a handful of federal agencies were canceled ...

Zelenskyy Apologized to Trump After Oval Office Clash, Witkoff Says

By Tom Ozimek Ukrainian President Volodymyr Zelenskyy apologized to President Donald Trump for a heated Oval Office meeting this past week in a letter that ...

Secret Service Shoots Armed Man Near White House

By Jacob Burg The U.S. Secret Service shot an adult male near the White House following an “armed confrontation” with law enforcement shortly after midnight ...

DOGE Says It Found $312 Million in Loans That Were Given to Children During Pandemic

By Jack Phillips The Department of Government Efficiency (DOGE) said over the weekend that it found that the Small Business Administration (SBA) granted thousands of ...

Commerce Secretary Says Trump Will Not Ease Up on Fentanyl-Related Tariffs

By Jacob Burg Commerce Secretary Howard Lutnick said on March 9 that President Donald Trump is likely to maintain his tariff pressure on Mexico, Canada, ...