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

Trump Admin Will Explore Ways to Acquire Bitcoin for Strategic Reserve

By Emel Akan WASHINGTON—President Donald Trump said on March 7 that his administration is exploring ways to invest in bitcoin for the national strategic reserve, ...

House Republicans Unveil Funding Resolution, Trump Voices Support

By T. J. Muscaro House Republicans revealed a Trump-approved spending bill on March 8 that lays out a plan to keep the federal government and ...

Trump Administration Cancels Grants Worth $400 Million for Columbia University

By Jack Phillips The Trump administration on Friday announced it has canceled grants worth roughly $400 million for Columbia University, alleging the Ivy League school ...

Georgia Senate Passes Bill Allowing Trump and Allies to Recover Costs of 2020 Election Case

By Bill Pan Georgia’s Senate has approved a bill that could allow President Donald Trump and his allies to get compensated for legal fees in ...

Gene Hackman Died of Heart Disease; Wife Died of Hantavirus About 1 Week Prior: Authorities

By Jack Phillips Authorities said Friday that actor Gene Hackman died of Alzheimer’s and heart failure a week after his wife died of hantavirus, a ...

Trump Pauses Tariffs on Mexico Until April 2

By Emel Akan WASHINGTON—President Donald Trump said on March 6 that he would pause his 25 percent tariff for Mexican goods and services that are ...

12 Takeaways From Trump’s First Major Policy Speech to Congress

By Lawrence Wilson, Joseph Lord, Travis Gillmore and Sam Dorman WASHINGTON—President Donald Trump capped off his first six weeks in office with a 100-minute speech ...

Trump Says Canada’s Retaliatory Tariffs Will Be Met With Reciprocal Tariffs

By Noe Chartier President Donald Trump has reacted to Canada’s decision to enter a trade war with the United States by imposing counter-tariffs, saying this ...

Bondi Vows to Release ‘Everything’ Related to Epstein, Says She Was Misled

By Jack Phillips Attorney General Pam Bondi provided more details on the controversy around a release of files related to convicted sex offender Jeffrey Epstein, ...

Trump Says ‘No Room Left’ for Canada, Mexico to Avoid 25 Percent Tariffs Coming March 4

By Matthew Horwood President Donald Trump says 25 percent tariffs will be levied against Canada and Mexico on March 4, and added there is “no ...

House Speaker: Zelenskyy May Have to Step Down Over White House Spat

By Jack Phillips House Speaker Mike Johnson (R-La.) said on March 2 that Ukrainian President Volodymyr Zelenskyy may have to resign in the wake of ...

Social Security Administration Says It Plans to Lay Off 7,000 Workers

By Aldgra Fredly The Social Security Administration (SSA) said on Friday that it is planning to lay off about 20 percent of its workforce, or ...