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 Says He’s in Talks With Putin About US–Russia Economic Deal

By Ryan Morgan On the third anniversary of Russia’s full-scale military invasion of Ukraine, U.S. President Donald Trump announced he’s had serious discussions with Russian ...

DeSantis Launches Florida’s Own Version of DOGE

By Tom Ozimek Florida Gov. Ron DeSantis said Monday that he is launching a state version of the U.S. Department of Government Efficiency (DOGE) initiative. Like ...

US Treasury, State Imposes Maximum Pressure With New Sanctions on Iran

By Chase Smith The U.S. State and Treasury departments imposed a new wave of sanctions on Iran’s petroleum and petrochemical industry on Monday, targeting more ...

Federal Judge Declines to Restore AP’s Access to Oval Office

By Stacy Robinson WASHINGTON—A federal judge on Feb. 24 declined The Associated Press’s emergency bid to force the White House to restore its press access ...

Musk Says Federal Workers Must Report Weekly Accomplishments or Face Termination

By Tom Ozimek Elon Musk, in his role at the Department of Government Efficiency (DOGE), announced Saturday that President Donald Trump has directed him to ...

Trump Signals He’s Open to Multiple Budget Bills After Earlier Endorsing Single Bill Approach

By Arjun Singh WASHINGTON—President Donald Trump on Feb. 21 said he was open to multiple budget bills to fund his policy initiatives after earlier this ...

Not Bluffing: Donald Trump and Canada’s Role in the Defense of North America

By Barry Sheehy The Donald Trump administration appears serious about bolstering the defence of North America—ranging from Panama to the Arctic Ocean. In addition to ...

Mangione Appears in New York Court for First Time Since Arraignment

By T. J. Muscaro Luigi Mangione, the man accused of killing UnitedHealthcare CEO Brian Thompson in New York City on Dec. 4, appeared before the ...

Trump, Maine Governor Clash Over Men Competing in Women’s Sports

By Aaron Gifford President Donald Trump and Maine Gov. Janet Mills got into a verbal altercation over transgender participation in sports during a White House ...

Kash Patel Confirmed as FBI Director

By Nathan Worcester WASHINGTON—The Senate on Feb. 20 confirmed Kash Patel as director of the FBI. Senators voted 51–49 to confirm Patel, who gained prominence for ...

Federal Judge Allows Trump Admin to Continue Layoffs of Federal Workers

By Stacy Robinson WASHINGTON—A federal judge on Feb. 20 declined to block for now downsizing efforts by the Trump administration, including mass firings and buyout ...

Trump to Order Agencies to Terminate All Federal Assistance for Illegal Immigrants

By Jacob Burg President Donald Trump will sign an executive order on Feb. 19 directing all agencies to identify any federally funded programs that provide ...