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

White House Confirms Layoffs Coming ‘Very Soon’ Amid Government Shutdown

By Jack Phillips White House press secretary Karoline Leavitt said on Oct. 1 that federal layoffs will occur in the near future amid a government ...

Trump Admin Allows Oil and Gas Permits, Freezes Renewables in Shutdown

By Tom Ozimek During the government shutdown, the Trump administration will continue to process oil and gas drilling permits on a limited basis while putting ...

Social Security, IRS Payment Changes Coming Tuesday: 4 Things to Know

By Jack Phillips Both the IRS and the Social Security Administration (SSA) are ending the issuance of paper checks on Sept. 30 under a change ...

FBI Suspects Michigan Church Shooter Hated People of the Mormon Faith

By Jack Phillips White House press secretary Karoline Leavitt said on Monday that the man accused of killing at least four people and injuring eight ...

US Real Estate Industry Cautiously Optimistic About Fall Market

By Mary Prenon Despite a slight 0.2 percent dip in national home sales in August, real estate professionals nationwide remain cautiously optimistic about the fall ...

Multiple People Shot at Mormon Church in Michigan, Shooter Is Down: Officials

By Jack Phillips Several people have been shot at a Mormon church in Michigan and the suspected shooter has been taken down, authorities said Sunday. The ...

Trump Authorizes Troop Deployment to Portland, Vows ‘Full Force’ Response to Domestic Terrorists

By Tom Ozimek President Donald Trump said he has ordered troops to deploy to Portland, Oregon, in response to escalating clashes outside federal immigration facilities, ...

US Attorney Directs Federal Authorities to Ignore California Mask Law

By Jack Phillips An acting U.S. attorney in California on Friday ordered federal authorities to ignore a new state law that bars law enforcement officers ...

Former FBI Director James Comey Indicted—What to Know

By Joseph Lord On Sept. 25, grand jurors returned an indictment on two counts against former FBI Director James Comey, accusing him of making a ...

Artemis II Crew Says Success Means Being ‘Forgotten’

By T.J. Muscaro HOUSTON—Artemis II Commander Reid Wiseman told reporters that he hoped his upcoming historic mission around the moon would be ultimately “forgotten” due ...

White House Directs Agencies to Plan for Layoffs If Government Shuts Down

By Melanie Sun The White House budget office has sent a memo directing federal agencies to consider preparing “Reduction in Force” (RIF) notices for a ...

Secret Service Dismantles Electronic Network Posing Threat to Officials at UN Gathering

By Naveen Athrappully The U.S. Secret Service dismantled a network of electronic devices located throughout the New York tristate area that were used to conduct ...