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

Chinese Nationals in Los Angeles Arrested for Allegedly Smuggling Goods From China

By Frank Fang Two Los Angeles men were recently arrested for allegedly running a scheme to smuggle counterfeit goods from China through Southern California ports, ...

Senate GOP Proposes Constitutional Amendment to Limit Size of Supreme Court

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Five Takeaways from Trump’s Briefing with Japan’s Prime Minister

By Travis Gillmore President Donald Trump met with Japanese Prime Minister Shigeru Ishiba on Feb. 7 to discuss trade policies and strengthen military partnership. “Japan is ...

DOGE Has Accessed These Federal Systems in Bid to Tackle Waste

By Jacob Burg Elon Musk’s advisory commission, the Department of Government Efficiency (DOGE), has deployed teams within multiple federal agencies to use technology to cut ...

More Government Workers Accept Trump Admin Buyout Offer, Official Says

By Zachary Stieber The number of workers who have decided to accept the buyout offer from the Trump administration has risen by about 25,000, according ...

Trump’s Government Overhaul Shakes Washington

By Nathan Worcester President Donald J. Trump has gotten off to a running start. Swift moves by his new administration have upended Washington, D.C.—including for ...

Bipartisan Bill Would Ban DeepSeek AI on US Government Devices

By Andrew Thornebrooke A bipartisan pair of congressmen are introducing a bill to prohibit the use of China’s DeepSeek AI on government-issued devices. Reps. Josh Gottheimer ...

DOJ Issues Directive Ending Biden-Era Task Force Aimed at Seizing Assets of Russian Oligarchs

By Jack Phillips The Department of Justice (DOJ) disbanded a program started under the Biden administration that sought to seize Russian oligarchs’ assets after the ...

US Army Says Recruitment Numbers Hit 15-Year High

By Jack Phillips President Donald Trump and Secretary of Defense Pete Hegseth this week announced that U.S. Army recruitment numbers have reached a 15-year high ...

Border Chief Homan Says Raid on Tren de Aragua Gang Was Leaked, Vows Accountability

By Samantha Flom Border czar Tom Homan promised on Feb. 6 to find those responsible for leaking the details of a raid targeting members of ...

How USAID and Its $50 Billion Budget Became a Target for Reform

By Lawrence Wilson The U.S. Agency for International Development (USAID) was a little-noticed federal agency until it suddenly became the object of a fierce political ...

Trump Says He Will Investigate California’s High-Speed Rail Project

By Kimberly Hayek President Donald Trump told reporters Tuesday that his administration will investigate the long-delayed California high-speed rail project, which was authorized by voters ...