USNN World News

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

Economy

SBA disaster loan investigation reveals rampant fraud: Report

by USNN World NewsJuly 29, 2020July 29, 2020

NATIONAL NEWS

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Team Trump Turns Tide in Voting Law Legal Battles

By Ashley Oliver South Carolina is the latest in a string of states to side with President Donald Trump’s reelection campaign in upholding voting laws ...

Wisconsin blocked from accepting mail-in ballots after Election Day

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Americans are Googling these 5 questions as election looms

By Julia Musto FOXBusiness With the presidential election now just 23 days away, Americans are increasingly looking for answers. But while the outcome of the Nov. 3 contest isn’t something voters ...

San Francisco tax revenue plunge points to resident exodus

By Brittany De Lea | Fox News Sales tax revenues declined by more than 40% this spring. San Francisco experienced a 43% year-over-year decline in sales tax revenues during the pandemic, ...

Trump picks up another Nobel Peace Prize nomination from Europe after diplomatic victories

By Adam Shaw | Fox News Laura Huhtasaari hailed Trump’s efforts to ‘build peace in the world.’ President Trump has picked up another nomination for the Nobel Peace Prize, after a ...

Individual races in the House of Representatives may matter more than usual this year

By Chad Pergram | Fox News House and Senate are the ultimate arbiters of determining how many electoral votes go to each presidential candidate. Individual races in the ...

Washington Post slams Harris for botching ‘little’ lesson about Honest Abe

By Joseph A. Wulfsohn | Fox News Harris insisted ‘Honest Abe’ said filling a vacant Supreme Court seat during an election was ‘not the right thing to ...

Sen. Loeffler calls for probe into China’s use of US nonprofits to meddle in election

By Adam Shaw | Fox News China has experience using nonprofits to carry out policy goal, she said. Sen. Kelly Loeffler, R-Ga., wrote to top government officials on Thursday, ...

Debate moderator Steve Scully raises eyebrows with tweet asking Scaramucci ‘should I respond to Trump’

By Joseph A. Wulfsohn | Fox News Scully’s role as a former intern for Joe Biden sparked backlash. Presidential debate moderator Steve Scully raised eyebrows on Thursday night with a ...

Trump-Biden presidential debate schedule now in limbo amid fight over format change

By Brooke Singman | Fox News The presidential debate schedule was thrown into uncertainty on Thursday. The presidential debate schedule was thrown into uncertainty on Thursday amid a ...

Top 5 vice presidential debate moments between Pence, Harris

By Tyler Olson | Fox News Coronavirus, packing the Supreme Court and more were on the table in the debate between the vice presidential candidates. In a debate that was ...