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

Trump Admin Offers Buyouts to Nearly All Federal Employees

By Tom Ozimek Federal employees are being offered buyouts under the Trump administration’s new “deferred resignation” initiative, with the Office of Personnel Management (OPM) to ...

Farmers Author Letter of Support for RFK Jr.’s Health Secretary Confirmation

By Jeff Louderback On the eve of Robert F. Kennedy Jr.’s first confirmation hearing, a group of farmers sent a letter to the Senate Finance ...

Gabbard, Patel, RFK Jr. Face Senate Confirmation Hearings This Week

By Stacy Robinson President Donald Trump’s administration is gearing up for another round of confirmation battles. So far, four of his nominees have cleared the confirmation ...

Government Officials Put on Leave After Allegedly Trying to Circumvent Trump’s Orders

By Zachary Stieber Officials who work at the U.S. Agency for International Development (USAID) have been placed on leave because they allegedly tried to find ...

Trump Says Military ‘Turned on the Water’ in California, Although State Disputes It

By Jack Phillips President Donald Trump on Monday evening wrote on social media that the U.S. military, under his direction, turned on water supplies in ...

Trump Says New Tariffs Will Target Semiconductors, Steel, and Pharma

By Emel Akan and Nathan Worcester DORAL, Fla.— President Donald Trump delivered a speech at the House Republican retreat on Jan. 27 at his Doral ...

Trump Admin Outlines Criteria for Reclassifying Federal Workers for Easier Termination

By Tom Ozimek The Office of Personnel Management (OPM) has issued detailed guidance for federal agencies on implementing one of President Donald Trump’s executive orders ...

Trump Says He ‘Immediately Halted’ Hiring of New IRS Agents

By Jack Phillips President Donald Trump on Saturday said he has halted any new hires of Internal Revenue Service (IRS) agents. “They hired—were trying to hire ...

Johnson Invites Trump to Address Joint Session of Congress

By Tom Ozimek House Speaker Mike Johnson (R-La.) has extended an invitation to President Donald Trump to deliver a customary post-inauguration speech to lawmakers on ...

Trump Visits Los Angeles in Wake of Devastating Fires

By Travis Gillmore and Sarah Le President Donald Trump joined a delegation of elected officials and political appointees for a briefing in Los Angeles on ...

Senate Confirms Hegseth for Defense Secretary With Vance Casting Tie-Breaker

By Ryan Morgan and Nathan Worcester The Senate confirmed Pete Hegseth as the new secretary of defense in a late-night session on Jan. 24 that ...

Kristi Noem Confirmed as Trump’s Secretary of Homeland Security

By Darlene McCormick Sanchez The Senate confirmed South Dakota Gov. Kristi Noem as Department of Homeland Security (DHS) secretary on Saturday with bipartisan support, a ...