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

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Trump Staffer Credited With Garbage Truck Appearance Tapped to Be Executive Producer

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New Orleans Attack Suspect Served in the Military: What We Know

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Elections, Debt, and Taxes: Here’s What to Expect in the 119th Congress

By Arjun Singh WASHINGTON—The 119th Congress of the United States will take office on Jan. 3, 2025, and last for two years, until Jan. 3, ...

How a 2nd Trump Administration Might Affect Foreign Policy

By Andrew Thornebrooke and Ryan Morgan The second administration of President-elect Donald Trump is anticipated to bring great change to America’s foreign policy establishment. From wars ...

FBI Identifies Suspected Terrorist in New Orleans Attack, Death Toll Rises to 15

By Jack Phillips The FBI has identified the suspect who carried out an attack in New Orleans on New Year’s Day that left at least ...

10 Dead, Dozens Injured After Vehicle Plows Into Crowd in New Orleans: Officials

By Zachary Stieber Ten people are dead and dozens of others are injured after a vehicle plowed into a large crowd in New Orleans, officials ...

Chinese Hackers Breached Workstations, Stole Documents, Treasury Department Says

By Emel Akan WASHINGTON—Chinese hackers remotely breached the U.S. Treasury Department earlier this month, stealing documents from its workstations, according to a letter the agency ...

Trump Issues Warning to Republicans on Potential Delays for Cabinet Nominees

By Jack Phillips President-elect Donald Trump on Tuesday called on Republicans to try to overcome possible Democrat efforts to delay Senate confirmation of his Cabinet ...

Trump Endorses Mike Johnson for House Speaker

By Joseph Lord President-elect Donald Trump has given a full endorsement to embattled House Speaker Mike Johnson (R-La.), potentially hedging off a divisive fight later ...

Jimmy Carter, 39th President and Nobel Peace Prize Winner, Dies at 100

By Jack Phillips and Jacob Burg Former President Jimmy Carter, the longest-lived president in U.S. history, died at his home, his family and the Carter ...