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

Congress Passes Revised Funding Plan, Averting Government Shutdown

By Joseph Lord and Arjun Singh WASHINGTON—Both chambers of Congress on Dec. 21 passed a last-minute funding package that would extend government funding to March ...

Border Patrol Union Endorses Tulsi Gabbard for Director of National Intelligence Position

By Katabella Roberts Former congresswoman Tulsi Gabbard, President-elect Donald Trump’s nomination for director of national intelligence (DNI), picked up a key endorsement from the National ...

Luigi Mangione Hit With Federal Charges, Now Eligible for Death Penalty

By Samantha Flom Luigi Mangione, the man accused of killing UnitedHealthcare CEO Brian Thompson, will face federal murder and stalking charges in addition to those ...

US Should Abolish the Debt Ceiling, Trump Says

By Andrew Moran President-elect Donald Trump said that “the smartest thing” that Congress could do is abolish the debt ceiling, one day after opposing a ...

Trump Tariffs Could Slash Deficit by Trillions, With Modest Impact on Inflation, Economic Output : CBO

By Tom Ozimek Proposed tariff hikes by President-elect Donald Trump could significantly reduce the federal deficit over the next decade and would do so at ...

Republicans Float Elon Musk for Speaker Amid Funding Deal Collapse

By Samantha Flom Amid the ongoing backlash over congressional leaders’ controversial spending deal, some Republican lawmakers are voicing support for replacing embattled House Speaker Mike ...

Georgia Appeals Court Disqualifies Fani Willis From Trump Election Case

By Jack Phillips A Georgia appeals court has disqualified Fulton County District Attorney Fani Willis from her election-related criminal case against President-elect Donald Trump, although ...

Tech Insiders Shape Incoming Trump Administration

By Nathan Worcester As President-elect Donald Trump assembles his second administration, the influence of Silicon Valley is clearer than ever. There’s the Department of Government Efficiency, ...

Stopgap Funding Bill Scrapped After Trump Opposes It

By Joseph Lord and Arjun Singh WASHINGTON—Majority Leader Steve Scalise (R-La.) said on Wednesday night the massive stopgap funding bill put forward by House Speaker ...

RFK Jr. Meets With Senators on Capitol Hill

By Jeff Louderback Though they have expressed alignment with Robert F. Kennedy Jr. on issues like ending corporate capture of health agencies and removing chemicals ...

Pentagon Confirms North Korean Troops in Combat in Kursk

By Owen Evans North Korean troops have joined Russian forces in combat in Kursk, with the Pentagon indicating that some have been killed or injured. “We ...

Suspect in Wisconsin School Shooting Identified

By Melanie Sun Local authorities have identified the shooter in the deadly Dec. 16 shooting at the Abundant Life Christian School in Madison, Wisconsin. In a ...