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 Sues Des Moines Register, Pollster Over Outlier Poll

By Zachary Stieber President-elect Donald Trump sued the Des Moines Register and a pollster on Dec. 16 for publishing a poll ahead of the 2024 ...

Trump Says He Canceled Trip to New Jersey Golf Course Amid Drone Sightings

By Jack Phillips President-elect Donald Trump on Monday said that he canceled a trip to his golf course in New Jersey over a rash of ...

Police Say at Least 3 Dead, Others Injured in Wisconsin School Shooting

By Jack Phillips At least three people are dead and several others were injured after a shooting on Dec. 16 at a Christian school in ...

Drone Activity Closes Airspace Over Wright Patterson Air Force Base

By Aldgra Fredly The Wright Patterson Air Force Base in Ohio temporarily closed its airspace on Dec. 13 after drone activity was detected in the ...

White House Outlines Biden’s To-Do List for Final Weeks in Office

By Emel Akan WASHINGTON—The White House in a new memo on Dec. 15 has outlined President Joe Biden’s key priorities to accomplish his stated goals ...

Federal Officials Will Deploy High-Tech System to New York After Drones Shut Down Airport, Governor Says

By Jack Phillips New York Gov. Kathy Hochul announced that the federal government will send a “a state-of-the-art drone detection system” to her state after ...

ABC News, George Stephanopoulos Agree to Pay $15 Million to Settle Trump’s Defamation Lawsuit

By Tom Ozimek ABC News and its anchor George Stephanopoulos have reached a settlement with President-elect Donald Trump in a defamation lawsuit, agreeing to pay ...

Grenell, Nunes Among Weekend Appointments for Trump’s Second Term

By Melanie Sun President-elect Donald Trump has appointed trusted former Trump administration official Richard Grenell to be Presidential Envoy for Special Missions for his incoming ...

Pressure Mounts Over Mysterious New Jersey Drones: What We Know So Far

By Jack Phillips Throughout the week, multiple state and U.S. lawmakers have been calling for more transparency after residents as well as local elected officials ...

In a Switch From His 1st Term, Trump Says He Wants Filibuster to Stay

By Jackson Richman President-elect Donald Trump said that the Senate should not abolish the filibuster amid the GOP having control of both houses of Congress ...

Only 22 Percent of Americans Back Biden’s Decision to Pardon Son, Poll Finds

By Aldgra Fredly A recent poll showed that most Americans do not support President Joe Biden’s decision to pardon his son, Hunter Biden, with only ...

Trump’s Inauguration Invites Include CCP Leader Xi, Says Spokesperson

By Dorothy Li U.S. President-elect Donald Trump has extended an invitation to China’s Xi Jinping to attend his inauguration ceremony in Washington next month, a ...