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

With DOGE, Musk, Ramaswamy Confront the ‘Immovable Object’

By Mark Tapscott After Elon Musk asserted during the 2024 campaign that he could eliminate at least $2 trillion of unnecessary federal spending, the once ...

Powerful 7.0 Earthquake Strikes Off Coast of Northern California; Tsunami Warning Canceled

By Jack Phillips A 7.0-magnitude earthquake struck off the coast of Northern California on Dec. 5, according to U.S. officials, triggering a brief tsunami warning. The ...

US Must Do More to Replenish Munitions Stockpiles, Says White House’s Sullivan

By Andrew Thornebrooke The United States’ ability to replenish stockpiles of critical munitions is still insufficient for deterring a war with China’s communist regime, according ...

NYPD Releases New Photos of ‘Person of Interest’ in UnitedHealthcare CEO Shooting

By Jack Phillips Police released new photos of an individual wanted for questioning in the shooting of UnitedHealthcare CEO Brian Thompson in New York City ...

Republicans Split on Whether to Cut Earmarks Ahead of DOGE Meeting With Musk, Ramaswamy

By Arjun Singh WASHINGTON–Elon Musk and Vivek Ramaswamy, leaders of the incoming Trump administration’s Department of Government Efficiency (DOGE) initiative, will meet with Republicans in ...

Trump Nominates Michael Faulkender as Deputy Treasury Secretary

By Austin Alonzo President-elect Donald Trump is nominating an ally and member of his first administration as his deputy secretary of the U.S. Department of ...

UnitedHealthcare CEO Killed in Manhattan by Masked Gunman, Reports Say

By Jack Phillips The CEO of insurance company UnitedHealthcare’s insurance unit, Brian Thompson, was shot and killed by a masked gunman in what appears to ...

House Republicans Will Have 3-Seat Majority After Final Race Called in 2024 Election

By Arjun Singh WASHINGTON—Republicans will have 220 seats in the House of Representatives in the 119th Congress, completing their majority caucus, after the last election ...

Cucumbers, Salads, Mustard Greens Recalled Across Country

By Naveen Athrappully A wide range of food products are being pulled from markets nationwide because of concerns about bacterial contamination. Arizona-based SunFed Produce, Baloian Farms ...

Schumer Reelected Senate Democrat Leader, Durbin as Whip

By Jackson Richman Senate Democrats reelected Sens. Chuck Schumer (D-N.Y.) and Dick Durbin (D-Ill.) on Dec. 3 as their leader and whip, respectively. Sens. Amy Klobuchar ...

Court Orders District Attorney Fani Willis to Produce Communications and Records in Trump Case

By Jack Phillips The district attorney of Fulton County, Georgia, was ordered by a judge to turn over communications she may have had with federal ...

Democrats Ask Biden to Try to Limit Trump’s Proposed Use of Military on US Soil

By Bill Pan Two Democratic senators are urging the Biden administration to try to limit President-elect Donald Trump’s ability to deploy military forces inside the ...