Economy - USNN World News

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

Economy

Trump calls GOP coronavirus proposal ‘semi-irrelevant’ as deal appears far off

by USNN World NewsJuly 29, 2020July 29, 2020

Economy

SBA disaster loan investigation reveals rampant fraud: Report

by USNN World NewsJuly 29, 2020July 29, 2020

Economy

Rep. Gohmert compares GOP and Democrat coronavirus stimulus proposals

by USNN World NewsJuly 28, 2020July 28, 2020

Economy

Second coronavirus stimulus check update: Here’s when Americans could receive the cash

by USNN World NewsJuly 28, 2020July 28, 2020

NATIONAL NEWS

House Votes Against EPA Truck Emissions Rule, Setting Up Biden Veto

By Nathan Worcester The House voted on May 23 to overturn the Biden administration’s rule on heavy-duty vehicles’ tailpipe emissions, the latest knock against the ...

DeSantis Says 7–2 Supreme Court Majority Possible During Next 2 Presidential Terms

By Bill Pan Florida Gov. Ron DeSantis, who will officially announce his 2024 presidential run on Twitter on May 24, is envisaging the establishment of ...

Arizona’s Kari Lake Announces Plans to ‘Paint the State Red,’ Appeal Election Ruling

By Samantha Flom Arizona Republican Kari Lake is launching a grassroots “ballot-chasing” operation to boost Republican turnout in future Arizona elections and “paint the state ...

Kari Lake Says ‘Big Announcement’ Coming After Judge Tosses Her Election Lawsuit

By Tom Ozimek Republican Kari Lake, who has been contesting the results of last year’s Arizona gubernatorial election, teased that a “big announcement” is coming ...

‘I Have Only Begun to Fight’: DeSantis Vows to Protect Faith at Religious Broadcasters Event

By John Haughey Florida Gov. Ron DeSantis did not say he was running for president but he sure sounded like a man with plans beyond ...

US Secures Defense Pact With Papua New Guinea Amid China Concerns

By Aldgra Fredly The United States and Papua New Guinea (PNG) signed a defense cooperation agreement on Monday to solidify their bilateral ties as the ...

McCarthy Believes Congress Will Get FBI Record Showing Alleged Biden Bribery Scheme

By Dorothy Li House Speaker Kevin McCarthy (R-Calif.) said on May 21 he was hopeful that Congress would obtain an FBI record that allegedly links ...

Kari Lake Appears Confident as Maricopa Election Trial Ends

By Jack Phillips Arizona Republican candidate Kari Lake said that Maricopa County did not perform signature verification on hundreds of thousands of early ballots during ...

Durham Report: Jim Jordan Says ‘Everything’s on the Table’ When Asked About Opening Probe Into Clintons

By Tom Ozimek House Judiciary Committee Chairman Jim Jordan (R-Ohio) said Sunday that the committee is going to take a “good, hard look” at individuals ...

Tim Scott Formally Launches 2024 Presidential Bid

By Joseph Lord NORTH CHARLESTON, S.C.—Sen. Tim Scott (R-S.C.) formally launched his bid for president on May 22 during an event in North Charleston, South ...

US Must Defend Its Pacific Territories Against Chinese Threat: Former NSC Director

By Venus Upadhayaya In light of the growing influence of the Chinese Communist Party (CCP) in the Indo-Pacific, it is imperative for the United States ...

Biden Criticizes Republican Proposal on Debt Ceiling, Says He Won’t Accept ‘Partisan Terms’

By Emel Akan Hiroshima, JAPAN—President Joe Biden took aim at Republicans, claiming that he had done his part in debt ceiling negotiations and that it ...