USNN World News

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

Economy

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

by USNN World NewsJuly 29, 2020July 29, 2020

NATIONAL NEWS

Special Counsel Office Opens Investigation Into Trump Prosecutor Jack Smith

By Ryan Morgan The U.S. Office of Special Counsel has launched an investigation into former Department of Justice (DOJ) special counsel Jack Smith, who brought ...

Ford to Recall Over 312,000 Vehicles Over Loss of Power Brake Assist, NHTSA Says

By Reuters Ford is recalling 312,120 vehicles in the United States as loss of power brake assist while driving can extend stopping distance and increase ...

Appeals Court Allows Trump to End Union Bargaining for Some Federal Workers

By Aldgra Fredly A federal appeals court on Friday paused a lower court injunction that had blocked the Trump administration from ending union bargaining rights ...

Trump Orders Nuclear Submarines Moved After Former Russian President’s Comments

By Jack Phillips President Donald Trump on Friday announced that he ordered U.S. nuclear submarines to be moved following comments made by former Russian President ...

Law Enforcement Search for Shooting Suspect After 4 Killed in Montana

By Michael Clements A mass shooting at the Owl Bar in Anaconda, Montana, on Aug. 1 resulted in multiple fatalities, according to a post on ...

Trump’s Tariff Revenues Smash Record With $28 Billion Haul in July

By Tom Ozimek Tariff revenues hit a new monthly record in July, topping $28 billion and lifting collections for the fiscal year to date to ...

ICE Looking to Hire Personnel, Offers $50,000 Signing Bonus

By Naveen Athrappully The Department of Homeland Security (DHS) has launched a recruitment drive to hire “brave and heroic Americans” for Immigration and Customs Enforcement ...

DOJ Says Releasing Epstein Transcripts Serves ‘Public Interest’ in New Court Filing

By Jack Phillips The Department of Justice (DOJ) on the evening of July 29 in a court filing said that releasing grand jury transcripts related ...

Tsunami Arrives in Hawaii, Residents Evacuated to Higher Ground

By T.J. Muscaro Tsunami waves started arriving in Hawaii after 6:30 p.m. local time on Tuesday night after a 8.8 magnitude earthquake six hours earlier ...

5 Revelations From the Newly Declassified Russia Records

By Ivan Pentchoukov The Trump administration released three batches of records in July that shed new light on the decade-long controversy over Russia’s alleged meddling ...

EPA Moves to Revoke Finding That Allows Climate Regulation

By T.J. Muscaro and Jackson Richman The Environmental Protection Agency (EPA) on July 29 proposed a repeal of its long-standing “endangerment findings” of a connection ...

DOJ Files Misconduct Complaint Against Judge Handling Key Deportations Case

By Aldgra Fredly The Department of Justice (DOJ) on Monday filed a misconduct complaint against District Court Chief Judge James Boasberg, the judge presiding over ...