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

5 Dead, Including Police Officer and Shooter, in Manhattan Office Building Shooting

By Sam Dorman and Joseph Lord A shooting in a midtown Manhattan office building on July 28 left four victims dead, including a police officer. ...

2 Dead, 3 Injured in Shooting at Reno Casino; Suspect In Custody

By Tom Ozimek A man opened fire outside a Reno casino in Nevada on the morning of July 28, killing at least two people and ...

Passengers Forced to Evacuate American Airlines Flight on Runway After Mechanical Issue

By Jacob Burg Passengers were seen fleeing from an American Airlines jet on the runway at Denver International Airport on July 26 as plumes of ...

Pipeline Operators Call for Congress to Close Loophole That Shields Vandals From Federal Criminal Prosecution

By John Haughey Pipeline operators want Congress to amend federal law to eliminate a “loophole” they say allows vandals to tamper with energy infrastructure with ...

At Least 11 Injured in Stabbing Attack at Michigan Walmart

By T.J. Muscaro A stabbing incident at a Walmart in Traverse City, Michigan, left at least 11 people injured on July 26, according to authorities. The ...

California Utility Company Offers Direct Compensation to Victims of Eaton Fire Amid Lawsuits, Investigation

By Kimberly Hayek Southern California Edison (SCE) is offering to directly pay victims of the Eaton Fire, the company said on July 23. The offer comes ...

US Imposing 20.56 Percent Anti-Dumping Duties on Canadian Softwood

By The Canadian Press British Columbia lumber organizations are condemning the decision by the U.S. Commerce Department to raise anti-dumping duties on Canadian softwood to 20.56 ...

New Mexico Oil and Gas Lease Sale Nets More Than $58 Million: DOI

By Naveen Athrappully The Bureau of Land Management (BLM) New Mexico State Office has generated over $58.26 million in revenues through oil and gas lease ...

Trump Proposes Rebates for US Taxpayers From Tariff Revenues

By Andrew Moran President Donald Trump floated the idea of sending U.S. taxpayers rebate checks from tariff income collected this year. Trump, speaking to reporters on ...

Trump Pulls Habba’s Nomination for New Jersey’s Top Prosecutor, Making Her Acting US Attorney

By Jacob Burg President Donald Trump withdrew his nomination of Alina Habba to serve as New Jersey’s top federal prosecutor, a Justice Department official confirmed ...

USDA Announces Reorganization Plan to Slash Washington Staff by Over 50 Percent

By Tom Ozimek The Trump administration has announced a sweeping overhaul of the U.S. Department of Agriculture (USDA) that will cut its Washington-area workforce by ...

Trump to Visit Federal Reserve Headquarters as Criticism of Powell Continues

By Victoria Friedman President Donald Trump will visit the Federal Reserve headquarters on Thursday, the White House said, amid ongoing tensions between the administration and ...