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

Home Builder Confidence Improves Following Passage of Trump’s Megabill

By Naveen Athrappully Confidence among home builders regarding future sales expectations increased this month after President Donald Trump signed the One Big Beautiful Bill Act ...

Trump Undergoes Medical Exam After Swelling in Legs

By T.J. Muscaro President Donald Trump underwent a medical evaluation after swelling in his lower legs and bruising on his hands, the White House said. ...

House Passes Landmark Stablecoin Bill, Sends It to Trump’s Desk

By Andrew Moran and Nathan Worcester House lawmakers passed a landmark stablecoin bill on July 17 in a vote of 308–122, sending it to President ...

Trump Admin Cancels Funding for California’s High-Speed Rail Project

By Naveen Athrappully U.S. President Donald Trump announced the cancellation of funding for California’s High-Speed Rail project, citing delays and affordability issues, according to a ...

Senate Approves Trump’s $9 Billion Spending Cut Package

By Joseph Lord The U.S. Senate on July 16 voted to pass $9 billion in spending cuts requested by President Donald Trump, including cuts to ...

7.3 Magnitude Earthquake Hits Off Alaska Coast; Tsunami Warning Issued

By Jack Phillips A 7.3-magnitude earthquake struck off the coast of southern Alaska on Wednesday afternoon, prompting federal officials to issue a tsunami warning. A U.S. ...

Senate Advances Trump’s $9 Billion Spending Cut Bill as Vance Casts Tie-Breaking Vote

By Joseph Lord Vice President JD Vance on July 15 cast a tie-breaking vote to advance a package that would rescind $9 billion in funding ...

‘He was crying for help’: Man dies following struggle with police outside Haverhill restaurant

By Marc Fortier, Kaitlin McKinley Becker and Mary Markos A 43-year-old man died on Friday after a struggle with police outside a seafood restaurant in Haverhill, Massachusetts. Haverhill police received ...

Attorney General Issues Memo Outlining Next Steps in Making English Official Language in US

By Michael Clements The Trump administration is reversing the longstanding practice of requiring information on federal programs to be provided in multiple languages for people ...

What to Know About the ICE Operation at California Cannabis Farms

By Savannah Hulsey Pointer Immigration and Customs Enforcement (ICE) made national headlines over the weekend due to a July 10 large-scale operation at two California ...

DOGE Announces Billions of Dollars in Federal Contracts Terminated

By Jack Phillips The Department of Government Efficiency (DOGE) stated over the weekend that agencies have terminated more federal contracts worth as much as $2.8 ...

Trump Says He Spoke to Bongino Amid Reports of Infighting Over Epstein Files

By Joseph Lord President Donald Trump said he spoke to FBI Deputy Director Dan Bongino on July 13, indicating that the two remain close despite ...