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

State Trooper, Others Injured in Shooting That Ended at a Kentucky Baptist Church

By T.J. Muscaro A state trooper is wounded and a suspected shooter is dead after an exchange in gunfire on July 13 ended at a ...

Trump Defends Bondi, Urges Supporters to Move On From Epstein Files

By Ryan Morgan President Donald Trump, on July 12, called on his base of supporters not to waste their time and energy focusing on the ...

Iga Swiatek Defeats Amanda Anisimova 6–0, 6–0 to Win Her First Wimbledon Title

By The Associated Press LONDON—For years, Iga Swiatek never quite felt comfortable on Wimbledon’s grass courts, never thought she could add a trophy there to ...

Energy Department to Give 1 Million Barrels of Oil to ExxonMobil From US Reserves

By Naveen Athrappully The Department of Energy (DOE) has authorized the release of crude oil from the United States’ Strategic Petroleum Reserve (SPR) to ExxonMobil ...

10 Non-Tax Policies in Trump’s Megabill That Will Affect Americans

By Jackson Richman, Joseph Lord and Jacob Burg The One Big Beautiful Bill Act is notable for implementing significant changes to the U.S. tax code, ...

Trump Visits Central Texas, Epicenter of Catastrophic Flood That Killed More Than 120

By Darlene McCormick Sanchez President Donald Trump visited Central Texas on July 11 for a first-hand look at damage from a devastating flood that claimed ...

Federal Judge Blocks Trump’s Birthright Citizenship Order After Supreme Court Ruling

By Jack Phillips A federal judge on Thursday has barred the Trump administration from enforcing the president’s executive order limiting birthright citizenship, coming weeks after ...

31 Construction Workers Rescued After Los Angeles Tunnel Partially Collapses

By Katabella Roberts Thirty-one construction workers have been rescued from a huge industrial tunnel that partially collapsed in the Wilmington area of Los Angeles on ...

Death Toll From Texas Floods Rises to 119 as at Least 170 Remain Missing

By Katabella Roberts The number of people who have died from the catastrophic flooding in central Texas over the Fourth of July weekend continues to ...

Trump Says BRICS Members Will Get Additional 10 Percent Tariffs Over Dedollarization Attempt

By Lily Zhou President Donald Trump on July 8 reiterated a previous warning to nations in BRICS (Brazil, Russia, India, China, and South Africa) that ...

Harvard’s Accreditation at Risk Over Anti-Semitism Response, Trump Admin Warns

By Bill Pan Harvard University may no longer meet accreditation standards because of how it handled anti-Semitism on campus, the Trump administration warned the Ivy ...

Supreme Court Clears Way for Mass Federal Layoffs

By Matthew Vadum The Supreme Court on July 8 lifted a lower court order that prevented the Trump administration from carrying out job cuts en ...