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

Trump Signs Order Barring Illegal Immigrants From Receiving Social Security

By T.J. Muscaro President Donald Trump signed a memorandum on April 15 directing several federal agencies to take measures to prevent Social Security payments from ...

Trump Opens National Security Probe Into Critical Mineral Imports

By T.J. Muscaro President Donald Trump signed an executive order on April 15, tasking the Secretary of Commerce to investigate the national security effects of ...

White House Weighs New Farmer Relief as Tariff War Escalates

By Bill Pan The White House said on April 15 that President Donald Trump is considering relief measures for American farmers who face falling prices ...

UnitedHealthcare Headquarters Intruder Detained, Months After CEO Killed

By Juliette Fairley The Minnetonka Police Department announced on April 14 that officers detained an adult male after reports of an intruder near UnitedHealthcare’s headquarters ...

Trump Blames Biden, Putin, Zelenskyy for Ukraine War, Says He’s Working to End It

By Tom Ozimek U.S. President Donald Trump blamed former U.S. President Joe Biden, Russian President Vladimir Putin, and Ukrainian President Volodymyr Zelenskyy on Monday for ...

Energy Secretary Says US, Saudi Arabia on Pathway to Civil Nuclear Agreement

By Jacob Burg Saudi Arabia and the United States will sign a preliminary agreement of cooperation as the kingdom intends to create a civil nuclear ...

New US Warship Deploys in Support of Border Security Operations

By Ryan Morgan The U.S. Navy has dispatched a warship to help support ongoing U.S. border security operations on April 11. The guided-missile destroyer USS Stockdale ...

Passengers Will Soon Need Real ID to Board Domestic Flights, TSA Warns

By Bill Pan In less than a month, Americans without a star on their driver’s license may face potential delays or even be turned away ...

Federal Prosecutor Launches Probes of New Jersey Governor, Attorney General

By Samantha Flom The acting U.S. attorney for the District of New Jersey has opened investigations into the state’s governor and attorney general for allegedly ...

Maine Referred to DOJ for Allowing Transgender Athletes in Girls’ Sports

By Aaron Gifford The Department of Education has referred Maine to the Department of Justice after the state refused to end the participation of boys ...

Trump Authorizes Military to Take Control of Federal Land Along Southern Border

By Bill Pan President Donald Trump on Friday issued a memorandum authorizing the U.S. military to take control of a strip of federal land along ...

Trump Exempts Phones, Computers, Other Electronics From Reciprocal Tariffs

By Naveen Athrappully President Donald Trump exempted a range of everyday products, specifically in the electronic category, from reciprocal tariffs while importing into the United ...