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

FBI Issues Identity Theft Warning Against Criminals Claiming Tax Refunds

By Naveen Athrappully The FBI issued an alert Wednesday, warning Americans about criminals stealing the identities of taxpayers to file fake returns and claim refunds. “The ...

Cattle Ranch Kid Grows Up Conservative and Goes to Congress

By Jackson Richman As he rumbled along on a tractor on his family’s cattle ranch in Texas, it wasn’t country music playing that helped Brandon ...

US International Trade Deficit Narrows in February

By Naveen Athrappully America’s trade deficit for February narrowed down month-over-month, with exports rising and imports registering a slight decline, according to latest data from ...

Senate Passes Trump’s Agenda Budget Blueprint After Late-Night Voting Session

By Joseph Lord WASHINGTON—The U.S. Senate in the early morning hours of April 5 approved the budget blueprint to advance President Donald Trump’s agenda after ...

Trump Tells Americans to ‘Hang Tough’ Amid Tariff Turbulence, Promises ‘Historic’ Outcome

By Tom Ozimek President Donald Trump on Saturday called on Americans to “hang tough” through what he described as a difficult-but-necessary adjustment period following his ...

Tariffs May Raise Prices Slightly But Will Deliver Tax Relief for Bottom 50 Percent, Bessent Says

By Tom Ozimek Treasury Secretary Scott Bessent said consumers could see a one-time price increase of about 2 percent for every 10 percent of new ...

North Carolina Appeals Court Rules Thousands of Contested Ballots Must Be Verified

By Jacob Burg A North Carolina appeals court said on April 4 that contested ballots in a close race between two candidates for the state ...

Trump Confirms Sackings of Some National Security Council Staffers

By Jacob Burg President Donald Trump confirmed on April 3 that some staffers at the National Security Council were recently laid off. While speaking with reporters ...

Here’s How Countries Are Responding to US Tariffs

By Austin Alonzo America’s trading partners around the world are asking President Donald Trump to reconsider a slew of new tariffs the White House imposed ...

Florida Wins Provide Cushion to Thin House GOP Majority

By Joseph Lord, Jackson Richman and Jacob Burg Republicans’ electoral wins in Florida mean that House Speaker Mike Johnson (R-La.) is about to get some ...

Crypto Investors Lose Over $1.6 Billion to Hackers in First Quarter

By Naveen Athrappully Crypto investors suffered massive financial losses in Q1, 2025, with a major exchange breach accounting for most of the loss, according to ...

Senate Judiciary Chair Introduces Bill to End Nationwide Injunctions

By Sam Dorman Senate Judiciary Chair Chuck Grassley (R-Iowa) introduced legislation on March 31 to prevent courts from issuing nationwide injunctions. Dubbed the Judicial Relief Clarification ...