USNN World News

Economy

Trump officials recommend executive action as stimulus talks break down

by USNN World NewsAugust 7, 2020August 7, 2020

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

NATIONAL NEWS

Around 3,000 More US Troops Deploying to Southern Border

By Ryan Morgan Around 3,000 additional U.S. troops are set to deploy to the U.S. southern border in the next few weeks as part of ...

Trump Will Sign Order Making English the Official Language of US

By Aaron Gifford President Donald Trump is planning an executive order to make English the official language of the United States. The planned order, obtained and ...

Trump Backs Temporary Spending Bill Ahead of Funding Deadline

By Jackson Richman President Donald Trump has come out in favor of funding the government at current levels ahead of a March 14 deadline. “Joe Biden ...

AG Pam Bondi Warns 3 States Over Transgender Sports Rules

By Jack Phillips U.S. Attorney General Pam Bondi on Wednesday warned Minnesota, California, and Maine that they need to comply with federal law to keep ...

Deaths of Gene Hackman and Wife Called Suspicious by Investigators

By Jack Phillips Investigators said Thursday that Academy Award-winning actor Gene Hackman, his wife, and one of their dogs had been dead for a period ...

Bridgeport Councilman Arrested in 2023 Ballot Fraud Case Says He Was Innocent and Following Democratic Party’s Orders

By Juliette Fairley One of the three council members who surrendered to state police last week in connection with absentee ballot fraud allegations in the ...

USAID Sent Millions to Ukraine in Secret Slush Funds, Investigators Found

By Mark Tapscott U.S. Agency for International Development (USAID) officials repeatedly refused to allow investigators working for Senate DOGE Caucus Chairman Sen. Joni Ernst (R-Iowa) ...

Massive Sting Nets 25 Arrests and 1.7 Million Fentanyl Pills in Arizona

By Allan Stein A major sting operation in Arizona has resulted in 25 arrests and the seizure of 1.7 million fentanyl pills and other drugs, ...

White House Orders Agencies to Accelerate Large-Scale Firings of Federal Workers

By Tom Ozimek The Trump administration is accelerating its sweeping federal workforce cuts, directing agency heads in a Feb. 26 memo to finalize plans for ...

Trump Says He Wants Keystone XL Oil Pipeline Built Now

By Jack Phillips President Donald Trump said he wants the Keystone XL pipeline, which would transport crude oil from Canada to the United States, built ...

White House: 1 Million Federal Workers Responded to Mass Email Asking to List Accomplishments

By Jack Phillips The White House on Tuesday said that 1 million federal employees responded to a mass email from the Office of Personnel Management ...

Witness Will Tell House DOGE Panel How Terrorists Got $122 Million from USAID

By Mark Tapscott WASHINGTON—House DOGE Subcommittee Chairman Marjorie Taylor Greene (R-Ga.) and other members of the panel will hear details on Wednesday about how $122 ...