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

Trump Orders Termination of Electric Vehicle Mandate

By Naveen Athrappully President Donald Trump ordered the removal of incentives for electric vehicles and promoted market choice for consumers as part of the executive ...

Trump Fires 4 Presidential Appointees, Says ‘Many More’ Terminations to Come

By Jack Phillips President Donald Trump announced the firing of four high-profile appointees early Tuesday morning, according to a post he made on Truth Social. Trump ...

An Overview of Trump’s Dozens of Executive Actions

By Nathan Worcester, Jacob Burg, John Haughey, Darlene McCormick Sanchez, Ryan Morgan, Savannah Hulsey Pointer, Andrew Moran President Donald Trump set a breakneck pace on the first day of his second ...

Trump to Declare National Energy Emergency, Sign Alaska Executive Order

By Andrew Moran President-elect Donald Trump will sign “close to 100” executive orders in the hours after taking office, including the declaration of “a national ...

Senate Unanimously Confirms Rubio as Secretary of State

By Eva Fu The Senate unanimously approved the nomination of Sen. Marco Rubio (R-Fla.) as secretary of state on Jan. 20, making him the first ...

Trump Designates Acting Leaders of Federal Agencies, Takes First Executive Actions

By Jack Phillips President Donald Trump issued a statement on Monday designating acting leaders of federal agencies and offices and took his first executive actions, ...

Biden Issues Preemptive Pardons for Fauci, Milley, Jan. 6 Committee

By Zachary Stieber President Joe Biden on Jan. 20 issued preemptive pardons to Dr. Anthony Fauci, ret. Gen. Mark Milley, and people who served on ...

Trump’s Return to White House Promises Rapid Change

By Lawrence Wilson and Ivan Pentchoukov President-elect Donald J. Trump returns to the White House as a seasoned executive intent on ending a decades-long approach ...

Trump Outlines Day One Priorities at Inauguration Eve Rally

By Emel Akan WASHINGTON—President-elect Donald Trump spoke at a rally on Sunday, the eve of Inauguration Day, at the Capitol One Arena in downtown Washington. At ...

Trump, GOP-Held Congress to Chisel Away at Biden’s Energy Legacy

By John Haughey Two broad ways to define President Joe Biden’s energy legacy are through policy influence going forward and public perception going backward. On one ...

Americans Remain in Dark Over Origins of Mysterious Drones

By Janice Hisle For the past decade, Jennifer Krazinski felt safe living in a home “tucked away, off of a dirt road,” in Hewitt, a ...

Federal Reserve Withdraws From Global Climate Group as Trump Set to Assume Power

By Naveen Athrappully The U.S. Federal Reserve is exiting a global climate change coalition days before the new Trump administration is set to take power ...