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

Liz Cheney calls on Nancy Pelosi to release impeachment transcripts, end ‘selective leaking’

By Adam Shaw | Fox News Rep. Liz Cheney, R-Wyo., on Friday called on House Speaker Nancy Pelosi to release the full transcripts of all depositions in ...

Grassley Received Classified Briefing on Acquisition By Chinese Firm Tied to Hunter Biden

By Ivan Pentchoukov Senate investigators in late October intensified their scrutiny of an acquisition by a Chinese firm tied to Hunter Biden of an American manufacturer of anti-vibration ...

Former Texas congressman Beto O’Rourke drops out of 2020 presidential race

By Vandana Rambaran | Fox News Former Texas Democrat congressman Beto O’Rourke announced Friday he is withdrawing from the 2020 presidential race, saying his “service to the ...

McCarthy: Trump’s best defense is that Democrats’ charges do not rise to the ‘level of impeachment’

By Julia Musto | Fox News President Trump’s best defense against impeachment is that the House Democrats’ charges do not rise to the level of impeachment, former U.S. Assistant Attorney Andy McCarthy said Friday. On ...

Stirewalt: Warren’s $52T ‘Medicare-for-all’ plan is a ‘disaster’ just like her DNA test release

By David Montanaro | Fox News Democratic presidential candidate Elizabeth Warren’s long-awaited “Medicare-for-all” funding plan is a “disaster” for her campaign, said Fox News politics editor Chris Stirewalt on Friday, comparing ...

Elizabeth Warren’s Medicare-for-all proposal would cost Jeff Bezos $7 billion

By Megan Henney FOXBusiness Elizabeth Warren’s sweeping proposal to overhaul the U.S. health-care system could cost Amazon CEO Jeff Bezos $7 billion. On Friday, the Democratic presidential candidate unveiled ...

House Democrat Dingell vows she’ll ‘work hard’ to ensure impeachment inquiry is fair to Trump

By David Montanaro | Fox News Rep. Debbie Dingell, D-Mich., insisted Friday that she will work hard to ensure there is a fair process for President Trump after the House ...

Ex-White House official testifies he wasn’t concerned ‘anything illegal was discussed’ on Trump-Ukraine call

By Alex Pappas, Mike Emanuel | Fox News A top White House adviser on the National Security Council testified Thursday to the House impeachment inquiry that he didn’t believe “anything ...

Clinton-Obama emails sought by Sen. Ron Johnson amid Dems’ impeachment inquiry

By Gregg Re | Fox News Senate Homeland Security and Governmental Affairs Committee Chairman Ron Johnson on Thursday formally sought “all email communications” between Hillary Clinton and former President Obama, saying ...

Jason Chaffetz: Obama would have been impeached under standards Democrats are applying to Trump

By Jason Chaffetz | Fox News President Barack Obama would have been impeached if the standards House Speaker Nancy Pelosi and her fellow Democrats are applying to President Trump ...

Stephanie Grisham blasts House Dems’ ‘guilty until proven innocent’ impeachment process

By Nick Givas | Fox News President Trump’s due process rights have been violated by House Democrats, who have deemed him guilty until proven innocent, said White House press secretary Stephanie ...

Dana Perino: Dems’ impeachment inquiry will be ‘net negative’ or ‘a wash’ politically

By Julia Musto | Fox News House Democrats have made a decision to “wholly consume themselves” with the impeachment inquiry against President Trump, and it will result in a “net negative” or ...