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

With Growing Bipartisan Support, It’s Full Steam Ahead for Geothermal Energy

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Special Counsel: Hunter Biden Was Not Selectively Prosecuted

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Wisconsin Democratic Party Chief Enters Race to Become Next DNC Chair

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President Biden Pardons His Son Hunter Biden

By Melanie Sun President Joe Biden said on Dec. 1 that he has signed “a full and unconditional pardon” for his son Hunter Biden. Hunter Biden ...

Nearly 90,000 Ballots Left to Count in California With Deadline Fast Approaching

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Trump Nominates Kash Patel for FBI Director

By Tom Ozimek President-elect Donald Trump has announced the nomination of former public defender Kash Patel to serve as FBI director in his administration. “I am ...

Trudeau Meets Trump in Florida Amid Tariff Threats

By Omid Ghoreishi Canadian Prime Minister Justin Trudeau and Public Safety Minister Dominic LeBlanc met U.S. President-elect Donald Trump at his Mar-a-Lago estate in Florida ...

5 Critical Elections to Watch Out for in 2025

By Jacob Burg Next year could be pivotal for both Democrats and Republicans, as the former will look to regain ground after an array of ...

Senior Workforce: The Coming Revolution

By L. C. Leach III When Geri Morris was forced into retiring in 1998 from the Greenville Housing Authority (GHA) in Greenville, South Carolina, she ...

The Political Realignment of 2024 and What It Means for the Future

By Lawrence Wilson The 2024 presidential election may be remembered as the moment Americans abandoned the issues that defined the post-Cold War era and formed ...

US Navy Deploys First Fast-Attack Submarine to Guam

By Frank Fang The U.S. Navy has deployed one of its most advanced attack submarines to Guam, enhancing U.S. presence in the Indo–Pacific amid escalating ...

Trump Nominates Keith Kellogg as Special Envoy for Ukraine–Russia War

By Andrew Thornebrooke President-elect Donald Trump nominated Keith Kellogg as his special envoy for the Ukraine–Russia conflict on Wednesday. Kellogg served as chief of staff for ...