USNN World News

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

Economy

SBA disaster loan investigation reveals rampant fraud: Report

by USNN World NewsJuly 29, 2020July 29, 2020

Economy

Rep. Gohmert compares GOP and Democrat coronavirus stimulus proposals

by USNN World NewsJuly 28, 2020July 28, 2020

Economy

Second coronavirus stimulus check update: Here’s when Americans could receive the cash

by USNN World NewsJuly 28, 2020July 28, 2020

NATIONAL NEWS

Alan Dershowitz Says He’ll Join Trump’s Impeachment Defense Team

By Jack Phillips High profile lawyer and Harvard Law professor Alan Dershowitz has confirmed he will join President Donald Trump’s legal team and will present ...

Jeffrey Epstein’s autopsy shows disturbing evidence pointing to his murder: pathologist

By Lee Brown and Yaron Steinbuch Jeffrey Epstein’s eyes had burst capillaries after his body was found in his Manhattan jail cell, suggesting that the ...

Iraqi refugee launches GOP challenge to Ilhan Omar: ‘She needs to be stopped’

By Ronn Blitzer | Fox News Dalia al-Aqidi is a Muslim Iraqi refugee who says she’s tired of hearing Rep. Ilhan Omar, D-Minn., play identity politics while using language she believes ...

Gun Control Battle Deepens as Legislation Advances in Virginia

By Bowen Xiao As 4 bills progress along party lines in Virginia legislature, 2nd Amendment sanctuary movement gains momentum. RICHMOND, Va.—Hundreds of Second Amendment advocates ...

Virginia passes Equal Rights Amendment, becoming 38th state to approve landmark resolution

By Nick Givas | Fox News Virginia became the 38th state to ratify the Equal Rights Amendment on Wednesday, after both state legislatures voted in favor of the measure, in ...

Rand Paul says Trump impeachment trial should have ‘all witnesses’ or ‘no witnesses’

By Victor Garcia | Fox News Sen. Rand Paul, R-Ky., predicted Wednesday that the Senate impeachment trial of President Trump would be “more fair” than the House impeachment inquiry and said ...

iHeartRadio owner lays off dozens including popular hosts

By James Leggate FOXBusiness Dozens of popular radio personalities across the U.S. were laid off as station owner iHeartMedia announced a major “reorganization” this week. IHeartMedia, which describes itself as “the ...

Andy McCarthy: A federal judge ‘would not put up with’ Democrats’ impeachment tactics

By Joshua Nelson | Fox News Former Assistant U.S. Attorney Andy McCarthy told Fox News Wednesday that a federal judge would not tolerate the way House Democrats ...

Trump urged to delay State of the Union address until after impeachment: ‘No games’

By Marisa Schultz | Fox News President Trump should tell House Speaker Nancy Pelosi he’ll refuse to give his State of the Union address until after the cloud of impeachment ...

ABC News’ Matthew Dowd suggests Sanders sexist since he ‘keeps trying to defeat women running’ for president

By Joseph A. Wulfsohn | Fox News ABC News chief political analyst Matthew Dowd suggested Tuesday that Sen. Bernie Sanders, I-Vt., is sexist because he “keeps trying to ...

2020 Dems excluded from debate turn to commercial breaks to get message out

By Paul Steinhauser | Fox News DES MOINES, Iowa — Three Democratic presidential primary candidates who didn’t qualify for Tuesday’s nomination debate will still get their messages out even though they won’t be ...

Trey Gowdy on possible six-week Senate impeachment trial: ‘Talk about cruel and unusual punishment’

By Yael Halon | Fox News Former House Oversight Committee Chairman and Fox News contributor Trey Gowdy, R-S.C. responded Tuesday to reports that the Senate impeachment trial of ...