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

Treasury Investigating Alleged Minnesota Fraud That Steered Money to Somali Terrorists

By Kimberly Hayek The Treasury Department is investigating claims that Minnesota taxpayer funds were stolen by fraudulent nonprofits and rerouted to the Al-Shabaab terrorist group ...

Hurricane Season Ends With No US Landfalls for First Time in 10 Years

By T.J. Muscaro Hurricane season officially came to an end on Nov. 30, and for the first time in 10 years, no hurricane made landfall ...

Trump Declares Venezuelan Airspace Closed as US Intensifies Pressure on Maduro

By Tom Ozimek President Donald Trump said on Nov. 29 that the airspace above and around Venezuela should be considered “closed in its entirety,” marking ...

National Guard Shooting Suspect to Be Charged With First-Degree Murder, Pirro Says

By Jack Phillips Charges against the man accused of shooting two National Guard members this week will be upgraded to first-degree murder after one died, ...

2 National Guardsmen Killed in Shooting Near White House

By Ryan Morgan WASHINGTON—Two National Guard members were killed in a shooting near the White House on Nov. 26. At around 2:40 p.m. ET on Wednesday, ...

NASA Reduces Boeing’s Starliner Missions as SpaceX Books More Flights

By Kimberly Hayek NASA is reducing its investment in Boeing’s beleaguered Starliner spacecraft, announcing Monday that it’s lowering the number of astronaut missions and opting ...

Pentagon Investigating Senator After Video Urging Troops to Defy ‘Illegal Orders’

By Zachary Stieber Sen. Mark Kelly (D-Ariz.) is under investigation after the Department of War received allegations that he engaged in misconduct, the department stated ...

Federal Judge Dismisses James Comey, Letitia James Indictments

By Sam Dorman A federal judge on Nov. 24 dismissed indictments of former FBI Director James Comey and New York Attorney General Letitia James, holding ...

Safety Board Releases Images Showing Engine Separating From UPS Plane Before Fatal Crash

By Jacki Thrapp The National Transportation Safety Board (NTSB) released new images showing the fiery moment UPS Flight 2976’s left engine detached while it attempted ...

30,000 Missing Illegal Immigrant Children Located: Tom Homan

By Naveen Athrappully More than 30,000 missing illegal immigrant children have been located by the Trump administration, border czar Tom Homan said in a Fox ...

US Brings New Charges, Raises Bounty on Accused Drug Trafficker Ryan Wedding

By Catherine Yang and Stacy Robinson The Justice Department on Nov. 19 announced new charges against Ryan James Wedding, a former Olympian who was indicted ...

Appeals Court Halts DOT Restrictions on Commercial Driver’s Licenses for Immigrants

By Aldgra Fredly A federal appeals court in the District of Columbia has temporarily blocked the Department of Transportation (DOT) from enforcing a new rule ...