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

Why Trump Guilty Verdict Might Not Change Minds in Key Swing States

By Lawrence Wilson, Nathan Worcester The felony conviction of former President Donald Trump on 34 counts of falsifying business records is likely to change few ...

Senate Candidate Kari Lake Blasts ‘Bogus’ Conviction of President Trump During Campaign Stop

By Allan Stein SHOW LOW, Ariz.—Kari Lake, an Arizona Republican and U.S. Senate candidate, said it would take “all hands on deck” to stand up ...

Dershowitz Says Trump Could Fast-Track His Appeal to Supreme Court

By Tom Ozimek Amid speculation about how former President Donald Trump’s appeal of his conviction will play out, retired Harvard Law professor Alan Dershowitz said ...

Top Fauci Adviser Bragged About Making Emails ‘Disappear’

By Zachary Stieber A top U.S. government official bragged that he had learned of a way to make emails vanish after receiving Freedom of Information ...

Trump to Take Part in Town Hall on X, Elon Musk Confirms

By Tom Ozimek Elon Musk confirmed that a town hall with former President Donald Trump is set to take place on X, the social media ...

Speaker Johnson Urges Supreme Court to Overturn ‘Dangerous’ Trump Guilty Verdict

By Tom Ozimek House Speaker Mike Johnson (R-La.) said that the U.S. Supreme Court should get involved and overturn former President Donald Trump’s guilty verdict ...

RFK Jr. Condemns Conviction of Trump: ‘Profoundly Undemocratic’

By Jeff Louderback President Joe Biden’s campaign applauded the news that a Manhattan jury convicted former President Donald Trump on all 34 felony counts of ...

These Black and Hispanic Biden Voters Plan to Vote for Trump

By Beth Brelji, Lawrence Wilson, T.J. Muscaro and Nathan Worcester When Wender Angeles arrived in the United States from Peru in 2006, he registered to ...

Trump Donation Website Crashes as Cash Pours in After Guilty Verdict

By Tom Ozimek Minutes after the jury returned a guilty verdict in former President Donald Trump’s criminal trial in New York, an influx of donations ...

Decision Desk’s First Election Forecast Gives Trump a 58 Percent Chance of Winning

By Tom Ozimek Election reporting service Decision Desk on Wednesday released its first forecast for the 2024 presidential election, putting the odds of a win ...

Hunter Hopes to Change Doctrine That Gives Wildlife Agents Free Rein on Private Property

By Michael Clements BATON ROUGE, La.—At 39 degrees under cloudy skies, that day was cooler than average for December. Having seen no deer, Tom Manuel ...

‘Potential Misconduct’ Complaint Filed Against Judge Overseeing Trump Trial

By Jack Phillips Rep. Elise Stefanik (R-N.Y.) filed a complaint against the judge overseeing former President Donald Trump’s criminal trial in New York, alleging that ...