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

Presidential Actions

Trumps weighs executive action to suspend evictions, payroll tax

by USNN World NewsAugust 4, 2020October 14, 2024

National Security & Defense

Missing sailors rescued from Pacific island after SOS signal spotted in the sand

by USNN World NewsAugust 4, 2020August 4, 2020

Economy

White House considering unilateral actions with coronavirus aid bill stuck in Congress

by USNN World NewsAugust 3, 2020August 3, 2020

Healthcare

Kodak lands $765M US loan under Defense Production Act to boost drug production

by USNN World NewsAugust 3, 2020August 28, 2024

National Security & Defense

Break the Ice: Trump ramping up US presence in the Arctic as Russia, China threats loom

by USNN World NewsAugust 3, 2020September 2, 2025

Healthcare

In Congress, challenges of combatting coronavirus parallel fights across the country

by USNN World NewsAugust 2, 2020August 2, 2020

National Security & Defense

Microsoft, TikTok officials in White House talks to prevent total ban

by USNN World NewsAugust 2, 2020June 20, 2024

Economy

Democrats, White House still at odds over extra coronavirus unemployment benefits

by USNN World NewsAugust 2, 2020August 2, 2020

NATIONAL NEWS

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COVID-Narrative Dissenters File Antitrust Action Against Legacy Media Over Coordinated Censorship

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‘This Is Election Interference’: House Oversight Veteran on Biden Classified Documents

By Nathan Worcester A House Oversight Committee veteran said the delay in publicizing President Joe Biden’s retention of classified documents from his time as vice president amounts ...

Comer Presses Treasury to Hand Over Records of ‘Suspicious Business Transactions’ as Biden Family Investigation Moves Forward

By Tom Ozimek The new chair of the House Oversight Committee has requested information from the Department of the Treasury on the Biden family’s and ...

Trump Believes Biden Knew About Classified Documents at Former Office Before Discovery in November

By Frank Fang Former President Donald Trump is questioning the timeline of the November discovery of classified documents at the Penn Biden Center, a revelation made by ...

House Will Vote on Bill to Abolish IRS, Replace Income Tax

By Andrew Moran The Republican-led House of Representatives will soon vote on legislation to abolish the IRS and replace the income tax code with a ...

House Creates Panel on ‘Weaponization of the Federal Government’

By Mimi Nguyen Ly The new Republican-majority House voted Tuesday afternoon to create a select subcommittee to investigate the “weaponization of the government” by federal law ...

House Panel Launches Investigation Into Biden’s Classified Document Stash

By Tom Ozimek The House Oversight Committee has launched an investigation into President Joe Biden’s handling of classified records from his time as vice president, following ...

Operations ‘Resuming Gradually’ After All Flights Grounded Across US: Federal Agency

By Tom Ozimek Operations in the United States are starting to resume after all flights across the country were grounded, the Federal Aviation Administration (FAA) ...

‘No Legal Difference’ Between Biden’s Classified Document Stash and Trump’s: Lawyer

By Tom Ozimek The White House’s disclosure that classified documents were found in an office President Joe Biden used before taking office has prompted comparisons ...

McCarthy Plans to Remove Schiff, Omar, Swalwell From House Committees

By Jack Phillips House Speaker Kevin McCarthy (R-Calif.) confirmed Monday that he plans to remove Reps. Eric Swalwell (D-Calif.), Ilhan Omar (D-Minn.), and Adam Schiff (D-Calif.) from their committee ...

Why No ‘Mar-a-Lago Raid’ for Biden?

By Nathan Worcester As Republican lawmakers like Rep. Marjorie Taylor Greene (R-Ga.) worry that President Joe Biden’s retention of classified materials from his vice presidency may be ...