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

McCarthy, Jeffries Launch 118th Congress With Preview of Intense Partisanship to Come

By Mark Tapscott Newly elected Speaker of the House Kevin McCarthy (R-Calif.) launched his tenure leading the lower chamber of the 118th Congress by challenging colleagues in both political ...

Kevin McCarthy Elected as Speaker of the House for the 118th Congress

By Mark Tapscott and Madalina Vasiliu It took 15 votes beginning Jan. 3, but Rep. Kevin McCarthy (R-Calif.) finally gained enough votes to be elected ...

Biden Administration Admits Keystone Cancellation Cost Tens of Thousands of Jobs

By Tom Ozimek The Biden administration has released a congressionally required report on the jobs impact of the president’s decision to cancel the Keystone XL Pipeline, which ...

SHOT Show Coming to Las Vegas, Jan. 17-20

By Michael Clements Anyone involved in the firearms industry will want to be in Las Vegas Jan. 17-20 for the National Shooting Sports Foundation’s 45th annual SHOT Show, says NSSF’s ...

West Virginia Law Restricting Sports by Biological Sex Is Constitutional: Judge

By Zachary Stieber A West Virginia law that prohibits people from participating on single-sex sports teams that don’t match their biological sex is constitutional, a judge ruled ...

Report on Congressional Stock Returns Raises Concerns About Insider Trading in Washington

By Liam Cosgrove The average U.S. legislator beat the S&P 500 Index by a wide margin in 2022, with two House representatives earning more than ...

Florida Takes Steps to Save Endangered Citrus Production, Protect Valuable Farm Land from Foreign Buyers

By Patricia Tolson In an aerial view of a fruit loader harvesting oranges at a grove in Fort Meade, Fla. on Feb. 1, 2022. (Joe ...

The Year 2023 Could See Mass Layoffs as Tech Job Cuts Soar 649 Percent From 2021

By Naveen Athrappully Tech companies laid off a large number of employees in 2022, with firms seemingly set to terminate even more employees this year ...

Damar Hamlin ‘Awake’ After On-Field Cardiac Arrest: Teammate

By Jack Phillips A teammate of Damar Hamlin said Thursday that the Buffalo Bills safety is awake, while his agent revealed he is holding hands with his family in ...

Longtime Democrat Senator Announces She Won’t Seek Another Term

By Zachary Stieber Sen. Debbie Stabenow (D-Mich.) said she will step away from Congress at the end of her term, leaving an open seat as ...

Alan Dershowitz Asks Judge to Be Excused From Sanctions Linked to Kari Lake Lawsuit

By Jack Phillips Retired Harvard University law professor Alan Dershowitz said he wasn’t part of the legal team that represented Kari Lake and Mark Finchem in connection to a ...

New York Gun Control Law Unconstitutional: NY Supreme Court

By Zachary Stieber The New York law that enables the confiscation of guns from people who haven’t committed a crime is unconstitutional, a state Supreme Court judge ...