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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Alan Dershowitz: New York AG Should Be Removed From Trump Family Investigation

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Justice Department Failed to Report Nearly 1,000 Deaths in State and Local Prisons: Senate Committee

By Katabella Roberts A probe by the Senate’s Permanent Subcommittee on Investigations and the Government Accountability Office has found that the Department of Justice (DOJ) ...

New York AG Files Civil Lawsuit Against Trump, Former President Responds

By Jack Phillips New York Attorney General Letitia James on Wednesday filed (pdf) a civil lawsuit against former President Donald Trump, the Trump Organization, three of his children, ...

China Weaponizes Fentanyl Issue Against America: Expert

By Hannah Ng and Tiffany Meier China has played a key role in flooding America with fentanyl, and the regime is now weaponizing the drug issue against the United ...

Democrats Vote Down GOP Resolution to Investigate Hunter Biden

By Jack Phillips The Democrat-controlled House Oversight Committee on Tuesday voted down a GOP effort to investigate President Joe Biden’s son, Hunter, over his foreign business dealings. Before ...

24 Attorneys General Demand Credit Card Companies Drop Plans to Track Gun Sales

By Tom Ozimek Two dozen Republican attorneys general have sent a letter to Visa, Mastercard, and American Express demanding the credit card companies abandon plans to track gun sales ...

COVID-19 Emergency Powers, Green New Deal Paving Way for ‘Great Reset’ Tyranny: Climate Journalist

By Ella Kietlinska and Joshua Philipp COVID-19 restrictions and measures to tackle climate change are pillars of the Great Reset initiative aimed to remake global capitalism, leading ultimately to tyrannical ...

Government Hasn’t Proven Trump Held Classified Records: Trump Lawyers

By Zachary Stieber U.S. officials have not proven that former President Donald Trump held classified records, lawyers for the ex-president said in a new filing on Sept. ...

Biden Admin’s New ‘Climate Cop’ Studied at CCP-Controlled University With Ties to Chinese Military

By Frank Fang A former employee at New York’s financial regulator, who once lived in China and got a bachelor’s degree at a Chinese Communist Party-controlled ...

GOP Voters ‘Virtually Impossible to Poll’ After Biden’s ‘MAGA Republicans’ Speech: Top Pollster

By Jack Phillips Polls may significantly undercount Republican voters and supporters of former President Donald Trump following President Joe Biden’s speech that attacked “MAGA Republicans” earlier this month, ...

Tight Job Market Sees IRS Facing Uphill Battle to Hire 87,000 Staff

By Bryan Jung The Internal Revenue Service’s plan to massively expand its staff has become more difficult with the tight U.S. labor market. The Democrats’ “Inflation Reduction ...