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

Officials Agree Social Security, Medicare Are in Deep Trouble, but Solutions Mean Tough Choices

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Student injured in North Carolina high school shooting, suspect on the loose

By Louis Casiano Father says his son will “remember this forever” A gunman injured one student on Wednesday during a shooting at a North Carolina high school and a ...

Texas Legislature Sends Election Reform Bill to Governor’s Desk

By Mimi Nguyen Ly The Texas Legislature on Tuesday sent a bill to amend the state’s election code to Gov. Greg Abbott’s desk, which is expected to ...

Pentagon Acknowledges Americans ‘Stranded’ in Afghanistan After Pullout

By Jack Phillips Pentagon spokesman John Kirby on Tuesday acknowledged that Americans were stranded in Afghanistan despite earlier comments to the contrary made by White House officials. He ...

American Humane group says US left military dogs behind in Afghanistan

By Yaron Steinbuch An animal rights group slammed the Biden administration after the US military was accused of leaving its contract dogs behind in Afghanistan ...

Sen. McConnell on Total Withdrawal From Afghanistan: ‘One of the Worst Foreign Policy Decisions in American History’

By Masooma Haq Senate Minority Leader Mitch McConnell (R-Ky.) criticized President Joe Biden’s decision to completely withdraw from Afghanistan, calling it “one of the worst ...

Vulnerable Democrats in Congress Distance Themselves From Biden

By Joseph Lord As the 2022 midterm elections loom nearer, Democrats in vulnerable House and Senate seats are distancing themselves from President Joe Biden over his handling ...

New Orleans Entirely Without Power, 911 Service Due to Ida: Officials

By Jack Phillips All of New Orleans, Louisana, is now without power due to Hurricane Ida, according to the city’s emergency preparedness campaign. Entergy, the main utility for ...

Gas Prices to Rise as Hurricane Ida Shuts Down 95 Percent of Gulf’s Oil Production

By Jack Phillips Hurricane Ida shut down more than 95 percent of the Gulf of Mexico’s oil production, said regulators, suggesting the Category 4 storm will have ...

47 Victims Rescued, 102 Arrested in Multi-State Human Trafficking Operation

By Allen Zhong A human trafficking operation joined by 12 states has rescued 47 victims and arrested 102 people, Missouri Attorney General Eric Schmitt announced on Aug. ...

‘Not a Day for Politics’: Psaki Answers US Lawmakers’ Calls for Biden to Resign

By Lorenz Duchamps White House Press Secretary Jen Psaki on Thursday responded to calls from U.S. lawmakers urging President Joe Biden to resign after 13 U.S. service ...

Supreme Court Blocks CDC Eviction Moratorium

By Mimi Nguyen Ly Evictions to resume amid COVID-19 pandemic. The U.S. Supreme Court on Thursday blocked the Centers for Disease Control and Prevention’s eviction moratorium, thereby opening the ...