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

Powerball Jackpot Winner Worth $731.1M Sold in Maryland

By The Associated Press DES MOINES, Iowa—A single Powerball ticket sold in Maryland is the winner of an estimated $731.1 million jackpot, the first to get the top prize ...

Collaboration Between Government and Big Tech Giving Rise to Totalitarianism, Experts Warn

By Petr Svab News Analysis The formation of a totalitarian state is just about complete in America as the most powerful public and private sector actors ...

Twitter Shares Fall Even More Following Trump Ban

By Jack Phillips Twitter shares—since President Donald Trump’s permanent ban—slid even more on Monday. As of Monday at around 11:20 a.m. ET, the San Francisco-based company’s stock was trading at ...

My Pillow CEO Says Bed Bath and Beyond, Kohl’s to Stop Selling His Products

By Zachary Stieber My Pillow products won’t be carried in Kohl’s or Bed Bath & Beyond any longer, the company’s CEO says. CEO Mike Lindell said Monday that ...

Trump’s 1776 Commission Calls for National Unity Around America’s Founding Values

By GQ Pan President Donald Trump’s advisory 1776 Commission on Monday released a public report, fulfilling its task to revisit the nation’s founding history in an ...

Trump Awards Medal of Freedom to Rep. Nunes

By Zachary Stieber President Donald Trump awarded the Presidential Medal of Freedom to Rep. Devin Nunes (R-Calif.) during a White House ceremony on Jan. 4. The White House ...

Many Will Leave Party If GOP Senators ‘Go Along With’ Convicting Trump: Sen. Rand Paul

By Lorenz Duchamps Republicans who joined Democrats in voting to impeach President Donald Trump this week faced harsh criticism from Republican parties in their states. Sen. Rand Paul (R-Ky.) said ...

‘They Want to Cancel Our Culture, Our History, Our Liberty’: Goya CEO

By Gary Du Robert Unanue, Goya Foods President and CEO, said on Friday the political left has weaponized the CCP (Chinese Communist Party) virus to ...

Census Bureau: Citizenship Data Won’t be Released Until After Trump Leaves Office

By Zachary Stieber Data on the citizenship status of census respondents won’t be finalized or released until after President Donald Trump leaves office, putting his push to ...

Leaked Video Reveals Twitter CEO Jack Dorsey’s Internal Discussions Before Trump Ban

By Isabel Van Brugen Investigative journalism nonprofit Project Veritas on Thursday released a leaked video that appears to show Twitter CEO Jack Dorsey’s internal discussions before President Donald Trump’s account ...

North Dakota Bill Would Let Censored Citizens File Lawsuits Against Facebook, Twitter

By Jack Phillips A bill proposed by Republican lawmakers in North Dakota could enable lawsuits to be filed against Twitter and Facebook by users who have seen ...

Black Lives Matter Activist Who Stormed Capitol on Jan. 6 Arrested, Charged

By Zachary Stieber The Black Lives Matter activist who was seen storming the U.S. Capitol on Jan. 6 was arrested and charged, the Department of Justice said Thursday. A newly ...