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

Ben Carson: Trump Could Have ‘Tempered Down’ Jan. 6 Speech but Wasn’t to Blame for Capitol Breach

By Zachary Stieber President Donald Trump could have “tempered down” his Jan. 6 speech but was not to blame for the breach of the U.S. Capitol that ...

White House Trade Adviser: Amazon Suspension of Parler Is ‘Chilling’

By Jack Phillips The move by large technology firms to de-platform “free speech” social media site Parler has a chilling effect, said White House Office of ...

Trump Adviser: Republicans Who Support Trump Impeachment Don’t Have Political Future

By Zachary Stieber Republicans who back the impeachment of President Donald Trump will likely be voted out of office, a Trump campaign adviser said Wednesday. “If you’re a ...

Twitter, Facebook: $51 Billion Combined Market Value Erased Since Trump Ban

By Isabel Van Brugen Social media giants Facebook and Twitter have collectively seen $51.2 billion in combined market value wiped out over the last two trading sessions since they banned President ...

Dennis Prager: Capitol Siege Was ‘Vile’ but Left’s Suppression of Free Speech Is Worse

By Tom Ozimek and Jan Jekielek ‘The left in the United States is totalitarian’ Radio talk show host and columnist Dennis Prager said in an interview with ...

McConnell Formally Rejects Calls for Early Start for Senate Impeachment Trial

By Janita Kan Senate Majority Leader Mitch McConnell (R-Ky.) said on Wednesday that the second impeachment trial for President Donald Trump would not begin until after President-elect ...

Florida State Rep. Calls on Gov. DeSantis to Divest From Big Tech Over Censorship

By Masooma Haq Rep. Randy Fine (R-Fla.) is calling on Florida Governor Ron DeSantis to divest from Big Tech companies after the tech giants suspended President ...

Sen. Wicker to ‘Stand Strong Against Proposals That Could Lead Our Country Toward Socialism’

By Zachary Stieber A Republican senator on Monday said he would “stand strong” against any proposals that could lead the United States “toward socialism.” The Senate will ...

Navarro: Trump ‘Itching to Defend Himself’ Against Impeachment

By Zachary Stieber President Donald Trump is eager to defend himself against accusations laid out by Democrats in a fresh impeachment push, a top adviser said ...

Trump Approval Rating Steady Despite Fallout From Capitol Breach: Rasmussen Poll

By Ivan Pentchoukov President Donald Trump’s approval rating has remained high despite a media frenzy surrounding the breach of the U.S. Capitol on Jan. 6 ...

Trump Awards Medal of Freedom to US Rep. Jim Jordan

By Zachary Stieber President Donald Trump has awarded the Presidential Medal of Freedom, the nation’s highest civilian honor, to Rep. Jim Jordan (R-Ohio). The Medal of Freedom, established by President John F. ...

Trump Not Resigning, Will ‘Not Leave the Public Stage at All:’ Gaetz

By Zachary Stieber President Donald Trump has no plans to resign and remains the most powerful, most influential Republican, Rep. Matt Gaetz (R-Fla.) said late Sunday. “I spoke with ...