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

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Economy

McConnell mocks Malibu for seeking stimulus funding to help with electric car conversion

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Economy

Stocks rally as slow coronavirus-relief talks move in ‘right direction’

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Presidential Actions

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National Security & Defense

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Economy

White House considering unilateral actions with coronavirus aid bill stuck in Congress

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Healthcare

Kodak lands $765M US loan under Defense Production Act to boost drug production

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National Security & Defense

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Healthcare

In Congress, challenges of combatting coronavirus parallel fights across the country

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National Security & Defense

Microsoft, TikTok officials in White House talks to prevent total ban

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Economy

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NATIONAL NEWS

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By Ronn Blitzer, Gregg Re | Fox News Republicans on the House Oversight Committee are demanding that the management of the Kennedy Center explain themselves after announcing the ...

Trump slams ‘complaining’ Dem Pritzker at coronavirus briefing, signals openness to more stimulus checks

By Gregg Re | Fox News Saying “we hope we’re seeing a leveling off in the hottest spots of them all,” President Trump revealed Sunday evening that 1.67 million people ...

CNN’s Jim Acosta blasted for ‘mansplaining’ after interrupting Dr. Birx to attack Trump

By Joseph A. Wulfsohn | Fox News CNN chief White House correspondent Jim Acosta was widely blasted for interrupting Dr. Deborah Birx during Friday’s coronavirus briefing to attack President Trump. Birx took a ...

RFK granddaughter, 40, and son, 8, presumed dead after Chesapeake Bay mishap, family says

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Trump fires Michael Atkinson, intelligence IG who told Congress about Ukraine phone call: report

By Dom Calicchio | Fox News President Trump has reportedly fired Michael Atkinson, the inspector general for the U.S. intelligence community who alerted Congress to concerns about a ...

Cuomo critics highlight years of taxpayer waste, amid deepening coronavirus crisis in New York

By Hollie McKay | Fox News While coronavirus ravages New York – with officials desperately clamoring for life-saving supplies and federal assistance – attention has also turned to years of fiscal ...

13 veterans dead, 6 from coronavirus, at Soldiers’ Home in Holyoke

SCANDAL OF EPIC PROPORTIONS – Holyoke Mayor says facility superintendent delayed telling anyone about the deaths. By Stefan Gellar Thirteen veterans at Soldiers’ Home in Holyoke ...

Pelosi pushes ‘SALT shakeup’ stimulus that could reduce her tax bill and enrich her wealthy district

By Gregg Re | Fox News House Speaker Nancy Pelosi, D-Calif., is pushing for a new stimulus bill that would roll back the state and local tax deduction (SALT) cap, a proposal ...

New York Mayor’s Threat Against Congregations Prompts Outpouring of Condemnation from Civil Liberties Defenders

BY Mark Tapscott New York City Mayor Bill de Blasio stepped on a bipartisan political landmine Sunday when he threatened to close permanently religious congregations hosting worship and other gatherings ...

IRS Releases More Details on How to Get CCP Virus Stimulus Checks

By Jack Phillips The Internal Revenue Service (IRS) released more information Monday on how people can get checks from the federal government as quickly as possible after ...

White House Outlines 5G Security Strategy, Warns of ‘High-Risk’ Vendors

By Petr Svab The Trump administration recently released a security strategy for 5G wireless network technology. The United States needs to lead the development of 5G standards, assess its ...

CNN’s Jake Tapper under fire after admitting he didn’t fact-check AOC on Trump-coronavirus claim

By Joseph A. Wulfsohn | Fox News CNN anchor Jake Tapper was criticized on Sunday for not correcting a claim made by Rep. Alexandria Ocasio-Cortez, D-N.Y., about President Trump’s handling of ...