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

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Economy

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

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Presidential Actions

Trumps weighs executive action to suspend evictions, payroll tax

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National Security & Defense

Missing sailors rescued from Pacific island after SOS signal spotted in the sand

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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

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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Mike Pence says he will be tested for coronavirus after staffer tested positive

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Conservatives Say Left Using CCP Virus as Pretext to Impose Nationwide Mail-in Voting

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Coronavirus questions answered: Can you have flu and COVID-19 at same time?

By Julia Musto | Fox News In an interview on “Fox & Friends” Wednesday morning with host Steve Doocy, family and emergency medicine Dr. Janette Nesheiwat answered your questions about the coronavirus pandemic. Question: Is it ...

Abigail Disney slams tweet showing huge crowds at Magic Kingdom

By Reuters Many Twitter users criticized Disney over the WDW News Today tweet and said the parks should have been shut down because of the coronavirus epidemic. Reuters ...

Foreign disinformation campaign on fake national quarantine trying to cause panic: officials

By Brooke Singman, Gillian Turner | Fox News Trump administration officials say a foreign disinformation campaign is trying to spread fear amid the coronavirus pandemic, with false rumors of a nationwide quarantine ...

Sanders attacks Biden record as one-on-one debate turns personal: ‘Don’t laugh, Joe’

By Gregg Re | Fox News A Democratic debate that was tamed from the outset by coronavirus-related precautions nevertheless produced fireworks Sunday night as Bernie Sanders repeatedly ...

Trump tests negative for coronavirus, White House physician says

By Melissa Leon, Marisa Schultz | Fox News President Trump’s coronavirus test came back negative, meaning he does not have the virus, according to the White House physician. “Last night after ...

President Trump reveals he took coronavirus test

By Marisa Schultz | Fox News President Trump revealed Saturday he has taken the coronavirus test and is awaiting the results. Before a briefing with the White House press corps he ...

Trump administration to extend European travel ban to include UK and Ireland

By Adam Shaw | Fox News The Trump administration will extend its European travel ban to include the U.K. and Ireland as part of continuing efforts to combat the coronavirus pandemic, President Trump said ...

Trump declares national emergency over coronavirus, says ‘we will overcome the threat’

By Brooke Singman | Fox News President Trump on Friday declared a national emergency over the coronavirus outbreak amid extensive disruptions to the economy and American life, announcing partnerships ...

CNN’s Jim Acosta blasted for ‘trying to hurt Trump and divide’ America with coronavirus report

By Brian Flood | Fox News CNN chief White House correspondent Jim Acosta’s latest report has been labeled “idiotic” and a “‘so what?’ moment” by critics who ...