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

Chicago Gears up for DNC Amid Protests and Security Concerns

By Jackson Richman and Nathan Worcester Chicago will be bustling with political leaders, delegates, media, law enforcement, and demonstrators as it hosts the Democratic National ...

RFK Jr. Refutes Report That He Approached Harris for a Cabinet Position

By Jeff Louderback Independent presidential candidate Robert F. Kennedy Jr. refuted a Washington Post report from earlier this week that said he would drop out ...

Trump, Vance Propose Fixes for ‘Affordability Crisis’

By Janice Hisle and Jackson Richman BYRON CENTER, Mich.—In separate speeches on Aug. 14, former President Donald Trump and his running mate, Sen. JD Vance ...

9 States Sue Biden Admin to Block Voter Registration Executive Order

By Tom Ozimek Mississippi and eight other states have sued the Biden administration to block an executive order requiring federal agencies to develop strategies to ...

RFK Jr. to Appeal After Judge Rules Him Ineligible to Appear on New York Ballot

By Jeff Louderback A judge ruled on Aug. 12 that independent presidential candidate Robert F. Kennedy Jr. falsely claimed New York residency on his nominating ...

Facebook Denies Liability in Supreme Court Harvested Voter Data Case

By Matthew Vadum Facebook told the Supreme Court on Aug. 9 that it did not violate U.S. securities regulations when it failed to publicly disclose ...

FBI’s 4-Acre Geofence Dragnet at the US Capitol on Jan. 6 Violated Fourth Amendment, Defense Attorneys Contend

By Joseph M. Hanneman The FBI’s “alarming” use of general warrants to scoop up the private location data of the devices of thousands of people ...

Musk to Interview Trump on X as Former President Makes 1st Post in a Year

By Jack Phillips Elon Musk said X will host an interview with former President Donald Trump on Monday evening as the former president posted on ...

Trump Plans $100 Million Lawsuit Against DOJ Over Mar-a-Lago Search

By Jack Phillips Former President Donald Trump has submitted a memo detailing plans to sue the Department of Justice (DOJ) for $100 million in damages ...

Vance: Presidents Should Have Role in Deciding Monetary Policy

By Joseph Lord Republican vice presidential candidate Sen. JD Vance (R-Ohio) on Aug. 11 reiterated former President Donald Trump’s calls for the president to have ...

Major Union Endorses Harris’s Promise to End Taxes on Tips After Criticizing Trump for Same Plan

By Joseph Lord The Culinary Workers Union in Nevada endorsed a plan by Vice President Kamala Harris to end taxes on tips for service workers ...

Microsoft Says US Presidential Campaign Targeted by Iran-Backed Hackers

By Tom Ozimek Microsoft’s cyber threat assessment unit said on Aug. 9 that a high-ranking official on a U.S. presidential campaign had been hacked by ...