USNN World News

Healthcare

Russia claims it will win race in finding coronavirus vaccine, scientists say not so fast

by USNN World NewsAugust 7, 2020August 7, 2020

National Security & Defense

China opposes US orders against TikTok, WeChat, to defend interests

by USNN World NewsAugust 7, 2020June 20, 2024

Economy

US employers hire 1.8M despite new COVID-19 shutdowns

by USNN World NewsAugust 7, 2020December 5, 2024

Economy

GOP senators pitch extending extra unemployment aid through end of year

by USNN World NewsAugust 6, 2020August 6, 2020

Economy

Capital One slapped with $80M fine for 2019 data hack

by USNN World NewsAugust 6, 2020August 6, 2020

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

NATIONAL NEWS

Trump Visits Central Texas, Epicenter of Catastrophic Flood That Killed More Than 120

By Darlene McCormick Sanchez President Donald Trump visited Central Texas on July 11 for a first-hand look at damage from a devastating flood that claimed ...

Federal Judge Blocks Trump’s Birthright Citizenship Order After Supreme Court Ruling

By Jack Phillips A federal judge on Thursday has barred the Trump administration from enforcing the president’s executive order limiting birthright citizenship, coming weeks after ...

31 Construction Workers Rescued After Los Angeles Tunnel Partially Collapses

By Katabella Roberts Thirty-one construction workers have been rescued from a huge industrial tunnel that partially collapsed in the Wilmington area of Los Angeles on ...

Death Toll From Texas Floods Rises to 119 as at Least 170 Remain Missing

By Katabella Roberts The number of people who have died from the catastrophic flooding in central Texas over the Fourth of July weekend continues to ...

Trump Says BRICS Members Will Get Additional 10 Percent Tariffs Over Dedollarization Attempt

By Lily Zhou President Donald Trump on July 8 reiterated a previous warning to nations in BRICS (Brazil, Russia, India, China, and South Africa) that ...

Harvard’s Accreditation at Risk Over Anti-Semitism Response, Trump Admin Warns

By Bill Pan Harvard University may no longer meet accreditation standards because of how it handled anti-Semitism on campus, the Trump administration warned the Ivy ...

Supreme Court Clears Way for Mass Federal Layoffs

By Matthew Vadum The Supreme Court on July 8 lifted a lower court order that prevented the Trump administration from carrying out job cuts en ...

Californians Benefit From SALT Deduction Cap Increase in ‘Big Beautiful Bill’

By Kimberly Hayek Californians are about to get some tax relief. The One Big Beautiful Bill Act, the new Republican tax-cut bill signed into law by ...

Death Toll in Texas Floods Tops 100

By Savannah Hulsey Pointer The number of deaths from flooding in central Texas over the July Fourth weekend reached 104 on Monday. In hard-hit Kerr County, ...

Bessent Says Federal Reserve’s Challenges Go Beyond Chairman Powell’s Stance on Interest Rates

By Andrew Moran The Federal Reserve’s challenges extend beyond Chair Jerome Powell’s stance on interest rates, said Treasury Secretary Scott Bessent on CNBC’s “Squawk Box” ...

Death Toll From Texas Floods Rises to 82, Including 28 Children; Trump Plans Visit

By Jacob Burg and T.J. Muscaro Two days after catastrophic flash floods raged through central Texas, at least 82 people, including 28 children, have been ...

Treasury Secretary Responds to Musk’s Intention to Form ‘America Party’

By Jack Phillips U.S. Treasury Secretary Scott Bessent became the first Trump administration official to respond to Tesla CEO Elon Musk’s announcement that he intends ...