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Tag: New York

New York City comprises 5 boroughs sitting where the Hudson River meets the Atlantic Ocean. At its core is Manhattan, a densely populated borough that’s among the world’s major commercial, financial and cultural centers. Its iconic sites include skyscrapers such as the Empire State Building and sprawling Central Park. Broadway theater is staged in neon-lit Times Square.

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.”
Posted inEconomy

In SALT cap stimulus square-off, lawmakers squabble over $10,000 deduction limit

USNN World Newsby USNN World NewsAugust 5, 2020August 5, 2020
Tropical Storm Isaias caused 147 mph wind gust atop Mount Washington in New Hampshire
Posted inWeather

Tropical Storm Isaias caused 147 mph wind gust atop Mount Washington in New Hampshire

USNN World Newsby USNN World NewsAugust 5, 2020September 7, 2024
NYC crime spree knocks on the doorsteps of America's ultra-rich
Posted inNational News

NYC crime spree knocks on the doorsteps of America’s ultra-rich

USNN World Newsby USNN World NewsAugust 4, 2020December 19, 2024
Kodak lands $765M US loan under Defense Production Act to boost drug production
Posted inHealthcare

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

USNN World Newsby USNN World NewsAugust 3, 2020August 28, 2024
Isaias forecast to become hurricane again, target Carolinas before spreading impacts all the way to Maine
Posted inWeather

Isaias forecast to become hurricane again, target Carolinas before spreading impacts all the way to Maine

USNN World Newsby USNN World NewsAugust 3, 2020February 26, 2025
NYC shootings this year, topping 777, have surpassed 2019 numbers, police say
Posted inNational News

NYC shootings this year, topping 777, have surpassed 2019 numbers, police say

USNN World Newsby USNN World NewsAugust 2, 2020May 14, 2025
Deroy Murdock: Orwellian Democrats claim Portland's violence = peace
Posted inOpinion

Deroy Murdock: Orwellian Democrats claim Portland’s violence = peace

USNN World Newsby USNN World NewsJuly 31, 2020March 26, 2025
New York Post columnist describes NYC as 'disaster area,' predicts many who have left won't return
Posted inNational News

New York Post columnist describes NYC as ‘disaster area,’ predicts many who have left won’t return

USNN World Newsby USNN World NewsJuly 28, 2020May 14, 2025
Tax hikes contemplated to plug coronavirus-caused budget shortfalls
Posted inEconomy

Tax hikes contemplated to plug coronavirus-caused budget shortfalls

USNN World Newsby USNN World NewsJuly 24, 2020May 14, 2025
Lockdowns were 'big mistake,' crippled economy and haven't 'done much' to curb COVID-19: Rand Paul
Posted inNational News

Lockdowns were ‘big mistake,’ crippled economy and haven’t ‘done much’ to curb COVID-19: Rand Paul

USNN World Newsby USNN World NewsJuly 22, 2020May 14, 2025
Cops stunned after finding decapitated body of tech CEO in NYC apartment
Posted inNational News

Cops stunned after finding decapitated body of tech CEO in NYC apartment

USNN World Newsby USNN World NewsJuly 15, 2020July 15, 2020
Ghislaine Maxwell secretly married but won't reveal husband's name, prosecutors say
Posted inNational News

Ghislaine Maxwell secretly married but won’t reveal husband’s name, prosecutors say

USNN World Newsby USNN World NewsJuly 15, 2020May 14, 2025

Posts pagination

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NATIONAL NEWS

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