Press "Enter" to skip to content

Trump delaying tax day for some filers over coronavirus

WASHINGTON – Some taxpayers won’t have to file their taxes by April 15 as part of the Trump administration’s efforts to lessen the economic effects of the coronavirus, the president announced Wednesday.

“I will be instructing the Treasury Department to defer tax payments without interest or penalties for certain individuals and businesses negatively impacted,” President Donald Trump said in an Oval Office address to the nation.

Trump didn’t specify who would get a filing extension and for how long.

But Treasury Secretary Steve Mnuchin told the House Appropriations Committee on Wednesday any extension would help “small and medium-sized businesses and hard-working individuals” heavily impacted by the widespread virus. 

Mnuchin said an extension could put billions of dollars into the economy by giving businesses and individuals more available cash.

“This action will provide more than $200 billion of additional liquidity to the economy,” Trump said.

Source link

Be First to Comment

Leave a Reply

Your email address will not be published. Required fields are marked *