Trump Economic Relief: Tax Deadline Extends to July 15

Treasury Secretary Steven Mnuchin announced Friday the Internal Revenue Services (IRS) has extended its tax-filing deadline by three months to July 15 during the Chinese coronavirus outbreak.

“At @realDonaldTrump’s direction, we are moving Tax Day from April 15 to July 15,” Mnuchin wrote Friday morning. “All taxpayers and businesses will have this additional time to file and make payments without interest or penalties.”

“I encourage all taxpayers who may have tax refunds to file now to get your money,” he added.

Mnuchin announced earlier this week that they will defer up to $300 billion in tax payments, which would help individuals to defer up to $1 million and corporations up to $10 million to defer their payments interest-free and penalty-free for 90 days.

The treasury secretary’s announcement came as the Senate Majority Leader Mitch McConnell (R-KY) announced on Thursday evening the Senate Republicans’ coronavirus economic rescue bill.

The bill would:

• Provide cash payments for taxpayers. The bill would reflect the cash payments based on 2018 tax payments, in which individuals would receive up to $1,200, with reduced payments with annual salaries past $75,000.
• Married couples will receive up to $2,400 with an additional $500 per child. The payments decline after a couple makes more than $150,000.
• The federal government would provide up to $300 billion in loan guarantees for small businesses.

Breitbart News’ Economics Editor John Carney reported on Thursday that roughly 45 Senate Republicans back the coronavirus economic relief package.

Some Senate Republicans want to lift the income caps to allow for payments to Americans with higher incomes, which would make the package more effective nationwide and easier to execute.