WASHINGTON (AP) — The Trump administration says it will allow individuals and businesses to delay paying their tax bills for 90 days past the April 15 deadline.
Treasury Secretary Steven Mnuchin said individuals will be able to delay paying up to $1 million in payments while corporations will be able to defer payment on up to $10 million. Source: CNN
It’s an effort to inject as much as $300 billion into the economy at a time when the country is in danger of being pushed into a recession by the coronavirus.
Treasury Secretary Steven Mnuchin said individuals will be able to delay paying up to $1 million in payments while corporations will be able to defer payment on up to $10 million.
Americans should still file their taxes by the deadline, Mnuchin said.
This comes amid the administration’s aid proposal.
President Donald Trump is asking Congress to unleash a torrent of emergency economic aid to help people through the financial pain of the coronavirus crisis.
Sizable checks directly to Americans are part of the deal he wants. Mnuchin says Trump wants the money sent to the public within two weeks.
But the president has to deal with skepticism in Congress over the broad economic rescue package for businesses and taxpayers.
The amount of the proposed checks hasn’t been disclosed but Mnuchin says it’s vital to get significant cash out to people quickly.
Copyright 2020 Associated Press. All rights reserved. Gray Media Group, Inc., contributed to this report.