(ConservativePeak.Com)- President Trump authorized U.S. Treasury Secretary Steve Mnuchin on Friday to announce that the April 15 deadline for 2020 tax filing will be delayed by three months to July. The move comes as the coronavirus continues sweeping across the country, impacting the jobs and lives of millions of American citizens.
The delay comes days after it was announced that the payment deadline for tax due for the latest financial year would also be delayed by three months.
Discussion about tax payments has gone on for weeks now, with politicians debating whether the country can afford for payments to be delayed. Until Friday, Mnuchin told American citizens that while payments would be delayed, they would still be expected to file their taxes by the normal April 15 deadline.
At @realDonaldTrump’s direction, we are moving Tax Day from April 15 to July 15. All taxpayers and businesses will have this additional time to file and make payments without interest or penalties.
— Steven Mnuchin (@stevenmnuchin1) March 20, 2020
Under the direction of the president, Mnuchin announced the delay to July 15.
“All taxpayers and businesses will have this additional time to file and make payments without interest or penalties,” he wrote.
Mnuchin has been engaged in long discussions and negotiations with leaders in Congress over the last 24 hours as they try and roll out the third phase of the federal government’s coronavirus stimulus. The drastic economic measures are believed to be worth around $1 trillion.
“Phase 3” of the legislation is on the way now that the president signed the bill put forward by far-left House Speaker Nancy Pelosi on Wednesday. This most recent phase is expected to include direct cash payments made to American citizens and families, as well as financial and tax relief for small businesses.
The president is expected to offer the American people up to $1,200 in cash, and $2,400 for families. Mnuchin believes that these payments could be made available three weeks after the legislation is passed by the Senate.
Discretionary bailouts are also on the table for major industries that could potentially collapse as people stay at home and stop spending money.