Treasury to Recommend Delaying Tax Payments for “Virtually All” Americans

Steven Mnuchin

Treasury Secretary Steven Mnuchin said this morning that he would recommend to President Trump that the Internal Revenue Service delay tax payments without penalty or interest for “virtually all Americans other than the superrich,” reports The Washington Post.

Mnuchin, testifying before House lawmakers, noted that all individuals are allowed to request tax payment extensions online but that this would be a special provision meant to help small and medium sized businesses and “hardworking individuals” dealing with fallout from the coronavirus.

The delay would not apply to large corporations or the wealthiest Americans, Mnuchin said.

I have no problems with tax cuts or delays but if cuts and delays aren't matched by government spending cuts, the funds will just be taken out of the hide of Americans in other ways.

-RW