Treasury Secretary Confirms Plan to Delay April 15th Tax Deadline

While it might be difficult to say anything good has come out of the coronavirus epidemic, a move being considered by lawmakers could come close.
Confirming an earlier report, Treasury Secretary Steven Mnuchin told Congress on Wednesday that the administration is working on a plan that will delay the April 15th federal tax deadline. According to Mnuchin, members of the administration believe giving U.S. residents more time to send in their tax payments will have a positive effect on the economy, which has struggled amid coronavirus concerns. The administration believes the delay would result in a $200 billion boost, according to Mnuchin.
Offering more details to reporters, Mnuchin said the postponed deadline will likely apply to individual taxpayers “other than the very rich,” as well as small- to medium-sized businesses. He did not offer a date for the new deadline, but said a formal announcement will be coming “soon.”
For $200 billion to be pumped back into the economy, wouldn’t the deadline have to be postponed for quite some time? If the deadline for your tax payment was delayed, would you run out and spend the money you’d set aside — or hold onto it until your payment was due? Here’s the complete story from Star Advertiser.