By Ronny Castaneda and Bob Towey
Treasury Secretary Steve Mnuchin tweeted Friday that Tax Day will move from April 15 to July 15 to give Americans more time to organize their finances during the coronavirus outbreak.
The announcement came as the federal government pursues new ways to curtail the nation’s economic downturn and resulting financial pressures faced by struggling Americans and businesses. The extension is a revision to a prior Trump administration statement that Tax Day would only be prolonged an extra 90 days.
“All taxpayers and businesses will have this additional time to file and make payments without interest or penalties,” Mnuchin tweeted. The secretary added in a later tweet that Americans should file for their tax refunds immediately rather than waiting until the new summer deadline.
The business closures caused by increasing coronavirus cases in the United States have cratered the global economy. Record breaking plunges have gripped the Dow Jones Industrial Average (DJIA), falling from an all-time high of 29,551 points on Feb. 12 to 19,173 points by March 21.
The DJIA has lost all its gains since President Donald Trump took office in January 2017. March 21 marked the end of the worst week for the economy since the 2008 recession, with the DJIA and S&P 500 plummeting over 4 percent.
The Trump Administration and Senate are still finalizing a plan to deliver checks to individuals blocked from working due to precautionary business closures to prevent the spread of COVID-19. The proposed trillion-dollar economic rescue package would provide $1,200 cash payments to individuals and $2,400 for couples, plus billions for affected companies.
Senate Majority Leader Mitch McConnell said this week the measure could reach a vote by Monday.