Taxes

Mnuchin: US Tax Day May Be Pushed Back

Mnuchin: US Tax Day May Be Pushed Back

U.S. Treasury Secretary Steven Mnuchin said the deadline for taxes could be extended beyond the already elongated July 15 deadline, so as to help those affected by the pandemic's economic turmoil, the Financial Times (FT) reported.

Mnuchin said he would be looking into the matter and decide soon on whether the idea would be beneficial, according to FT. The original deadline of April 15, as it would have normally been, was extended earlier during the pandemic.

Mnuchin said the President Donald Trump administration is also considering a new stimulus package to be passed on the heels of previous ones like the CARES Act, which put $2.2 trillion toward funding small businesses and individuals affected by the pandemic in late March.

Recent attempts to pass another stimulus have been held up in Congress, with Democrats looking at a $3 trillion plan from last month, but Republicans hesitant to go forward.

Mnuchin said he had been speaking with Republican leaders about the new plan and discussing early-stage ideas for another plan to help those affected by the pandemic.

"We want to take our time because, No. 1, there's a lot of money we still haven't put out, and No. 2, we want to make sure whatever we do... is much more targeted to the businesses that are most impacted," Mnuchin said, according to FT.

It's still unknown what a final stimulus bill could look like, including whether or not it would mandate more direct financial payments to Americans.

Asked about the possibility, Trump recently said it might happen, FT reported. Larry Kudlow, White House economic advisor, said the measures most under consideration included tax rebates or checks.

Federal Reserve Chair Jerome Powell has urged Congress not to renege on the possibilities of future stimulus measures, saying it would be a concern if no other financial aid came.

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