Americans may receive direct checks from the government over the next two weeks and will have an extra 90 days to pay their taxes, Treasury Secretary Steven Mnuchin announced at a Tuesday press conference.
“Americans need cash now,” Mnuchin said. While he did not specify a figure, $1,000 is one possibility — a day prior, Republican Sen. Mitt Romney had proposed giving each American that amount.
The concept of the government giving Americans a set amount of money, or a universal basic income, has gained traction in Silicon Valley and was the cornerstone of Democratic candidate Andrew Yang’s presidential campaign.
There will also likely be an income cap on who would get government assistance.
“I think it’s clear we don’t need to send people who make $1 million a year checks,” Mnuchin said.
As businesses shut down and employees are laid off amid the COVID-19 crisis, the Trump administration has proposed a $1 trillion package of measures designed to help people’s finances and the economy.
Along with the direct checks, Americans will also get a three-month tax extension.
If you defer payments on your income taxes for up to 90 days after the April 15 filing deadline, any interest or penalties will be waived. The new deadline will apply to up to $1 million in payments for individuals and up to $10 million for corporations.
RandyMarsh
Article URL : https://www.marketplace.org/2020/03/17/covid-19-relief-direct-checks-and-a-90-day-tax-extension/