Trump Administration Likely to Suspend April 15 Income Tax Filing Deadline

[babylonsister]

https://www.thedailybeast.com/trump-administration-likely-to-suspend-april-15-income-tax-filing-deadline?ref=home


Trump Administration Likely to Suspend April 15 Income Tax Filing Deadline
BREATHING ROOM
Barbie Latza Nadeau
Correspondent-At-Large
Published Mar. 11, 2020 6:33AM ET

The Trump administration is leaning toward extending this year’s April 15 deadline for filing personal income taxes to mitigate the effects of the growing novel coronavirus epidemic in the U.S. The decision is not yet final, but the move would act as a short-term loan for many whose financial situations have been affected most. Delaying the tax payments could force the Treasury Department to borrow money, because some $333 billion in individual taxes is normally collected in the month of April, The Wall Street Journal. Treasury officials are said to be considering how long the deadline can be pushed back and who would be eligible for the extension.

[jberryhill]

1. Why?

Don't most people do this electronically?

Other than to benefit himself and his cronies by allowing them interest-free extensions, in what way does this reasonably relate to any hardship occasioned by the viral pandemic?

[TheFarseer]

16. Yep, you've got it

Interest free extensions is the correct answer.

[PasadenaTrudy]

18. I went to my CPA last week

I have very complicated taxes, involving a Trust and income property.

[jberryhill]

19. Yeah, I run a business...

...and I'm going to bet that neither you nor I have ever been in some kind of April 15 filing rush.

Years ago as an individual, sure, but nobody who actually uses a CPA or tax attorney needs an extension of the April 15 deadline.

This is simply an interest-free loan from the Treasury to people who can't pay and would file extensions until October.

This is plain stupidity.

[live love laugh]

2. Oh yeah that's gonna make a big difference. 🙄

[beachbumbob]

3. whats the purpose? Has nothing to do with virus mitigation whatsoever

[no_hypocrisy]

5. Agreed. Also would starve the government of

revenue, necessitating more borrowing. (We don't have enough money now to pay interest.)

[beachbumbob]

6. that is of no concern to trump or GOP

[bullwinkle428]

4. AGAIN. Attempting to address ancillary economic symptoms relating

to the virus, but not the spread of the virus itself.

[True Blue American]

7. Anything

To try and goose the market. Nothing to help the virus. At least we have billionaires who are helping.
The Trumps just squander money.

[Maeve]

8. THIS!

Markets before people, rich before poor

[True Blue American]

9. You said it?

My suggestion. Take back the billionaire tax cut.

[Maeve]

10. I'd go one further

Increase the tax on the billionaires from where it was.
Little bomb thrower, ain't I?

[True Blue American]

17. No, truth hurts.

Good idea!

[dalton99a]

11. There is a shortage of Purell to decontaminate keyboards

[handmade34]

12. all of the supposed monetary

adaptations are all merely a ruse to make trump look better... got nothing to do with the well being of U.S. citizens

[karynnj]

13. Would this really help those hurt the most?

"The decision is not yet final, but the move would act as a short-term loan for many whose financial situations have been affected most."

In fact, it helps high income people the most. A large percent of low income Americans either pay no federal income tax (though they do pay SS and Medicare taxes) and some also receive the earned income credit which is refundable. In addition, many moderate income earners try to have withheld the full amount they will pay - leading many to get a refund.

So, which group does their taxes and sends in a big check that may well also include a penalty for not withholding enough? The group with ON PAPER loses in their investment accounts.

However, what about the people working in jobs at restaurants or stores where their hours will be cut - often with no safety net. I think they are hurt more. What about the people - mostly women - working at very low salary in every nursing home who are doing so at their own risk.

[duforsure]

14. Should be only for people

Making under $150,000 a year, not for anyone over. Those with higher incomes , taxes should be raised to pay for this, or they'll have more cuts to our programs for the wealthy to benefit again from this.

[Bernardo de La Paz]

15. Public relations measures don't address root cause: the lack of testing kits because of tRump. . .nt

[Aristus]

20. This is designed to delay the revelation that working and middle class people are getting

no benefit from Trump's tax cut.

[Volaris]

21. Lol so it's any excuse to delay as long as possible...

his dumb rubes finding out how badly he fucked them with his corporate tax cut.