Mnuchin says Trump administration looking at sending checks to Americans, will allow deferred payments to IRS - MarketWatch

Capitol Report

By Robert Schroeder

Published: Mar 17, 2020 3:56 pm ET

Administration backs off payroll-tax cut proposal

Treasury Secretary Steven Mnuchin says ‘We’re looking at sending checks to Americans immediately.’

Treasury Secretary Steven Mnuchin on Tuesday said the Trump administration is considering sending direct payments to Americans as the country grapples with the coronavirus crisis, and announced that individuals and businesses will be allowed to defer tax payments.

“We’re looking at sending checks to Americans immediately,” Mnuchin said at a White House briefing. He said the aim was for the payments to go out in the next two weeks, though he did not specify a dollar figure. That idea could replace a payroll-tax holiday, something that was previously discussed with lawmakers on Capitol Hill.

The Treasury chief also said President Donald Trump has signed off on allowing the deferral of $300 billion in payments to the IRS.

See: Trump calls for ‘big’ stimulus as he supports checks to Americans, help for airlines.

Mnuchin said if individuals owe a payment, they can defer up to $1 million, and corporations may defer $10 million. The deferrals will be penalty-free for 90 days, he said.

U.S. stocks DJIA+5.2%   shot higher as the administration was unveiling the new steps, bouncing back after a 3,000-point drop on Monday.

Read: Stocks bounce higher in an attempt to rebound one day after coronavirus fears fueled a 3,000-point drop.

See original version of this story

Let's block ads! (Why?)

"looking" - Google News
March 18, 2020 at 03:08AM
https://ift.tt/2IRBhuE

Mnuchin says Trump administration looking at sending checks to Americans, will allow deferred payments to IRS - MarketWatch
"looking" - Google News
https://ift.tt/2tdCiJt
Shoes Man Tutorial
Pos News Update
Meme Update
Korean Entertainment News
Japan News Update

Bagikan Berita Ini