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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsTrump Administration Likely to Suspend April 15 Income Tax Filing Deadline
https://www.thedailybeast.com/trump-administration-likely-to-suspend-april-15-income-tax-filing-deadline?ref=homeTrump 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
jberryhill
(62,444 posts)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
(9,328 posts)Interest free extensions is the correct answer.
PasadenaTrudy
(3,998 posts)I have very complicated taxes, involving a Trust and income property.
jberryhill
(62,444 posts)...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
(13,204 posts)beachbumbob
(9,263 posts)no_hypocrisy
(46,297 posts)revenue, necessitating more borrowing. (We don't have enough money now to pay interest.)
beachbumbob
(9,263 posts)bullwinkle428
(20,631 posts)to the virus, but not the spread of the virus itself.
True Blue American
(17,995 posts)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
(42,309 posts)Markets before people, rich before poor
True Blue American
(17,995 posts)My suggestion. Take back the billionaire tax cut.
Maeve
(42,309 posts)Increase the tax on the billionaires from where it was.
Little bomb thrower, ain't I?
True Blue American
(17,995 posts)Good idea!
dalton99a
(81,700 posts)handmade34
(22,759 posts)adaptations are all merely a ruse to make trump look better... got nothing to do with the well being of U.S. citizens
karynnj
(59,510 posts)"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
(11,885 posts)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
(49,069 posts)Aristus
(66,522 posts)no benefit from Trump's tax cut.
Volaris
(10,278 posts)his dumb rubes finding out how badly he fucked them with his corporate tax cut.