Treasury Secretary Steven Mnuchin said that the Trump administration wants to send checks to Americans “immediately” to help with the coronavirus pandemic.
Mnuchin: “We Have To Do This Now”
During a press briefing, Mnuchin said that the White House is looking at “sending checks to Americans immediately” to mitigate the impact of the economic fallout caused by the coronavirus crisis.
“Americans need cash now, the president wants to get cash now. I mean now – in the next few weeks,” Mnuchin added. “The president has instructed me we have to do this now.”
The Treasury Secretary did not give specifics, except from clarifying that millionaires would not receive anything.
It comes as the White House is trying to push an $850 billion stimulus package through Congress. Around $500 billion would come through a cut of payroll taxes, $250 billion would be dedicated to loans for small businesses, and $58 billion would be used to prop up the airline industry and other measures.
Americans Should Still File Their Taxes in April
Senator Rand Paul had suggested that the government should defer the tax filing deadline until the summer.
“Today I’m calling on the IRS to move our tax filing deadline from April 15 to July 15, and to waive any interest and fees for late payment,” Paul tweeted. “This will allow those who owe money not to have to send it during our current situation”
Today I’m calling on the IRS to move our tax filing deadline from April 15 to July 15, and to waive any interest and fees for late payment. This will allow those who owe money not to have to send it during our current situation.
— Senator Rand Paul (@RandPaul) March 16, 2020
However, Mnuchin said that the administration would “encourage Americans” who can file their taxes to do so on April 15th, “because for many Americans, you will get tax refunds and we don’t want you to lose out on those tax refunds.”
He also noted that when it comes to people who owe payments to the IRS, “you can defer up to $1 million as an individual, and $10 million to corporations, interest-free and penalty-free for 90 days.”
Romney and Gabbard Suggest Temporary UBI
Last week, Mitt Romney said that the government should introduce a temporary Universal Basic Income (UBI) package, giving all Americans $1,000 a month to help them through the coronavirus pandemic. UBI was the main policy platform that Andrew Yang stood on as a potential Democratic presidential nominee, before he bowed out last month and endorsed Biden. Tulsi Gabbard, the congresswoman from Hawaii, has also suggested this as a path forward through the crisis.
Whatever happens, it’s clear that the Trump administration is doing the best they can to protect the American people and the economy through the coming stormy times.