President Donald Trump has approved the deferral of some $300 billion in tax payments to the Internal Revenue Service to help Americans weather the economic impact of the coronavirus crisis, Treasury Secretary Steve Mnuchin said on Tuesday
WASHINGTON (Pakistan Point News / Sputnik - 17th March, 2020) President Donald Trump has approved the deferral of some $300 billion in tax payments to the Internal Revenue Service to help Americans weather the economic impact of the coronavirus crisis, Treasury Secretary Steve Mnuchin said on Tuesday.
"We aim to allow $300 billion in tax deferrals," Mnuchin told a media briefing. He added that individuals can defer up to $1 million in payments to the IRS without being charged for penalties and interest, while corporations can defer $10 million in tax payments.
