Bloomberg Law
April 9, 2020, 8:00 AM

Wealthy Win, Low-Wage Earners Lose in April 15 Tax Extension

Laura Davison
Laura Davison
Bloomberg News

Delaying the April 15 tax day was supposed to help millions of Americans weather the economic fallout from the coronavirus. But the extension is likely to give some wealthy taxpayers an interest-free loan on their tax bills and delay refunds for some low-income taxpayers.

The Internal Revenue Service said last month it will delay the tax filing deadline to July 15 to give households and companies more time to compile paperwork and ease cash flow concerns for those who have to cut a check to the agency. That’s more likely to help wealthier individuals who have complex financial situations, such ...

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