On Monday, April 24, the Congressional Joint Committee on Taxation released a report on the 2017 tax bill and its effect on U.S. taxpayers. The press stories focused on the winners and losers from the tax cuts – most notably, that 87 percent of the tax cuts go to corporations and the wealthy, and that millionaires stand to reap $17 billion from the legislation in 2018 alone.
But the bigger news for letter carriers came from another source on Capitol Hill last week. On April 17, the Congressional Budget Office issued its latest budget outlook. It found that the federal budget deficit is exploding, thanks mostly to the 2017 tax cut, but also due to the 2018 spending bill adopted earlier this year. The CBO says that the deficit will rise to more than $1 trillion in 2020 and by an additional 50 percent by 2028. This means that budget-cut proposals aimed at our retirement and health benefits are much more likely to be pushed (see: https://www.nalc.org/government-affairs/legislative-updates/white-house-fy-2019-budget-proposal).
Deficits are not inherently bad. It depends on the circumstances and what the government does with the borrowed money. When the economy is in deep recession (as in 2008-2010), deficits can speed an economic recovery and lessen the pain of unemployment by putting people to work. Much the same applies if the funds are used to improve our infrastructure, as productivity rises and the future capacity of our economy increases. But when the economy is at full employment or resources are directed to wealthy households and companies sitting on record un-invested cash balances (as is happening now), the deficits can do more harm than good. Inflation can result – or, as we see now, inequality can rise.
According to a study by Americans for Tax Fairness, companies are spending 37 times more on stock buy-backs (sending cash to shareholders) than they are on wage increases or one-time bonuses (see https://americansfortaxfairness.org/key-facts-american-corporations-really-trump-tax-cuts/).
So while letter carriers can certainly enjoy the modest tax cuts we get this year, the cost of those tax cuts could be high. We must be ready to defend our benefits and jobs from the deficit-reduction fights that are sure to come next.
National Association of Letter Carriers
Well Mr. Einstein you ain’t. it sure pays to lie, cheat, and steal to get on top. Too many “losers” are way too meek to fight back. They want to be screwed over Just like the voters that voted for our great leader. They won’t mind getting a knife in their back. For they don’t have any self respect. Look at the many voters that voted for Don Blankenship. Those coal miners didn’t mind voting for him after what he did to other miners! So the people that don’t lie, cheat, and steal are “losers”. They deserve to be shafted?
see now you know why mommy wanted you to study hard and get into medical school to become a cardiovascular heart surgeon……….instead of a low skill paperboy. lets face it……the world likes a winner. losers get no respect. get back to work slug and don’t miss that scan if you know whats good for you. (union says: “they can do that”!)
Well Mr. D Trump you want to see liberal losers stuck? Haven’t you concluded that you are going to get f#cked too? Can’t wait for you to stand in the unemployment line! You can watch the Stormy and Donald DVD while you wait in line. Oh I forgot you don’t like liberal programs. You will tough it out. You can always go in the Army. Our leader will start a war some place. I would never support a RATPUBLICAN.
the only danger for letter carriers are the 204B’s.
And the union is crying Wolf again….. same crap we hear every year. Same thing we’ll hear next year too.
pfffffffft. I don’t know who lies more on a daily basis; mgmt or the nalc.
Looks like the Federal employees that voted for Mr. fabulous will enjoy the results of the big tax cuts for the wealthy, and “big” tax cuts real workers received. The huge tax cuts will result in higher health care costs, higher retirement costs, the end of some retirement programs, and less time in leave. The leader wants to combine sick and retirement leave. Knock off as much as ten days leave per year. But why should the President Dump voters care what happens? As long as many Americans have health care taken away, social programs eliminated, labor rights ended, consumer laws cut and restrictions on birth control gone the leader’s voters won’t care. That is until it’s their turn to be screwed. When it happens they should remember that is what they asked for!
Let’s not forget #44 raised the fers contributions for new employees i pay about 15$ a pay period new employees are paying around 70$ a pay period
why mess with letter carriers? we didnt create this. trump suks!
I will pay the cost to make America great again!!!! I’m not selfish…Small price to pay to see liberals losers stuck to them big time…Should have supported Trump..Not the Crooked one!!!
Well, keep voting Republican and we’ll lose. How anybody can support a party like the GOP after looking at the unbelievable tax cuts they are giving to their ultra rich buddies is an exercise in stupidity and irresponsibility to ones’ family.
We are as active and retired postal workers in a perennial fight to defend our wages, benefits and pensions. Republican lawmakers cannot stand the thought of anybody having a dime to their name except for themselves and again, their rich buddies and corporations who finance their campaigns and no doubt have huge “gifts” of “appreciation” waiting when the weasels finally retire or are defeated.
A turnover of at least the House of Representatives will slow down the Trump/GOP rape and pillage machine, but it will take a real effort to get Democrats in D.C. who are staunch defenders and supporters of organized labor, the middle class and lower class, minority rights and protectors of our freedoms that certain elements want to destroy, especially the 1st Amendment and religious and speech liberties. And that doesn’t mean the right to impose Christianity on anybody – it means we all have the right to worship or not as we see fit and are not to be harassed, intimidated or threatened for our beliefs. And it means imposition of a belief system is also a Constitutional violation.
If you want to be able to retire, you better put your family and future first.
“Companies are spending 37 more on stock buy-backs than they are on wage increases”….gee, what a surprise!! This is what companies are doing with their 14 % tax break given to them by the republicans thru the tax “reform” bill, not expanding or hiring more workers like they predicted…..some companies gave out a “token” wage bonus but that was it!! Everyone knew this reform bill was a scam…..this proves it!! The middle class will end up paying for this in the long run!! Get ready…..because loosing FEHB benefits (Postal Reform) is only the beginning!!