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Newspaper
Pecos Enterprise
Location
Pecos, Texas, United States of America
Date
Jan 16, 1975
Page
3
The National Association of Letter Carriers warns nearly 200000 members to prepare for a possible national job action in March if the USPS implements computerized route adjustments. Union leaders say the changes would cost about 15000 jobs and harm members’ welfare.
The article outlines President Ford's energy program with raised prices and new taxes, plus later rebates. It notes higher fuel bills for families, windfall taxes on oil firms, import fees, and a plan to offset costs via tax reductions and rebates.
The fragment mentions special payments channeled to poor people and notes there remains $11 in the funds. The incomplete source limits further detail about the program, date, or administering body.
President Ford would cut taxes starting this year to offset higher energy costs, with low and middle income taxpayers gaining more than high earners. Families of four at $12,500 to $15,000 would break even, seeing a tax cut near $250 in line with higher energy taxes. Energy costs for a four person family rise about $250, with $349 max tax saving for those around $10,000 income. An $80 check would go to those with no taxable income to cover energy costs, totaling about $2 billion to 25 million adults.
A petroleum economist from Standard Oil-Indiana in Chicago says Ford's national energy program is sound and ambitious though it may cut industry earnings after taxes by about 2 billion dollars. The comment cites potential gains in exploration and investment, including synthetic fuel plants and refineries, with reduced import dependency anticipated in two to three years and by 1985. Other major oil firms also say the plan is under study and broadly complex.
Millard Holden of Pharr heads the Independent Produce Haulers of America and seeks a meeting with President Ford to oppose a proposed fuel tax hike. He warns higher fuel costs will force freight rate increases, inflation, and possible trucker strikes as drivers struggle to absorb added expenses.
House Democrats hope to pass a tax cut within two months but expect slower action and revision on most of President Ford's economic and energy proposals. They feel Ford's State of the Union address will not revive the economy or curb inflation, while Republicans say the onus is now on Congress to act.
The Treasury Department released schedules applying if Congress approves President Ford’s proposed tax rate cuts. The charts compare current tax against what would apply under the plan, showing incomes above certain thresholds with no rate change.
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