The Trump Tax plan dropped the corporate tax rate from 35% to 20%, a windfall for banks, credit card companies, and other corporations. These same companies stand to profit from higher interest rates, penalties and fees that will accrue as late or missing payments from furloughed federal workers multiply. Late payment forgiveness and charging 0% interest on any new charges since the government shut down in December is the absolute least these corporations could offer to these customers. Help Federal workers now!
Why is this important?
This is one of those rare, clear cut moments in which the leaders of our financial corporations have an opportunity to lead or to fail. Failure to act to help furloughed federal workers is likely to result in profit down the line for these corporations who were so recently beneficiaries of that very government. What these companies will collect in penalties, fines, fees, and high rates of interest is so tiny compared to the magnanimity of the windfall they received as their tax liability was reduced. Helping the furloughed federal workers, or at least not hurting these workers with late fees, penalties, and high rates of interest for prolonged credit card debt, sets a remarkable precedent and is simply the right thing to do.
