More than 250 companies are now rewarding their employees with bonuses, wage hikes, and 401(k) match increases in reaction to President Donald Trump’s tax reform bill, according to an Americans for Tax Reform list published on Thursday.
Liberal journalists and talking heads bashed Trump’s “tax cuts for the rich,” predicting the reforms would hurt middle-class Americans. But soon after the president signed the Tax Cuts and Jobs Act into law on Dec. 22, 2017, economic optimism surged and businesses across the country responded by distributing chunks of their newfound tax savings to their employees and citing the bill’s passage.
“At least 3 million Americans are receiving special tax reform bonuses. This number does not even include those receiving pay increases or increased 401(k) contributions from their employer due to tax reform,” Americans for Tax Reform said Thursday.
Home Depot announced the same day that its hourly employees would receive up to $1,000 in bonuses. Company CEO Craig Menear said in a statement that “this incremental investment in our associates was made possible by the new tax reform bill. We are pleased to be able to provide this additional reward to our associates.”
Starbucks announced Wednesday that more than 150,000 of its U.S. employees would be receiving wage increases and other benefits because of the tax bill’s passage.
Roughly 125,000 of The Walt Disney Company’s U.S. employees are receiving bonuses totaling $125 million, the company announced Tuesday.
Other companies that have jumped on the bandwagon include Apple, AT&T, Boeing, Comcast, JPMorgan Chase, Verizon, Walmart, Wells Fargo and more.
Although companies across the nation are using portions of their tax cuts to reward employees, House Minority Leader Nancy Pelosi (D-Calif.) doubled down on her infamous “crumbs” comment, dismissing the bonuses and using a “cartoon that I just love” to illustrate.
“There’s a little mouse trap who’s got a little piece of cheese on there and there’s a mouse about to take it and that’s called the middle class,” Pelosi said during a town hall meeting at Florida Atlantic University. “And around it are fat cats — they look a lot like elephants but anyway, around there. And that’s the thing. Get this little thing and we get this big bonanza. You get the crumb, we get the banquet.”
Pelosi was hit by a strong backlash after she referred to such bonuses as “crumbs” during a January 11 press conference.
“In terms of the bonus that corporate America received versus the crumbs that they are giving workers to kind of put the schmooze on is so pathetic. It’s so pathetic,” Pelosi had said. “I think it’s insignificant.”
Two recent polls showed that Trump’s tax cuts are becoming more popular with the American people.
A SurveyMonkey poll conducted for The New York Times earlier in January found that 46 percent of Americans either strongly support the law or somewhat approve of it, up 9 percent from the 37 percent who said the same before the bill’s passage.
A Politico/Morning Consult poll also done earlier in January found an uptick in support for the tax legislation, from 42 percent to 45 percent.
Commerce Secretary Wilbur Ross said Thursday on Fox Business Network’s “Morning with Maria” that the mainstream media had “no alternative but to make up fiction” about Trump’s tax cuts.
“But eventually facts overcome fiction,” Ross said. “And I think the fella that just got a $1,000 check doesn’t care what the left-wing media says. And the person who gets a tax cut in the next withholding, he or she is also not gonna care what the left-wing media says.”
“One of the best things for consumer spending is something approaching 2 million American workers who got thousand-dollar bonuses in January — specifically because of the tax bill,” Ross added. “Who would ever have thought that would happen?”