Like clockwork, ANOTHER huge employer in the United States has announced cash bonuses for their workers thanks to President Trump’s tax plan. Since the corporate tax rate has been cut significantly, companies are giving some of that money back to the hardworking men and women that make their businesses what they are today.
Companies like Boeing, Apple, Walmart, Visa, Starbucks and DOZENS more have announced these benefits, and now the HOME DEPOT is joining in on the fun!
Here’s the report from CNBC:
Home Depot is awarding its hourly employees in the U.S. a one-time cash bonus of as much as $1,000 following the passage of new tax legislation.
The bonus amounts will be determined based on a person’s length of service, similar to Walmart’s strategy. All of Home Depot’s U.S. hourly workers will get at least a $200 bonus, a spokeswoman told CNBC, and the maximum payout is $1,000 for workers who’ve served at least 20 years.
According to the Home Depot, there is how the bonuses will be distributed (based on how long the employee has been at the company):
Less then 2 years: $200 bonus
2 to 4 years: $250 bonus
5 to 9 years: $300 bonus
10 to 14 years: $400 bonus
15 to 19 years: $750 bonus
20+ years: $1,000 bonus
In his announcement, Home Depot CEO Craig Menear gave direct credit to the Trump tax plan for his ability to give out these bonuses.
Here’s more from the CNBC report:
“This incremental investment in our associates was made possible by the new tax reform bill,” Chief Executive Officer Craig Menear said in prepared remarks. “We are pleased to be able to provide this additional reward to our associates.”
The home improvement retailer said the new tax law will result in added tax expenses of about $150 million in the fourth quarter, which are tied to taxes on offshore earnings. These expenses and the bonus payments will lower Home Depot’s fiscal 2017 earnings by 19 cents a share, the company said.
For fiscal 2018, Home Depot is still evaluating the legislation’s impact on its business, but said it should be “beneficial.”
Nancy Pelosi infamously said that these bonuses are “crumbs”, but that is insulting to families who don’t have much. $200 or $1,000 might not be a lot of money to her, but it could be life-changing to some families that are living paycheck to paycheck.
Here’s how twitter responded to this announcement:
Home Depot, Disney and many others have given out bonuses to their employees in response to tax reform. The Democrats say that these are nothing more than crumbs. Seems they are more upset at the positive results of Tax Reform.#TaxReform
— James Brower 🍦🍦 (@jbro_1776) January 25, 2018
Will the horrors never cease? pic.twitter.com/BQ2xpZDZTu
— Dave Rubin (@RubinReport) January 25, 2018
— 🇺🇸 USA OVER PARTY (@michaelbeatty3) January 25, 2018
The list of companies giving bonuses and raising wages for hardworking Americans continues to grow! This morning, @HomeDepot announced plans to award hourly employees a cash bonus up to $1,000 as a result of GOP tax cuts. -> https://t.co/xcDXeCZ9hM
— Senator Ted Cruz (@SenTedCruz) January 25, 2018
HOME DEPOT “Today, as a result of the recent tax reform bill and in appreciation for continued excellent customer service, we are pleased to announce that all U.S. hourly associates will receive a one-time bonus of up to $1,000 based on tenure.#ThursdayThoughts @NancyPelosipic.twitter.com/GxLgxzxGgz
— ssd (@Pismo_B) January 25, 2018