Trump’s tax reform bill is already a huge success and it’s only been a few weeks. Already, millions of American workers at many huge companies are not only getting a tax break but they are getting a bonus from their employer simply because the bill passed.
From Fox Business:
The California-based tech giant gave employees below the senior level title of “director” bonuses worth $2,500. The awards were composed of restricted stock units, a source familiar with the situation told FOX Business.
The telecom giant said in late December that more than 200,000 of its employees, including union-represented and non-management workers, will be eligible for a $1,000 bonus. The checks will be in the mail in time for the holidays if Trump finalizes the tax bill with his signature before Christmas. AT&T (T) also said it will invest $1 billion more than expected in the U.S. in 2018, once the cuts are final.
The aerospace and defense company immediately announced $300 million in investments after the bill passed, with $100 million toward corporate giving including employee gift-match programs, $100 million toward workforce development, training and education and $100 million toward enhancing Boeing’s workplaces.
Wal-Mart (WMT), the world’s largest employer, with over 2 million workers, the move to boost pay for hourly U.S. workers to $11 underscores the power of the new tax package. Additionally, the retailer will give one-time $1,000 bonus payments to workers, depending on length of service. It is also extending maternity and parental benefits for workers. The changes take place in February.
The list goes on and on.
All Americans, regardless of party, should be happy that so many people out there are getting a break.
Not Nancy Pelosi.
According to Nancy, these bonuses to hard-working families are just “crumbs”.
From Fox News:
House Minority Leader Nancy Pelosi on Thursday slammed President Trump’s tax reform that led to companies giving as large as $2,000 bonuses as “crumbs,” despite praising Obama-era $40 tax cut to workers as a “victory for America” in 2011.
“In terms of the bonus that corporate America received versus the crumbs that they are giving to workers to kind of put the schmooze on — it’s so pathetic,” she told reporters Thursday. “I think it’s insignificant.”
Doesn’t that just sum up Democrats perfectly?
This week, we learned that Verizon is getting into the mix.
Verizon says employees, other than top management, will receive 50 shares of restricted stock, the price of which will be set on February 1.
About 155,000 employees will be affected, Verizon CEO Lowell McAdam told CNBC’s “Fast Money: Halftime Report” on Tuesday.
The award could total over $400 million, based on Verizon’s current share price. Shares traded around $53 a share on Tuesday, down from a fresh 52-week intraday high of $54.60 after quarterly earnings were released.
The announcement comes after Verizon hinted in its morning earnings report that “employees will further share in the company’s success” around tax reform. Verizon expects savings from tax reform will add $3.5 billion to $4 billion to its operating cash flow this year, boosting earnings by 55 to 65 cents a share for the full year.
Speaker Paul Ryan was pleased with this development and he had the perfect message for Pelosi.
Game. Set. Match.
[Note: This post was written by Andrew Mark Miller]