After House Minority Leader Nancy Pelosi said that the bonuses hard-working Americans were receiving thanks to Trump’s recent tax reform are “crumbs,” a Republican lawmaker decided to make legislation that would make those bonuses given out recently not be taxed, reports Fox News.
Rep. Todd Rokita (R-IN) decided to dub this new bill the “Creating Relief and Useful Middle-Class Benefits and Savings” or “CRUMBS” as a kind of jab to Pelosi and her now infamous critique of the bonuses and pay increases that employees are receiving thanks to the tax cuts from the GOP tax reform last year.
“Americans are receiving thousands of dollars in bonuses and more money in their paychecks thanks to President Trump’s tax reform, but out-of-touch Democratic leaders believe they only amount to crumbs,” Rokita said in a statement. “The CRUMBS Act will let Americans keep more of the money they receive as a result of President Trump’s tax reform, and allow them, not the government, to choose how best to spend their bonuses.”
Rokita’s bill would make bonuses received by workers in 2018 tax-free up to $2,500. Since tax reform was signed into law this past December, multiple companies have given out bonuses and pay raises in anticipation of increased tax savings.
346 different companies have given workers bonuses or raises or increased contributions to employees’ 401(k)s, according to a tally by Americans for Tax Reform.
Those companies include AT&T, which gave $1,000 bonuses to 200,000 employees; automaker Fiat Chrysler, which gave at least 60,000 workers bonuses worth up to $2,000; and moving company U-Haul, where more than 28,000 full and part-time employees received bonuses ranging from $500 to $1,200, reports Fox News.
All of these bonuses or raises will be affecting more than 3,500,000 Americans, according to Town Hall. Which would be the serious boost to the economy that America needs to start eating away at our national debt and create a better tomorrow for American workers.