Former Democratic National Committee (DNC) chairwoman and Rep. Debbie Wasserman Schultz (D-FL) argued on Thursday that $1,000 bonuses as a result of tax reform don’t amount to much help. She said, “I’m not sure that $1,000 goes very far for anyone.”
Schultz contended on Thursday:
Frankly, if you look at the bonuses, which I haven’t heard of a corporate bonus more than $1,000 so far. Which by the way is taxed, so it’s not $1,000. And then you spread $1,000 over the course of the year — to think of about how much that is — of course they get it all at once. But I’m not sure that $1,000 (which is taxed, taxable) goes very far for almost anyone.
House Minority Leader Nancy Pelosi (D-CA) also rebuked the recently passed Tax Cuts and Jobs Act, referring to the bill as “the end of the world” and “Armageddon.” Since President Donald Trump enacted the legislation, Pelosi referred to the benefits that Americans received from the bill as “crumbs.” She also called the benefits “pathetic.”
Reports suggested that over one million Americans will receive a bonus of up to $3,000 thanks to the tax cut legislation.
Rick Jensen, an American Airlines employee, told the Independent Journal Review (IJR) that a $1,000 bonus will help him immensely, arguing:
One-thousand dollars is a massive amount for us. It’s allowing us to take a break from our work and vacation as a family. Student loans, car payments, and day-to-day bills add up. There’s not a lot of extra money every month.
My wife and I work as hard as we can to provide, and $1,000 makes an immense difference on how we get to live our lives. Thanks to tax reform, we and many other families get the freedom to spend more of our hard-earned dollars.
Luke Kranz, an employee with FBC Mortgage, told IJR:
To say that the $1,000 bonuses from companies such as Disney won’t go very far is ridiculous. To the average American that’s around a 3 percent bonus or an entire paycheck.
When most people don’t have enough money to save for retirement or have an emergency fund while she sits on millions of dollars, she simply cannot relate to the people.
Meanwhile, the American economy continues to thrive under President Trump. Home Depot decided on Thursday to distribute “crumbs” in the form of $1,000 bonuses to their employees.
Craig Menear, Home Depot’s chief executive, said in a statement released Thursday, “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.”
Well over 100 American companies gave their employees up to $2,000 in bonuses after President Trump signed the Tax Cuts and Jobs Act. Several corporations such as AT&T, Comcast, and Nationwide also increased their 401(k) match rate, raised their minimum wages, and increased domestic investment because of the Republican tax bill.
American unemployment claim benefits remain at a record 17-year low, and American consumer sentiment reached its highest level since 2000.
President Trump tweeted on Wednesday, “Will soon be heading to Davos, Switzerland, to tell the world how great America is and is doing. Our economy is now booming and with all I am doing, will only get better…Our country is finally WINNING again!”