Company Reveals the Reason They Gave Out $1K Bonuses After the Trump Tax Cuts
A small software development company gave its employees $1,000 bonus checks and made sure they knew exactly where the money was coming from.
Spellex Corporation, located in Tampa, Florida, had “Trump Tax Cut and Jobs Act” written in the “Memo” section of each check.
The company’s founder and CEO Sheldon Wolf told “Fox & Friends” that he saw large companies such as AT&T and Bank of America giving out bonuses to their employees, and was inspired to follow suit, according to Fox News.
“I thought, ‘Well, what about us smaller companies, companies with less than 100 employees or even less than even 50 employees? We could do the same thing,'” he said.
Wolf added, “I wanted to do it because I’m excited about the new tax plan from Trump and the GOP, and I wanted to share the wealth, as they say.”
The CEO explained that most of his employees are “generation x-ers” and “millennials” who are not always into politics.
“It really impacted them when they got a check for $1,000 that plainly said this is why you are getting this check because of the change in the new tax plans,” he said.
He admitted that many people in his company might not be “fans of President Trump,” but “no one was complaining” when they got money as a result of the president’s policies.
House Minority Leader Nancy Pelosi called the tax savings and $1,000 bonuses “crumbs.”
The hosts of “Fox & Friends” asked Wolf about his response to Pelosi’s comment.
“It really amazes me that anybody can find something wrong with the fact that millions of employees, probably 80 to 90 percent of the work force, are going to be able to keep additional funds that they were giving to the government, I mean it’s a great deal,” Wolf responded. “But again as you know, the liberals and the liberal media will try and make something bad out of anything that happens. But this is particularly a great deal for everyone.”
Republican National Committee Chairwoman Ronna McDaniel pointed out the importance of “crumbs” to American families in a tweet last week.
In the weeks after President Donald Trump signed the historic GOP-led tax reform bill into law, at least 164 companies have announced they will be providing bonuses for their workers and/or cutting prices due to the tax cuts.
As pointed out by the Washington Examiner, the tax reform legislation has affected a variety of companies — both large and small — and the benefits have been manifested in many ways.
The U.S. Treasury estimated that 90 percent of U.S. workers will get more take-home pay as soon as next month based on changes made by the new tax law.
House Speaker Paul Ryan criticized pundits “telling mistruths, disguising the facts of this thing” in an effort to unfairly malign the tax plan’s impact, CNBC reported.
“But when we get this done, when people see their withholding improving, when they see the jobs occurring, when they see a simpler tax code, that’s what’s going to produce the results,” he said. “And results are going to be what makes this popular.”
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