When President Donald Trump signed a comprehensive tax reform bill earlier this month that reduced taxes for all Americans, including businesses, a number of top corporations responded promptly by announcing wage hikes and/or bonuses for their combined millions of employees.
As of this week, Home Depot, a home improvement supplies retailer that had over 400,000 Americans on its payroll as of 2017, has joined these companies’ ranks.
In an news brief published Thursday, the retailer announced that it intends “to provide a new one-time cash bonus for U.S. hourly associates of up to $1,000 in the fourth quarter of fiscal 2017.”
And in explaining why it has chosen to offer a bonus, Home Depot pointed to Trump’s tax reform bill, which cut the corporate tax rate from a whopping 35 percent to just 21 percent.
“We are pleased to be able to provide this additional reward to our associates for continuing to deliver outstanding customer service,” Craig Menear, the chairman, CEO and president of Home Depot, said in a statement. “This incremental investment in our associates was made possible by the new tax reform bill.“
As a reminder, members of the leftist media — who I argue live in an alternate reality — argued time and time again last year that a reduction in taxes would not spur investment by business owners.
Watch a video below if you need a reminder of their appalling ignorance:
Yet an updated list maintained by the Americans for Tax Reform advocacy group shows that over 250 companies “have already announced wage and salary increases, bonuses, or 401(k) match increases.”
The ATR further notes that at least three million American workers are slated to receive bonuses like the ones to be handed out by Home Depot.
Moreover, the Washington, D.C.-based International Monetary Fund, an organization whose “primary purpose is to ensure the stability of the international monetary system,” has “raised its forecast for world expansion to 3.9 percent this year and next, up 0.2 percentage point both years from its projection in October,” according to Bloomberg.
Why? Mainly because of Trump, again: “About half of the IMF’s global upgrade stems from the Republican tax cuts passed in December and enacted this year.”
Stunningly enough, however, House Minority Leader Nancy Pelosi still remains unimpressed with Trump’s tax bill. In a speech Thursday at Florida Atlantic University, she again reiterated her claim that the bonuses being handed out by corporation because of the tax bill are nothing but “crumbs.”
I swear if it paid to be ignorant, this woman would be a millionaire. Oh, wait, she already is, but I digress …
No matter what nonsense Pelosi and those like her spew, however, there’s simply no denying the positive effects the president’s bill has triggered.
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