Three million Americans are expected to receive bonuses due to the Tax Cuts and Jobs Act, according to a count from Americans for Tax Reform.
The group has compiled a list of more than 250 companies who have announced salary increases, bonuses, and benefit packages as a result of the tax package that was signed by President Trump in December.
"At least 3 million Americans are receiving special tax reform bonuses," the group states. "This number does not even include those receiving pay increases or increased 401(k) contributions from their employer due to tax reform."
Home Depot has said that every hourly worker will receive a bonus of up to $1,000. Starbucks announced yesterday they are investing $250 million in higher wages and benefits for their workers, as well as creating 8,000 new retail jobs and 500 manufacturing jobs.
Iron Horse Energy Services is offering all of its 93 employees a bonus, while covering 100 percent of their health care costs.
Dynamic Fastener, a sheet metal and rivet company, said that in addition to hiring new employees and buying new equipment, they are offering all employees a bonus of $1,000.
Camp Construction Services in Houston gave employees a $500 bonus.
"Because of the reduction in corporate taxes we, as will all businesses, benefit from this tax cut," said Roger Camp, CEO of Camp Construction. "Now that we will be giving less of our hard earned income to the federal government, we can share some of it with you."
Published under: Tax Reform , Taxes