The trend of companies offering employee bonuses after President Trump signed historic tax reform legislation into law has grown to over 200 firms impacting millions of workers, according to a bonus list tallied by Americans for Tax Reform.
Some 220 companies big and small have flooded the group headed by Grover Norquist with requests to be put on the list to show their appreciation for the reforms that are expected to better the bottom line.
In addition to bonuses of up to $3,000, companies are offering benefit increases and one, Walmart, is even providing a $5,000 adoption credit.
Some Democrats have ripped the bonuses as “crumbs” but Norquist said the money to workers is real.
“Nobody expected that within weeks we'd have millions of Americans receiving tax reform bonuses, pay hikes, and 401k match increases. Over time, we expected employment and take-home pay to increase nationally, but this response is stronger and faster and more widespread than anyone I spoke to expected,” said Norquist.
“The continued increase in the stock market suggests that investors believe this growth will continue and expand. And one of the biggest benefits is that public utilities are lowering rates for customers because they now have a lower tax burden. Politically, Democrats will have to explain why they voted against legislation that reduces every American's utility bill, has brought higher pay and bonuses to millions, and has increased the lifetime savings of the tens of millions of Americans who have 401ks, IRAs, and defined contribution pensions. Pelosi's gift to the modern Republican party was to refer to $1,000 as crumbs,” he added in a blog post.
The continuously updated list on Saturday featured a comment from Michigan-based WebHobbyShop’s Bruce Zak. “I am sure it seems like 'crumbs' to elitists but I was able to give them a $2 per hour raise because of the tax reform. It was great to do and my staff is very pleased,” he said.
ATR’s Communications Vice President John Kartch said he is still collecting companies offering the tax reform bonuses. His address is email@example.com
On it's webpage, Walmart explained its package with these key points:
- A one-time bonus benefiting all eligible full and part-time hourly associates in the U.S. The amount of the bonus will be based on length of service, with associates with at least 20 years qualifying for $1,000. A discrete one-time charge will be taken in the fourth quarter of the current year to account for the bonus; qualification will be determined before the end of the month and payments will be paid as quickly as practical thereafter.
- An increase in Walmart’s starting wage rate to $11 an hour, effective in the Feb. 17, 2018, pay cycle. The change is in addition to wage increases already planned for many U.S. markets in the coming fiscal year. The increase applies to all hourly associates in the U.S., including stores, Sam’s Clubs, eCommerce, logistics and Home Office.
- An expanded parental and maternity leave policy, providing full-time hourly associates in the U.S. with 10 weeks of paid maternity leave and six weeks of paid parental leave. Salaried associates will also receive six weeks of paid parental leave.
- Walmart will provide financial assistance to associates adopting a child. The adoption benefit, available to both full-time hourly and salaried associates, will total $5,000 per child and may be used for expenses such as adoption agency fees, translation fees and legal or court costs.
Paul Bedard, the Washington Examiner's "Washington Secrets" columnist, can be contacted at firstname.lastname@example.org