The White House on Friday touted the bonuses and pay raises companies are issuing to employees due to the Republican tax bill signed last month as being a “Trump Bonus” or a “Trump Pay Raise.”
“More than one million hardworking Americans have already received a ‘Trump Bonus’ or ‘Trump Pay Raise’ as a result of the historic tax reform package that President Donald J. Trump signed into law just before Christmas,” the office of White House press secretary Sarah Sanders said in a statement.
As of Friday, over 1 million American workers from over 100 companies will receive either a bonus, a pay increase, or a retirement increase in response to the GOP tax reform plan.
Companies such as Wells Fargo, Boeing, Fifth Third Bancorp, Comcast, among others, first revealed they would grant additional investments to their employees because of the tax reform legislation. Since then, more companies including Southwest Airlines have come forward and said they would also provide their employees with additional compensation.
“President Trump said from the beginning that lowering tax rates, simplifying the complicated tax code, and making our companies more competitive would be the fuel that propels our economy to new heights,” the White House said. “The preliminary results show that the President is right, and American workers and families are the big winners. And this is only the beginning. The President remains focused on empowering Americans to build more prosperous lives for themselves and brighter futures for their children.”
The law's most significant features are a drastic and permanent reduction in the corporate tax rate and an overhaul of the individual code through 2025 that will reduce rates, double the per child tax credit, nearly double the standard deduction, and limit a number of tax deductions, such as on mortgage interest and state and local taxes.
Trump signed the bill into law late in December before he headed to his Mar-a-Lago resort in Florida to spend the Christmas holiday, and called it an “incredible Christmas gift for hardworking Americans.”