Since President Donald Trump and the Republicans slashed the corporate tax rate from 35 percent to 21 percent, 100s of companies have raised wages, offered bonuses, contributed to retirement accounts, implemented a wide variety of benefits and perks, and pledged to invest billions of dollars in the U.S.
This should be something that’s celebrated, right? Not for Nancy Pelosi and the Democrats. They think $1,000 bonuses, enhanced maternity leave, and higher wages are “crumbs” (SEE: BITTER: Nancy Pelosi slams wage hikes, bonuses from Corporate America).
As a way to troll Pelosi, some Republicans are trying to take the bonuses to another level: allowing them to be tax-free.
Representative Todd Rokita (R-IN) is planning to introduce new legislation titled “Creating Relief and Useful Middle-Class Benefits and Savings,” or CRUMBS, which makes the bonuses tax-free. This would be even more money in the pocket of average Americans.
“Americans are receiving thousands of dollars in bonuses and more money in their paychecks thanks to President Trump’s tax reform, but out-of-touch Democratic leaders believe they only amount to crumbs,” Rokita said in a statement. “The CRUMBS Act will let Americans keep more of the money they receive as a result of President Trump’s tax reform, and allow them, not the government, to choose how best to spend their bonuses.”
Under the law, bonuses up to $2,500 would not be taxed by the federal government.
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