It’s been both amusing and enraging to watch the left-wing media spew its typical propaganda over the successful bid to cut taxes. As usual, the worn out lies about it being a tax cut for the rich, and how it’s going to hurt the lower classes is what they’re selling the public. Which is funny, since the lower half of the nation effectively pays no income tax.
Despite all their shameless lies and hand-wringing over the tax cuts, the reality is that we’re already seeing the positive effects from them, as companies have explicitly stated that tax savings are the reason they’re giving bonuses to employees and/or investing more in the economy. The latest example proving the tax cut proponents correct is Home Depot’s response to the new law.
As reported at CNBC, while the media’s busy telling us that taxes don’t need to be cut, hourly workers at the home improvement giant Home Depot will be receiving a one-time cash bonus of as much as $1,000 following the passage of new tax legislation.
The bonus will be tiered out based on an employees time of service to the company, similar to how Walmart’s paying tax saving bonuses to its own workers.
Every hourly worker will get at least a $200 bonus, a spokeswoman told CNBC, and the maximum payout is $1,000 for workers who’ve served at least 20 years.
The payment tier was described by an employee after attending a company meeting regarding the good news.
2 to 4 years: $250 bonus
5 to 9 years: $300 bonus
10 to 14 years: $400 bonus
15 to 19 years: $750 bonus
20+ years: $1,000 bonus
Home Depot’s move is the latest in a growing list of corporations, and many retailers, using the savings of the tax law to reward and invest in their employees.
“This incremental investment in our associates was made possible by the new tax reform bill,” Chief Executive Officer Craig Menear said. “We are pleased to be able to provide this additional reward to our associates.”
While the bonuses are tied to the tax saving Home Depot will receive for fiscal year 2017, the company has said that the law’s impact on its business in 2018 should be “beneficial.”
“Amid the changing retail environment,” Home Depot said it plans to make more investments in its stores, workers, and the customer shopping experience.
The company will provide more details of its investment plans after it reports fourth-quarter earnings on Feb. 20. Regardless of what’s to come, the company’s move to reward its workers rather than pocket all the savings is praiseworthy.
There’s no question employees will be thrilled with the news, and hopefully, Home Depot and all the other companies’ actions will show folks that lower taxes are simply better for individuals and the economy as a whole.