Looks like the economy is doing the exact opposite what Democrats said would happen to working and middle-class American families after Trump’s tax overhaul bill was passed last year. Now more than 200 companies are giving out bonuses to their employees affecting at least 3 million U.S. workers, reports Reuters.
Thanks to Trump’s $1.5 trillion tax overhaul, more businesses and employees are seeing a major increase in their wages or are giving out bonuses up to $2,000. Since corporate tax rates have been cut, that has allowed companies to give back some of the money they’ve saved to their employees.
Some of the companies that have given out these bonuses are Home Depot Inc., American Airlines Group Inc., and AT&T Inc. Reuters went around to some of these middle American towns to see what the tax reform has changed in their lives.
One man from Fort Lauderdale, Florida received a $400 bonus, which he said was nice but really wasn’t going to help him out in the long run and didn’t really change his views on Trump either.
“I did benefit, yes, but, I believe, in seven years, anything we get is going to disappear,” said Tim Smith, adding he believed the tax plan was a “rip-off” that would help the wealthy and add $1 trillion to the national debt.
However, another man from San Antonio, Texas was very happy to see trickle-down economics in action when he got a bigger paycheck due to the tax cuts.
Will Ortega is a supervisor at an infrastructure safety company, which controls traffic during highway renovation projects in San Antonio, Ortega’s take-home bimonthly paycheck went up by $50, and he knew exactly what to do with it.
“Lunch money,” he said, sitting at his desk wearing his neon yellow work clothes. “I was real careful with how I spent my money on food. Now it’s like if I want to go out to eat an extra day or not wake up early to make lunch, I don’t have to worry about it.”
Ortega said his boss was investing back into the company, which benefited all the workers.
“He’s making more money, and in turn, we just picked up two brand new trucks, so it’s a lot more comfortable for the guys to work in. We’re also able to hire more guys and take some of the workload off us,” he said.
Jeff Anderson, a 33-year-old account manager for a software company in Lincoln, Nebraska, said he received a $1,000 bonus because of the tax cut, about $600 after taxes.
“I was able to purchase a few things I’ve been putting off,” Anderson said. “My computer was failing so I built a new one. I bought a few books. The remainder is in savings, just in case.”
As you can see, there have been people all of America who has benefitted from Trump’s tax reform plan and more who will probably come out to say how grateful they are for the increase in pay, or the nice bonus at the beginning of this year.