Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
https://www.google.com/amp/www.foxne...elosi.amp.html
A Republican lawmaker is set to unveil legislation that would make most bonuses given out as a result of President Trump's tax reform plan tax-free -- and took a jab at House Minority Leader Nancy Pelosi with the bill's name.
Rep. Todd Rokita, R-Ind., has dubbed his bill the "Creating Relief and Useful Middle-Class Benefits and Savings" -- or "CRUMBS" Act. Pelosi, D-Calif., famously referred to the bonuses as "crumbs" in criticizing the tax plan last month.
"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
Rokita's bill would make bonuses received by workers in 2018 tax-free up to $2,500. Since tax reform was signed into law this past December, multiple companies have given out bonuses and pay raises in anticipation of increased tax savings.
According to a tally by Americans for Tax Reform, 346 companies have given workers bonuses or raises or increased contributions to employees' 401(k). Those companies include AT&T, which gave $1,000 bonuses to 200,000 employees; automaker Fiat Chrysler, which gave at least 60,000 workers bonuses worth up to $2,000; and moving company U-Haul, where more than 28,000 full and part-time employees received bonuses ranging from $500 to $1,200.
Bonuses are great, but it's a one time pay. I can't believe how many are giddy over this. The middle class need raises not bonuses.
So will all bonuses be taxed free including WALL STREET scrubs bonuses and upper management?
It should be based by income limit.
No text of the bill but the article says limited to 2,500. Very hard to administer raises will be replaced with bonuses.
Nice dig at the crumbs comment though.
Many are also getting raises. Don't be a party pooper just because you missed out.
In my husband's previous job he received a $20,000 bonus. Now that's a bonus.....not $500. I'm being a party pooper because this tax plan does more for the rich than the middle class. I know people are grateful for any amount they receive but the middle class should benefit more. We are the backbone of this country.
It should be called the SUCKER Act, since the plan is aimed at people who think that it’s a good deal to get an extra thousand dollars now in exchange for giving up their future Medicare and Social Security.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
