(CNN Money) — The U.S. Treasury and the IRS on Thursday put out new guidance and withholding tables for employers that incorporate changes from the new tax law.
Under those new tables, the Treasury estimates that 90% of people who get a paycheck are likely to see more in take-home pay, as soon as February. Employers will have until Feb. 15 to incorporate the changes in their payroll systems.
WALMART ANNOUNCES BONUSES FOR ITS ONE MILLION EMPLOYEES, INCREASE WAGES ALL THANKS TO TRUMP TAX CUTS
WALMART ANNOUNCES ONE MILLION EMPLOYEES WILL GET BONUS THANKS TO THE TRUMP TAX CUTS
Stuart Varney from FOX Business Network reported:
“As of this morning before we got the Walmart announcement, 1,039,000 Americans were going to get a bonus. Now it’s 2,039,000 Americans will get a bonus. Clearly it’s employees and customers who are getting the benefit as well. By the way, before we got the Walmart announcement we had Waste Management chiming in with $2000 bonuses for 34,000 employees.”
( CNBC ) Waste Management said Wednesday that it will give $2,000 in special bonuses to about 34,000 employees.
The company said the cash bonuses will be given to its North American employees who are not on a bonus or sales incentive plan, including hourly and other employees.
The news comes after other companies have made similar announcements, citing the passage of tax legislation that slashes the corporate tax rate to 21 percent from 35 percent.
CEO Jim Fish said in a statement the company wanted to pass on the tax benefit to its employees.
WAT? BERNIE SANDERS: ‘MAKE GOP MIDDLE CLASS TAX CUTS PERMANENT’ – TED CRUZ RESPONSE, ‘LET’S DO IT IN JANUARY!’
- Bernie Sanders: “We should have made the tax breaks for the middle class permanent“
- Ted Cruz: ” I agree,
@BernieSanders — let’s make the middle-class tax cuts permanent. Join me, we’ll co-sponsor legislation (I’ve already got it drafted) that does exactly that, and we’ll get it passed in January!”
CNN host Jake Tapper asked America’s socialist uncle Bernie Sanders if 91% of the middle-class receiving GOP tax cuts is a good thing despite tax cuts for corporations and the wealthy.
“I understand you’re not a fan of the tax bill, you don’t like the large corporate tax cut and you’re not happy with the tax cuts for the wealthy, but according to the Tax Policy Center, next year 91% of middle income Americans will receive a tax cut – isn’t that a good thing?” Tapper asked.
Sanders shocking answer:
“Yeah, it is a very good thing, and that’s why we should have made the tax breaks for the middle class permanent,” Sanders said, adding that most of the benefits would go to the “top 1%” after ten years.
Senator Ted Cruz (R-TX) responded to Sanders’ interview on Twitter, offering to team up on legislation to make the middle class tax cuts permanent in January.
@BernieSanders — let’s make the middle-class tax cuts permanent. Join me, we’ll co-sponsor legislation (I’ve already got it drafted) that does exactly that, and we’ll get it passed in January!
THE BIG LIST OF TAX-CUT PAYOFFS
17 companies announce bonuses, more pay, expansion
Editor’s note: WND is chronicling the response by U.S. businesses to the biggest rewrite of the federal tax code since the 1980s Reagan administration and a tax cut of as much as $3.2 trillion in the form of this BIG LIST OF TAX-CUT PAYOFFS. It will be regularly updated as more companies respond.
WASHINGTON – Before the ink was even dry on President Trump’s signature on the Republican tax-cut bill, corporate America was not only toasting it, praising it and celebrating it, but handing out money to employees like Santa Claus.
It started with AT&T expanding its bonus program to an additional 200,000 staffers getting apiece.
Next came Boeing announcing a gift of $300 million in investment in its employee-related charitable program “to support our heroes, our homes and our future.”
Wells Fargo and Fifth Third Bancorp announced they would raise their minimum wage to $15 in the New Year, with Fifth Third kicking in an additional bonus of $1,000 to 13,000 employees.
Bank of America will give some of its employees a $1,000 bonus, citing the tax bill that was just signed into law.
“Beginning in 2018, we will see benefits from the tax reform … in the form of lower corporate tax rates,” CEO Brian Moynihan said in an internal memo to employees obtained by CNBC. He also said that about 145,000 employees will receive the bonus.
President Donald Trump signed a bill on Friday that overhauls the U.S. tax code. One of the biggest changes it makes is slashing the corporate tax rate to 21 percent from 35 percent.
Bank of America is the latest company to take this sort of action following the passage of the tax bill. Here’s a scorecard of the announcements from the largest U.S. companies.
PRES. TRUMP SIGNS HISTORIC TAX CUTS AND JOBS ACT:’ You’ll see something on February 1 when they open up the paycheck.’
President Donald Trump signed his tax cut bill on Friday morning in the Oval Office with little fanfare in his final order of business before the start of his Christmas holiday away from the White House.
Calling it ‘the biggest tax cut, the biggest reform of all time’ he said ‘the numbers will speak’ for themselves when taxpayers start to see results.
‘I think it’s selling itself,’ Trump said of the landmark legislation. ‘It’s becoming very popular. You’ll see something on February 1 when they open up the paycheck.’
Rather than holding an elaborate signing ceremony in early January, he said he rushed to turn the bill into law before December 25 to honor a pledge to make tax cuts his Christmas present to the American people.
‘I didn’t want you folks to say that I wasn’t keeping my promise,’ he told the press. ‘I’m keeping my promise. I’m signing the bill before Christmas.’
And in a holiday truce with the journalists he loves to hate, he distributed official signing pens to some of them.
‘Many of you have worked very fairly, and we appreciate that,’ Trump said.