GOP rep unveils ‘Crumbs Act’ to make bonuses tax-free, in swipe at Pelosi
A Republican lawmaker is set to unveil legislation that would move most bonuses given out as a result of President Trump’s tax reform plan tax-free — and made a poking 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 intention 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 commanders believe they only amount to morsels, ” Rokita said in a statement. “The CRUMBS Act will let Americans obstruct more of the money they receive as a result of President Trump’s tax reform, and allow them , not the government, to choose how excellent to expend their bonuses
Rokita’s bill would realize bonuses received without works in 2018 tax-free up to $2,500. Since charge improve was signed into principle this past December, several corporations have given out bonuses and remuneration parent in anticipation of increased charge savings.
According to a tally by Americans for Tax Reform, 346 companionships have given works bonuses or promotes or increased contributions to employees’ 401( k ). Those business include AT& T, which payed $1,000 bonuses to 200,000 employees; automaker Fiat Chrysler, which sacrificed at least 60,000 craftsmen bonuses worth up to $2,000; and moving company U-Haul, where more than 28,000 full and part-time hires received bonuses wandering from $500 to $1,200.