House Minority Leader Nancy Pelosi has belittled the burgeoning number of tax cut bonuses handed out by employers to millions of employees as “crumbs,” but to workers receiving them, it’s welcome cash in their pockets.
Old Dominion Freight Line decided to give $500 bonuses to all 22,000 non-executive employees nationwide due to the Trump tax cuts that lowered the corporate tax rate from 35 percent to 21 percent. CEO David Congdon told employees the one-time bonus was intended to thank them for their excellent service “and to share part of our anticipated 2017 tax savings with you.”
“The president has signed a historic tax reform bill that should reduce OD’s taxes and also generate growth for the U.S. economy,” Mr. Congdon said in a note to workers. “We expect that the anticipated improvement in the economy will create additional opportunities for use to win market share and grow our company more than originally anticipated.”