Posted on 02/14/2018 4:00:13 AM PST by smileyface
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 $2,500. Since tax reform was signed into law this past December, multiple companies have given out bonuses and pay raises in anticipation of increased tax savings.
(Excerpt) Read more at foxnews.com ...
Love this
Thank you smileyFace! Now I have a smiley face too. No bonus, but a happy, smiley feeling that things are turning around. That’s the bonus in it for me and mine.
Bad bad idea.
The top dogs at companies don’t get most of their money in salary. Maybe a few million, with a bonus worth tens of millions.
Up to 2500$
“Rokita’s bill would make bonuses received by workers in 2018 tax-free up to $2,500”
Meanwhile I had to pay income tax on the $500 scholarship I got at a school (which was to pay for one non-degree course that cost $500 and didn’t cover registration fees or lab fees).
McTurtle will kill it because the puppet master Schuma won’t like it.
The top dogs at companies don’t get most of their money in salary. Maybe a few million, with a bonus worth tens of millions.
Try reading the story instead of just the headline next time.
capped at 2500...
Because of this naming, now Pelosi won't sign it! /sar
Yep, if it doesn’t help you no one should get any relief by God.
“McTurtle will kill it because the puppet master Schuma won’t like it.”
I’ll take that bet.
$2500 max...
I think it is cool. However, how the heck do we replace that money in the treasury? Don’t say cutting programs because neither party is interested in that.
This is fantastic.
I'm fortunate enough to receive a (nearly) regular annual bonus at my company. It's based on a formula of financial incentives and level within the company. Once the full bonus is calculated, I have to multiple the result by 0.6, to arrive at the net payout.
You're absolutely correct. Why is such a bonus considered special enough to take 40% and give it to the government?
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