With Home Depot and Starbucks moving to offer employees bonuses as a result of President Trump’s tax reform package, the total number of firms rewarding workers has reached 250, a jump of 525 percent in just two weeks.
The companies have credited the tax changes for plans to offer bonuses of up to $3,000, increases in retirement plans, wage hikes and even adoption benefits.
The tax watchdog group Americans for Tax Reform, headed by Grover Norquist, has been keeping the most updated list of companies offering benefits and today told Secrets that it had crossed the 250 mark. – READ MORE
[give_form id=”79809″] [divider][/divider]A majority of small business owners, 63.8 percent, believe that President Trump’s policies have helped their business, according to a survey from the Job Creators Network.
More business owners—57.5 percent—believe Republicans do a better job of managing economic issues than do Democrats (14 percent). The survey finds the support is likely due to Trump’s ability to roll back regulations and red tape on businesses.
A majority of businesses also support the tax reform package that was signed into law and believe media coverage of the proposal was biased.
Sixty-eight percent of small businesses view the legislation favorably or somewhat favorably. Fifty-eight percent said the Tax Cuts and Jobs Act will benefit their business.
“Since much of the media coverage surrounding the bill has been critical (57.3 percent of respondents viewed the coverage as biased), these numbers provide insight into what the biggest job creators in the country are expecting to gain from the new tax relief,” the survey explained. – READ MORE
[give_form id=”79809″] [divider][/divider]Home Depot (HD) announced on Thursday that it will pay its U.S. hourly workers a one-time bonus of up to $1,000 tied to President Trump’s tax reform.
“This incremental investment in our associates was made possible by the new tax reform bill,” Craig Menear, chairman and CEO of the company, said in a statement.
The largest U.S. home improvement chain is joining JPMorgan (JPM), Verizon (VZ), Disney (DIS) and others in adding to employee compensation after President Trump signed a sweeping tax-reform bill into law.
The Home Depot bonus will be paid in addition to the retailer’s existing bonuses. It employs more than 400,000 associates. – READ MORE
[give_form id=”79809″] [divider][/divider]The Trump administration’s tax reforms will accelerate global economic growth, according to the latest forecast of the International Monetary Fund (IMF).
Total economic output for the world will grow 3.9 percent in 2018 and 2019, after adjusting for inflation. That would be the strongest year for global growth since 2011 and represents an upward revision of 0.2 percent since the IMF’s forecast in October.
When the IMF released its Global Economic Outlook in October, it assumed that U.S. tax policies would remain unchanged. In other words, it assumed Republican efforts to pass tax reform would fail.
The changes to the U.S. tax code are expected to be responsible for “about half” of the upward revision, the IMF. Much of that will arise from lower corporate income tax rates. The IMF estimates that lower rates will lead to an acceleration of business investment. As well, a larger federal budget deficit will stimulate the economy and boost U.S. growth, according to the IMF. – READ MORE
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