Boy, it seems like we hear about a giant company giving their employees bonuses, raises, benefits and/or stock options on a daily basis since the GOP tax cuts were approved. Add another to the list.
Home Depot announced Thursday that it will give fourth quarter bonuses to its hourly workers in the U.S. of up to $1,000.
According to Reuters:
The company said it expects to incur a net tax expense of about $150 million in the fourth quarter, related to taxes on unremitted offshore earnings.
The company said it would revise its 2017 diluted earnings per share guidance lower by about 19 cents to reflect cash bonuses and the charge.
This is a big announcement since hourly workers typically don’t get the same bonuses or raises that salaried workers do.
This week alone, the Walt Disney Company, Verizon, Starbucks and JP Morgan Chase were the notable organizations that announced employee perks as a result of the corporate tax cuts that were a part of the GOP’s tax plan.
The corporate tax rate was slashed from 35 percent to 21 percent.
Chalk up another net positive for the tax cuts!