Nancy Pelosi and Chuck Schumer’s doom-and-gloom predictions following the GOP tax cuts continued to crash and burn this week, with home-improvement giant Home Depot announcing their plans to pay out big bucks to their hourly employees.
The construction and hardware chain unveiled the new plan Thursday, pledging to dish-out $1,000 bonuses to US-based workers in the wake of the recently passed Republican tax legislation.
According to CNBC, the company structured its new payment scheme on fellow superstore Walmart; determining the size of the bonus by the employee’s “length of service.”
Based on the new plan, all of Home Depot’s American workers will receive $200, going up to $1,000 for individuals who’ve been with the company for two decades.
“This incremental investment in our associates was made possible by the new tax reform bill,” Chief Executive Officer Craig Menear said in a statement. “We are pleased to be able to provide this additional reward to our associates.”
Home Depot becomes the latest American corporation -joining Walmart, Visa, American Airlines, AT&T, Apple, and others- to raise wages, expand benefits, and pay-out big bonuses following the GOP-led tax cuts.