Posted on 02/14/2018 2:17:23 AM PST by Libloather
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.
(Excerpt) Read more at foxnews.com ...
Mrs. Crumb in the Cloak Room with a golden Gavel.
Democrat destroyers........that about nails it.
This law MUST apply ONLY to the bonuses given in the early part of this year.
Otherwise——every CEO in the country will get a “BONUS” that will be considered tax free.
These tax free bonuses must be for the rank & file.....not the Board Members, etc.
Would a company have to prove or document somehow that the bonus was directly related to the tax cut and not due to some other existing bonus plan? Would this be in the form of a personal 1040 tax deduction when filing one’s 2018 taxes? Because I don’t see how an employer could reasonably remedy making it tax free to the employee if they’ve already paid it and withheld taxes on it. And as a payroll professional, that would be a nightmare.
And I assume this would this only apply to federal tax and not to payroll taxes (SS and Medicare)? It certainly wouldn’t effect state and local taxes unless a state legislature passed a similar bill.
I think this is more a publicity stunt and a well deserved jab at Polisi, rather than something that’s actually going to happen.
the "Creating Relief and Useful Middle-Class Benefits and Savings" -- or "CRUMBS" Act.
This story will NOT being making the nightly news with ABC, CBS, NBC or even Bret Baier. Fox’s very own liberal news anchor...
LOL - I have the feeling he’s not going to be interested in this story...
Rep. Todd Rokita, R-Ind., has dubbed his bill the “Creating Relief and Useful Middle-Class Benefits and Savings” — or “CRUMBS” Act.
Wicked clever!
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.
