On Thursday, Home Depot joined a growing list of businesses whose employees will receive extra cash because of President Donald Trump’s tax reform legislation.
In a statement, CEO Craig Menear said his company was “pleased” to provide up to $1,000 in bonuses for its hourly employees.
“This incremental investment in our associates was made possible by the new tax reform bill,” he said, according to CNBC.
An employee told CNBC that the bonus amounts depended on how long they worked at the company:
Less than 2 years: $200 bonus
2 to 4 years: $250 bonus
5 to 9 years: $300 bonus
10 to 14 years: $400 bonus
15 to 19 years: $750 bonus
20+ years: $1,000 bonus
His comments came just a day after Trump touted his deregulatory and tax agenda for spurring business growth:
Tremendous investment by companies from all over the world being made in America. There has never been anything like it. Now Disney, J.P. Morgan Chase and many others. Massive Regulation Reduction and Tax Cuts are making us a powerhouse again. Long way to go! Jobs, Jobs, Jobs!
— Donald J. Trump (@realDonaldTrump) January 24, 2018
“Massive Regulation Reduction and Tax Cuts are making us a powerhouse again,” he said.
On Wednesday, investment bank JPMorgan Chase similarly announced that Republicans’ tax cuts contributed to the company’s decision to add 4,000 jobs, open 400 new branches in the U.S., and raise hourly pay for some of its workers.
The tax bill, which Trump signed in December, included a steep corporate income tax cut and temporary relief for individuals. While Trump and Republicans both touted reform as a way to create economic growth and jobs, Democrats worried about its cost and benefits for the wealthy.
Austan Goolsbee, economist and former economic adviser to President Barack Obama, similarly told PBS that Trump’s tax legislation exacerbated income inequality.
“The tax bill is a small temporary cut to taxes for a small number of middle-class people and a very large permanent tax cut of high degree of windfall handout,” he said. “It is piling on of the continuing income inequality trends that have been there for a long.”
But JPMorgan Chase CEO Jamie Dimon predicted Wednesday that Trump’s tax cuts would raise wages despite the benefits for wealthy Americans.
“When you make it sound like you’re giving money to rich corporations … the fact is that is somewhat true [but] my argument is capital investment in America drives wages [for everyone],” Dimon said.
Editor’s Note: This story has been updated to ensure clarity. Home Depot will offer up to $1,000 in bonuses, not $1,000 for each of its employees.