Jan 12, 2018

Sen. Claire McCaskill: Thousand-Dollar Bonuses ‘Not Going to be Helpful to the Vast Majority of People in My State’

Post by Freedom Partners

House Ally Pelosi Says Income Increases for Paycheck-to-Paycheck Workers are ‘Crumbs,’ ‘Pathetic’

As U.S. businesses pledge bigger paychecks, higher wages, more jobs and billions of dollars in new investment as a result of the pro-growth Tax Cuts and Jobs Act recently signed into law, many Americans have reason to be pleased by the extra money in their pockets.

But for lawmakers like Sen. Claire McCaskill who opposed the historic tax relief package, the Huffington Post reports that thousand-dollar “bonuses aren’t reason for a major celebration.”

Bonuses and bigger paychecks for hardworking Americans are “not going to be helpful to the vast majority of people in my state that are sitting around the kitchen table trying to figure out how [to] come out even at the end of the month,” McCaskill said.

Missouri-based businesses including Commerce Bancshares, Great Southern Bancorp, Stifel Financial Corp. and Kansas City Southern all have announced pay increases for workers due to tax reform.

Freedom Partners spokesman Michael Bars issued the following statement:

“The Tax Cuts and Jobs Act is already making a real difference for U.S. businesses and millions of ordinary Americans and their families finding it tougher to get ahead under a system rigged against them. Sen. McCaskill’s confounding insistence that higher pay, greater opportunity and financial security isn’t good for her constituents is proof she puts partisan politics before the people she’s supposed to put first.

“Freedom Partners remains committed to educating the public and spreading the word to ensure the positive benefits of tax reform are realized despite dismissals and deception from ‘no’ votes like McCaskill.”

Freedom Partners, along with Americans for Prosperity, is launching a full scale, multimillion dollar education campaign that will demonstrate the tremendous benefits of pro-growth tax reform and show how the new tax law is directly helping Americans improve their lives. The nationwide effort will be sustained throughout 2018.

McCaskill sided with Sen. Charles Schumer (D-NY), who worked to obstruct a simpler, fairer and more competitive tax code that benefits every American, as well as House Minority Leader Nancy Pelosi (D-CA) who said tax reform would result in the end of the world. In fact, Pelosi told reporters that bonuses for hardworking Americans in some cases worth several thousand dollars are bread “crumbs” and “pathetic.”

History proves that bold tax relief will benefit all Americans. Tax cuts under presidents Kennedy, Reagan and Bush resulted in strong economic growth, billions of dollars more in federal revenue, thousands of dollars more in take home pay and millions more jobs Americans deserve.

U.S. BUSINESSES LIKE THOSE IN MISSUOURI ARE PLEDGING BILLIONS OF DOLLARS IN NEW INVESTMENTS AND SIGNIFICANT BONUSES FOR EMPLOYEES DUE TO TAX REFROM MCCASKILL TRIED TO BLOCK; MORE TAKE HOME PAY AND MORE JOBS 

Commerce Bancshares Is Giving All Full-Time Employees A $1,000 Bonus And Eligible Part-Time Employees A $250 Bonus Due To The Passage Of Tax Reform. “Citing the new federal tax reform legislation, Commerce Bancshares is giving thousands of its employees a $1,000 bonus. The parent company of Commerce Bank, which has corporate offices in Clayton and Kansas City, said 3,450 full-time employees, or 75 percent of its workforce, will get the $1,000 bonus. Eligible part-time employees will get a $250 cash bonus.” (“Commerce Bancshares giving employees $1,000 bonus, citing tax cut,” St. louis Post-Dispatch, 1/2/18)

  • Commerce Bancshares Chairman And CEO David Kemper: “This New Law Makes The Banking Industry More Competitive And Allows Us To Reward Our Core Employees Who Work Hard Every Day To Provide Superior Service To The People And The Companies We Serve.” “’The new tax reform legislation should be very positive for economic growth and capital investment which will benefit the banking industry,’ chairman and CEO David Kemper said in a statement. ‘This new law makes the banking industry more competitive and allows us to reward our core employees who work hard every day to provide superior service to the people and the companies we serve while building long-term customer relationships so important to our communities and shareholders.’” (“Commerce Bancshares giving employees $1,000 bonus, citing tax cut,” louis Post-Dispatch, 1/2/18)

Missouri Based Great Southern Bancorp Inc. Will Give All Full-Time Employees A $1,000 Bonus And All Part-Time Employees A $500 Bonus As A Direct Result Of Tax Reform. “A Springfield-based banking company plans to give one-time bonuses to more than 1,200 employees following the federal tax overhaul recently approved by Republicans in Washington, D.C. Great Southern Bancorp, Inc., says it will pay $1,000 in cash to all full-time employees and $500 to part-time workers who were employed by the bank on Dec. 31. In a news release, Great Southern specifically cited the federal tax reform legislation that Congress passed and President Donald Trump signed into law in December.” (Will Schmitt, “Citing GOP tax reform, Springfield bank to pay bonuses to all employees,” Springfield News-Leader, 1/4/18) 

  • Great Southern President And CEO Joseph W. Turner; “We Are Pleased To Take Advantage Of The Unique Opportunity Presented By The Tax Reform Legislation By Rewarding Our Associates With This Special Bonus.” “’The recently passed tax reform package should have positive implications for the U. S. economy, which we expect will benefit the banking industry, including Great Southern,’ said Joseph W. Turner, president and CEO, in a statement. ‘We are pleased to take advantage of the unique opportunity presented by the tax reform legislation by rewarding our associates with this special bonus. Our associates work hard every day to build winning relationships with our customers and communities and this bonus underscores our appreciation for their commitment to Great Southern.’” (Will Schmitt, “Citing GOP tax reform, Springfield bank to pay bonuses to all employees,” Springfield News-Leader, 1/4/18)

Kansas City Southern Press Release: “KCS Awards Year-End Bonus In Response To Passage Of U.S. Tax Bill.” “Kansas City Southern (KCS) (NYSE: KSU) announced today that in response to congressional passage of The Tax Cuts and Jobs Act of 2017, it will immediately share some of the benefits with qualified, non-executive employees of its subsidiaries in the U.S. and Mexico in the form of a one-time $1,000 bonus payable by the end of 2017.” (Press Release, “KCS Awards Year-End Bonus In Response To Passage Of U.S. Tax Bill,” Kansas City Southern, 12/21/17) 

  • Kansas City Southern President And CEO Patrick J. Ottensmeyer: “KCS Wants To Share The Benefit With Our Employees, Who Work So Hard To Serve Our Customers …” “’Kansas City Southern is pleased with the passage of this legislation and optimistic about what it could mean for our customers, investors and growth in the U.S. economy, as well as trade growth with Mexico. KCS wants to share the benefit with our employees, who work so hard to serve our customers and increase shareholder value,’ said KCS president and chief executive officer Patrick J. Ottensmeyer.” (Press Release, “KCS Awards Year-End Bonus In Response To Passage Of U.S. Tax Bill,” Kansas City Southern, 12/21/17) 

Missouri Based Stifel Financial Corp. Will Give Employees A $1,500 Bonus Due To The Passage Of Tax Reform. “Stifel Financial Corp. Chief Executive Ron Kruszewski played Santa Claus two days before Christmas, telling most of the financial company’s approximately 7,000 salaried employees that they will receive an extra $1,500 bonus funded by expected benefits from the new tax law. The St. Louis-based financial firm, whose biggest revenue source is its Stifel Nicolaus retail brokerage network, joined a range of companies quickly announcing they would leverage expected benefits of the Republican-sponsored tax overhaul bill passed last week to build goodwill with workers and with the bill’s congressional backers.” (“Stifel Gives Staffers Special Tax-Gift Bonus,” AdvisorHub, 12/26/17)

  • Stifel Financial Corp. Chief Executive Ron Kruszewski: “’This Additional $1,500 Payment Is In Recognition Of Your Hard Work And Efforts This Year To Make Stifel A Success.” “’This additional $1,500 payment is in recognition of your hard work and efforts this year to make Stifel a success, as well as the positive environment that we anticipate the tax legislation passed this week by Congress will create for Stifel,’ Kruszewski wrote in personalized emails to salaried employees that greeted them by their first names.” (“Stifel Gives Staffers Special Tax-Gift Bonus,” AdvisorHub, 12/26/17)

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