How the $1,000 Bonuses Will Help Everyday Families

How the $1,000 Bonuses Will Help Everyday Families

February 12, 2018

Following the tax cuts announced by President Trump, multiple corporations have joined suit in offering bonuses up to $1,000 for employees. Some of the companies include Walmart, American Family Insurance, and more than 162 more.

Bank of America announced they're giving $1,000 bonuses to more than 145,000 of their workers in the United States. They said these bonuses will be targeted at team members earning no more than $150,000 a year in order to make the biggest impact on American workers. For more than 300 employees, Amarillo National Bank gave a bonus that will keep on giving by providing staff with $1,000 raises. This makes for the highest wages, and pay increases, in the bank's history.

In a press release, American Airlines stated: "We are pleased to announce that in light of this new tax structure and in recognition of our outstanding team members, American will distribute $1,000 to each team member (excluding Officers) at our mainline and wholly owned regional carriers. These distributions will total approximately $130 million and will be made in the first quarter of 2018."

These bonuses will prove extremely valuable for workers across the country. With virtually half of all Americans living paycheck-to-paycheck, a surprise $1000 bonus can prove to be a huge asset for workers who have debt piled up, lack a savings account (like 34% of Americans who don't), or haven't planned for their children's education or move-out expenses.

Some employees who will be receiving such a bonus have hopped on social media to share their pride, gratitude, and excitement. Some users expressed that their bonus would be going to gifts during the holiday season, while others said they'd be putting the cash away into starting a savings account for themselves or a child. Others said the money would go to paying bills right away.

Whatever they chose to do with it, the recipients of these bonuses didn't complain--except about the taxes.