House Minority Leader Nancy Pelosi said businesses across the United States are handing out “crumbs” to employees as part of recent tax reform legislation signed by President Trump.
Walmart joined a growing list of companies on Thursday that are passing along the economic benefits of tax reform to employees, but Mrs. Pelosi is not impressed. She told reporters during her weekly press briefing that Walmart, Southwest Airlines and other companies are merely looking for good press.
“In terms of the bonus that corporate America received versus the crumbs that they are giving workers to kind of put the schmooze on is so pathetic. It’s so pathetic,” the California Democrat said.
“I would hope that with their big advantage of bringing money home at a very low rate that they would invest in infrastructure and things, but our experience has been that they will do dividends, do stock buybacks and things like that,” she continued. “I think it’s insignificant.”
Walmart plans on offering one-time cash bonuses to employees of up to $1,000 and will raise its starting salary in the U.S. to $11 per hour.
Southwest Airlines Chairman and Chief Executive Officer Gary Kelly announced $1,000 cash bonus for employees at the start of the month.
“Tax reform gives us the opportunity to be more competitive globally and to accelerate plans for the U.S.,” Walmart CEO Doug McMillon said Thursday.
Walmart is the world’s largest private employer.