Rep. Claudia Tenney is co-sponsoring the Creating Real and Useful Middle-Class Benefits and Savings (CRUMBS) Act.
This bill will make bonuses received in 2018 tax-free up to $2,500, according to an announcement by Tenney’s office. .
“Thanks to tax reform, Americans have already received thousands of dollars more in their take home pay, and over 300 companies have given bonuses to their employees,” Tenney, R-22, stated.
“This amounts to real money back in the pockets of middle-income families, who know how to spend their money better than the federal government,” she added.
“For most Americans $1,000 means opportunity,” the congresswoman added.
Among the opportunities , she said, include the “opportunity to plan for retirement, provide for their children’s education, pay off debt or take their family on vacation. The CRUMBS Act will allow Americans to keep more of their hard-earned money, and give them the freedom to choose how best to spend their bonuses.”
Tenney noted that in her district, some companies are giving back to their employees.
NBT Bank is raising the starting hourly pay rate of $11 to $15 per hour, she said, adding that Suit-Kote employees will receive an automatic 2 percent increase in their take home pay in 2018 and an 11.5 percent increase in their 401k plan.