July 20, 2024

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Wichita Biz Gives Employees Nation’s Largest Tax Cut Bonuses

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Wichita Railway Services gave its five employees the highest tax cut bonuses in the nation, according to Americans for Tax Reform.

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Wichita Railway Services gave its five employees the highest tax cut bonuses in the nation, according to Americans for Tax Reform.

The taxpayer advocacy group maintains a list of companies that offered employees bonuses in response to Congress passing the Tax Cut and Jobs Act at the end of last year. Wichita Railway Services’ bonuses of $3,000 to $6,000 are the nation’s largest.

The Wichita Business Journal reported the bonuses used “funds that would have otherwise gone toward corporate income tax.” Strangely, a Google search yields zero records of the largest daily paper in Kansas, the Wichita Eagle, reporting the large bonuses.

Bob Aldrich, Wichita Railway Services CEO, told Americans for Tax Reform that the bonuses were a way to thank his employees. The company buys and sells railroad car parts used to build and repair rail cars.

When Congress passed tax reform, Minority Leader Nancy Pelosi said $1,000 bonuses businesses handed out in response are “crumbs.”

“My crumbs are a little bigger than Pelosi thinks,” Aldrich said. He said his employees will use their bonuses to make purchases in the local community.

“And that’s a very good thing. Economics 101,” he said.

 

Wichita Railway Services employees join a growing list of companies that offered bonuses, raised pay or increased 401(k) matches as a result of the Tax Cuts and Jobs Act. Walmart, for example, bumped its minimum wage to $11 per hour, and gave hourly employees $1,000 bonuses. Home Depot also offered its employees $1,000 bonuses.

Workers who didn’t receive tax reform bonuses from their employers can expect to see financial gains as well. The average Kansas family will receive a $2,728 tax cut thanks to federal tax reforms.

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