Home Depot Co-Founder Bernie Marcus had a simple message for Democrats yesterday: use your brains. “Democrats, use your stupid brains. You don’t have any brains and don’t understand what happens,” Marcus said on Fox News on Saturday. The billionaire was touting the effects of the GOP-passed tax cuts passed last month by Congress.
Over 270 companies have announced bonuses or other compensation increases due to the tax package. The Home Depot announced just this week that it will be giving bonuses of up to $1,000 for each of its 400,000 employees nationwide. But Democrats have criticized the bonuses, calling them “crumbs.” The corporate tax rate under the new law has decreased from 35% to 21% due to the legislation. Companies like the Home Depot are poised to save billions because of the cut.
Rep. Debbie Wasserman Schultz (D-FL) was criticized by Republicans for downplaying the compensation. “I’m not sure that $1,000 — which is taxed, taxable — goes very far for almost anyone,” she said.
Marcus challenged that assertion saying “$1,000 is more than meaningful. It could be paying the mortgage, it could be paying for a car repair, it could be paying for a past due bill. These are things that the Pelosi-Schumer group don’t have a clue about. That’s why they lost the election, it’s as simple as that,” Marcus said.
An ITN analysis has shown that some of the bonuses paid out by companies can equal as little as 7% of what some large companies will save under the new tax plan this year alone.
— Fox News (@FoxNews) January 27, 2018