After Republicans passed sweeping tax reform Wednesday, some of the largest employers in America began dropping cash bombs on their employees. The businesses also pledged to invest hundreds of millions of dollars into the American economy.
The GOP tax bill cuts the corporate tax rate nearly in half.
Here is a round up, so far, of companies that are celebrating the tax cuts by enriching their employees.
1. AT&T
AT&T announced they would “invest an additional $1 billion in the United States in 2018 and pay a special $1,000 bonus to more than 200,000 AT&T U.S. employees.”
AT&T’s full statement:
2. Comcast NBC Universal:
Comcast will be giving hundreds of thousands of employees $1,000 bonuses and investing $50 billion into jobs and infrastructure. Their statement:
Based on the passage of tax reform and the FCC’s action on broadband, Brian L. Roberts, Chairman and CEO of Comcast NBCUniversal, announced that the Company would award special $1,000 bonuses to more than one hundred thousand eligible frontline and non-executive employees. Roberts also announced that the Company expects to spend well in excess of $50 billion over the next five years investing in infrastructure to radically improve and extend our broadband plant and capacity, and our television, film and theme park offerings. With these investments, we expect to add thousands of new direct and indirect jobs.
3. Boeing:
Boeing will be dumping dollars into investment in their workforce and charitable giving. According to the Daily Wire:
- $100 million for corporate giving, with funds used to support demand for employee gift-match programs and for investments in Boeing’s focus areas for charitable giving: in education, in our communities, and for veterans and military personnel.
- $100 million for workforce development in the form of training, education, and other capabilities development to meet the scale needed for rapidly evolving technologies and expanding markets.
- $100 million for “workplace of the future” facilities and infrastructure enhancements for Boeing employees.
4. Wells Fargo:
Wells Fargo will be raising their minimum wage to $15 an hour and donating $400 million to charity and philanthropy.
5. Fifth Third Bancorp:
Over 13,000 employees of Fifth Third Bancorp will get a $1,000 bonus. They also announced that they are raising their minimum wage to $15 fan hour.
More incoming…