President Donald Trump signed The Tax Cuts and Jobs Act Friday morning from the Oval Office, officially delivering on his promise to give Americans a tax cut just in time for Christmas.
But big corporations, which just saw a slash in their rate from 35 to 21 percent, didn't wait until today to deliver results of the bill to their workers. Bonuses and pay increases have been announced throughout the week after the House passed the final version on Wednesday afternoon.
The list of companies keeps growing, but here's what we have so far.
Comcast, which owns NBC:
Journalists at NBC/MSNBC are among the Comcast employees getting $1,000 bonuses "based on the passage of tax reform and the FCC's action on broadband." (https://t.co/PXYkLqMrgH) https://t.co/JXgYK4W0GT
— Brian Stelter (@brianstelter) December 21, 2017
The telecom giant said Wednesday that more than 200,000 of its employees, including union-represented and non-management workers, will be eligible for a $1,000 bonus. The checks will be in the mail in time for the holidays if Trump finalizes the tax bill with his signature before Christmas. AT&T (T) also said it will invest $1 billion more than expected in the U.S. in 2018, once the cuts are final.
The aerospace and defense company immediately announced $300 million in investments after the bill passed, with $100 million toward corporate giving including employee gift-match programs, $100 million toward workforce development, training and education and $100 million toward enhancing Boeing’s workplaces.
Wells Fargo, the San Francisco bank that has been hurt by a scandal involving the opening of 3.5 million unauthorized client accounts, also said it would boost its minimum wage to $15 per hour, an 11% increase from its current hourly rate of $13.50, once the law was passed. The pay raise will go into effect in March 2018, the company said.
Fifth Third Bancorp
Fifth Third Bank to give bonuses, raise minimum wage after tax bill passage from CNBC.
Seattle-based banking company Washington Federal said it would give 5?percent merit increases to all employees earning less than $100,000 annually, as well as invest in employee training and technology upgrades, and make a $5 million contribution to its main philanthropy foundation.
Sinclair Broadcast Group announced Friday it would pay a $1,000 bonus to almost 9,000 of its full-time and part-time employees after the recent passage of the GOP tax bill.
The broadcast giant, which is awaiting approval from the Federal Communications Commission (FCC) for its proposed $3.9 billion purchase of Tribune Media, said in a statement it was “grateful" for the passage of the bill.
“We recognize that our employees are our most valuable resource, truly appreciate their combined achievements for our Company and look forward to a very bright future,” Sinclair President and CEO Chris Ripley said in a statement.
President Trump praised a number of companies Friday morning before heading off to Mar-a-Lago for Christmas and a New Year's celebration next weekend.
"One of the big things that happened -- you have some companies. I want to thank AT&T, who actually was the first out of the box, and Boeing, and Sinclair, and Wells Fargo, and Comcast -- even though they own NBC, which is not so nice to the presidency or the President. But Comcast also," Trump said. "They all have made tremendous contributions to their employees and tremendous contributions to spending money on this country because of the tax bill. And they all said it's because of the tax bill. So they're making tremendous investments. That means jobs; it means a lot of things. And we're very happy. So that's AT&T, Boeing, Sinclair, Wells Fargo, Comcast, and now many other companies who you see. In fact, just this morning, I see three more companies came on."
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