Hours after House and Senate Republicans passed a massive tax overhaul bill, several large companies announced they would give their employees bonuses and raise their wages. The overhaul will cut the corporate tax rate from 35 percent to 21 percent, leaving companies with more money, which several have pledged to spend on their workers.
AT&T has said it plans to pay its employees a one-time $1,000 bonus and invest $1 billion into its U.S. networks. After At&T’s announcement, Comcast said it would also give its employees a special holiday bonus and, over the next five years, spend more than $50 billion to expand its broadband capacity.
— David Shepardson (@davidshepardson) December 20, 2017
Wells Fargo announced it would raise the minimum wage it pays employees to $15 an hour. Fifth Third Bancorp also plans to raise its base wage, as well as distribute bonuses.
JUST IN: Fifth Third Bancorp announces plan "to raise its minimum hourly wage for all employees to $15, and distribute a one-time bonus of $1,000 for more than 13,500 employees" following passage of tax bill. https://t.co/iv4i2MTAkO
— CNBC Now (@CNBCnow) December 20, 2017
Boeing is going to invest $300 million in charitable endeavors and company investments.