AT&T plans to give employees $1000 bonus after GOP tax bill passage

Robyn Ryan
December 22, 2017

Speaking at an Economic Club of NY lunch in late November, Stephenson said that if tax reform passed they would spend "at least" $1 billion and create an estimated 7,000 jobs. "This tax reform will drive economic growth and create good-paying jobs".

AT&T on Wednesday hailed Congress's passage of tax cuts and announced it would invest an additional $1 billion in the United States next year, and pay a one-time $1,000 holiday bonus to more than 200,000 US employees.

Almost 200,000 employees at AT&T will receive the bonus, as well as all "eligible frontline and non-executive employees" at Comcast. "Every billion dollars AT&T invests is 7,000 hard hat jobs".

Randall Stephenson, AT&T chairman and CEO said Congress, working closely with the President, took a monumental step to bring taxes paid by USA businesses in line with the rest of the industrialized world.

"In fact, we will increase our USA investment and pay a special bonus to our United States employees".

The $1,000 bonus for hundreds of thousands of employees of the two companies is no doubt going to be highlighted by the Trump administration as the first early win after finalizing the tax plan.

Comcast said later on Wednesday that it will give $1,000 bonuses to more than 100,000 employees. Wells Fargo and Bancorp are raising the minimum wage.

Congressional Republicans on Wednesday pushed sweeping tax reform legislation through both chambers, and it now heads to President Trump for his signature.

The financial services company says it will raise its company-wide hourly minimum wage to $15, signaling a pay raise for about 75% of its employees.

Fifth Third President Greg Carmichael said, "We want to invest in our most important asset - our people". The tax cut, the CEO said, provided an opportunity for the bank to "reevaluate its compensation structure and share some of those benefits with its talented and dedicated workforce".

Wells Fargo, meanwhile, also said it would be boosting its minimum wage for employees to $15 an hour, which was prompted by the tax plan. The pay raise will go into effect in March 2018, the company said.

Boeing told their employees on Wednesday that they will invest more than $300 million on workers and charitable donations thanks to the Republican tax proposal. The Philadelphia-based cable behemoth also plans on spending "well in excess of $50 billion over the next five years" on infrastructure to improve and extend its broadband plant and capacity, as well as on its television, film and theme park offerings, Comcast said.

Other companies joined AT&T's announcement, providing the president with ammunition to support his claims, which are contested.

Other reports by VideoGamingPros

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