Tax Cuts: Some CEOs Are Paying It Forward To Workers

22 December, 2017, 01:38 | Author: Lora Ball
  • Dow jumps 100 points as some companies pledge to spend tax bill savings on higher wages

A handful of US companies are already promising to pay one-time bonuses to their employees and bump up hourly pay if President Trump signs into law the tax reform bill that has been voted on by the Republican-led Congress.

AT&T said in a statement that once the Act is signed into law, it plans to invest an additional $1 billion in the United States during 2018.

Comcast: $1,000 bonus to each of about 100,000 workers and more than $50 billion in "infrastructure investments" in the next five years.

The firm will pay the bonuses as a result of U.S. tax reforms being cleared, which will see some corporate tax rates nearly in halved.

Media and telecoms giant AT&T is to reward its 200,000 workforce with a special Christmas bonus of $1,000 (£750) - and it's all thanks to US President Donald Trump.

"Congress, working closely with the President, took a monumental step to bring taxes paid by US businesses in line with the rest of the industrialized world", said AT&T CEO Randall Stephenson in a statement, adding that his own company would invest in its employees.

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"We believe tax reform is good for our USA economy and are pleased to take these immediate steps to invest in our team members, communities, small businesses, and homeowners", Wells Fargo CEO and President Tim Sloan said in the Thursday statement that mentioned the $15 minimum pay.

Shortly after the company announcements, the office of Senate Minority Leader Chuck Schumer said in a statement that the bonuses and higher minimum wages were "the exception, not the rule, when it comes to the biggest corporations spending their windfall".

The news is the first sign that many in the middle-class will benefit financially from their employers paying less in taxes.

House members voted on Wednesday to pass a bill that would cut the corporate tax rate to 21 percent from 35 percent. Wells Fargo said it will boost its minimum wage to $15 an hour, as well as donate $400 million to nonprofit and community organizations. In contrast, Boeing intends to invest in employee training and charity work as part of their tax cut.

"Each of these investments benefits Boeing's most important strength - our employees - and reflects the real-time impact and economic benefit of the reforms", Boeing CEO Dennis Muilenburg, said in a statement.

Comcast, which owns CNBC parent NBCUniversal, said it would pay 100,000 frontline and non-executive employees special $1,000 bonuses. The company has been cutting thousands of jobs as it copes with tougher competition and fewer sales opportunities in commercial aerospace.


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