HIGHLIGHTS | TAX REFORM #WINNING
____________________________________
After Congress passed
the Tax Cuts and Jobs Act, corporations immediately announced Christmas bonuses
and more charitable giving:
·
AT&T is giving $1,000
in year-end bonuses to their 200,000 employees and increase its U.S. capital
spending. (LINK)
·
Boeing announced $300
million in employee-related investments (LINK)
·
Fifth-Third Bank
announced $15 minimum wages and $1,000 bonuses for its 13,500 employees. (LINK)
·
Wells-Fargo announced
$15 minimum wage and charitable donations of $400 million. (LINK)
·
Comcast said it would
give 100,000 non-executive employees a $1,000 bonus and increased capital
spending. (LINK)
AT&T
Today, Congress approved
legislation representing the first comprehensive tax reform in a generation.
The President is expected to sign the bill in the coming days.
Once tax reform is
signed into law, AT&T* plans to 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 — all union-represented, non-management and front-line
managers. If the President signs the bill before Christmas, employees will
receive the bonus over the holidays.
“Congress, working
closely with the President, took a monumental step to bring taxes paid by U.S.
businesses in line with the rest of the industrialized world,” said Randall Stephenson,
AT&T chairman and CEO. “This tax reform will drive economic growth and
create good-paying jobs. In fact, we will increase our U.S. investment and pay
a special bonus to our U.S. employees.”
Since 2012, AT&T has
invested more in the United States than any other public company. Every $1
billion in capital invested in the telecom industry creates about 7,000 jobs
for American workers, research shows.
Boeing
New law boosts Boeing's
competitiveness, supports long-term growth
Boeing announces
immediate additional employee-related and charitable investments of $300
million as a result of new law.
CHICAGO, Dec. 20, 2017
/PRNewswire/ -- Boeing [NYSE: BA] Chairman, President and Chief Executive
Officer Dennis Muilenburg praised the tax bill passed by Congress and about to
be signed into law as a critical driver of business, economic growth and
innovation for the United States and for Boeing.
"On behalf of all
of our stakeholders, we applaud and thank Congress and the administration for
their leadership in seizing this opportunity to unleash economic energy in the
United States," said Muilenburg. "It's the single-most important
thing we can do to drive innovation, support quality jobs and accelerate
capital investment in our country."
CINCINNATI--(BUSINESS
WIRE)--Fifth Third Bancorp announced plans today 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. The actions are in appreciation for the commitment
employees show in supporting customers and building stronger communities.
“We want to invest in
our most important asset – our people,” said Fifth Third President and CEO Greg
Carmichael. “Our employees drive our reputation, our business and our success.”
Newly passed tax
legislation includes a reduction in corporate tax rates designed to spur
economic growth. Carmichael said the tax cut allowed the Bank the opportunity
to reevaluate its compensation structure and share some of those benefits with
its talented and dedicated workforce.
…
Once the legislation is
signed into law, nearly 3,000 hourly employees will see their pay increase to
$15 an hour. The one-time $1,000 bonus is expected to be distributed by the end
of the year, assuming the president signs the bill before Christmas. Senior
managers and executive leadership are excluded from this compensation.
“It is good for our
communities, employees and Fifth Third Bank,” Carmichael said.
Wells-Fargo
SAN FRANCISCO--(BUSINESS
WIRE)--Wells Fargo & Company (NYSE: WFC) today announced an expansion of
its ongoing investments in team members, communities, small businesses, and
homeownership, pledging the following actions once tax reform is signed into
law:
Raising the minimum
hourly pay rate for its team members to $15 per hour.
Targeting $400 million
in donations to community and nonprofit organizations in 2018. The company also
announced that beginning in 2019, it will target 2 percent of its after-tax
profits for corporate philanthropy.
…
“We believe tax reform
is good for our U.S. economy and are pleased to take these immediate steps to
invest in our team members, communities, small businesses, and homeowners,”
said President and CEO Tim Sloan. “We look forward to identifying additional
opportunities for Wells Fargo to invest, as we continue to execute our business
strategies and provide long-term value to all our stakeholders. As the nation’s
largest small business lender and residential mortgage provider, we understand
our significant role in helping grow the economy.”
Comcast
PHILADELPHIA--(BUSINESS WIRE)--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. We
will have more to say on capital at our upcoming January 24th earnings report.
