Comcast, AT&T trickle down $1K bonuses to employees after corporate tax bonanza

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Telecommunications giant AT&T said that it will give $1,000 special bonuses to more than 200,000 employees and invest an additional $1 billion in the USA shortly after both the House and Senate passed the Republican tax plan, which, among other measures, lowers the corporate tax rate permanently to 21 percent from 35 percent, as of January 1, 2018. Inc.in a statement said "this legislation achieves many objectives important to Lilly, including a significant corporate tax rate reduction, territorial taxation of foreign earnings, preservation of the R&D credit and leveling of the playing field for US companies in the global marketplace". An AT&T spokesman said the bonuses were unrelated to the $1,000 that 20,000 AT&T Mobility employees will receive as part of an agreement with the Communications Workers of America announced last week.

Wells Fargo said it will boost its minimum wage to $15 an hour, as well as donate $400 million to nonprofit and community organizations.

Wells Fargo: The company announced a $15 an hour wage raise for workers, though it did not link it to the passage of the tax bill. When lawmakers tried to explain how the bill will help regular people, examples tended to include complex family and income scenarios.

Trump was quick to celebrate an announcement by Dallas-based AT&T that it would pay a $1,000 bonus to 200,000 workers once the tax bill passed Wednesday is signed into law.

Regional U.S. bank Fifth Third Bancorp FITB.O said it would raise the hourly wage for almost 3,000 of its employees to $15 and give a one-time bonus of $1,000 to more than 13,500 employees, which its CEO said was made possible by the corporate tax cut. Boeing relies on government contracts for much of its business, while AT&T has been seeking to acquire Time Warner, at times arguing with the Trump administration over antitrust issues.

More news: German pilots' union calls first-ever Ryanair strike on Friday

The bonuses will all go to non-executive employees. The Justice Department is suing to block the $85 billion merger, which Trump said in November was "not good for the country".

"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", Randall Stephenson, chairman and CEO of AT&T, said in a statement.

Randall Stephenson, AT&T's chief executive, said in a statement, "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". "So that's pretty good".

Both the House and Senate passed the final version of the Republican tax bill on Wednesday, and a number of companies took the opportunity to announce special bonuses or pay hikes. Senate Democratic leader Charles Schumer of NY criticized AT&T on the Senate floor. "So all of a sudden they're advertising this as something they did because of the tax bill". But there's a reason why we've only started to hear about this link: Big corporations were not lobbying for tax cuts in order to pass their savings onto employees. "That's because of what we did", he said.

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