AT&T plans to increase USA capital spending $1 billion and provide [a] $1,000 special bonus to more than 200,000 USA employees, and that's because of what we did. Meanwhile, Wells Fargo and Fifth Third banks intend to raise the hourly wage of their employees to $15 an hour.
This flurry of promised handouts for the middle class - companies noted payouts would only apply to non-executives - seemed jarring at the end of a process in which lawmakers struggled to explain how hourly workers would benefit from the tax cuts.
"Within hours of passing #taxreform, we're already seeing announcements that companies plan to give back to their employees and invest more at home", said Senator Shelley Moore Capito of West Virginia on Twitter.
The hunt for corporate motivations should not obscure the clear evidence that positive effects are springing from the tax bill. "So all of a sudden they're advertising this as something they did because of the tax bill".
Those individual provisions probably will get extended and most taxpayers probably will get to keep more of their money for the foreseeable future.
The process through which the bill was crafted and passed showed it primarily is meant to benefit large companies, executives and investors.
On Wednesday morning, Congress passed the biggest tax-reform bill in 31 years.
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"AT&T - big American company, fine American company - their tax rate over the last 10 years was a mere 8 percent, and they cut 80,000 jobs", he said. I reached out to a few of Central Indiana's largest public companies to ask how they meant to use their tax-cut savings. But let's just say that with an effective tax rate now standing at 32.7%, AT&T's federal tax expenditures dwarf its $200 million outlay in employee holiday bonuses-which were a standard US business practice dating back before the Reagan tax cuts in the 1980s.
"That's because of what we did", Trump said of AT&T.
No one offered specific details.
"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", AT&T CEO Randall Stephenson said in a statement. Do some of these companies have pressing business before the federal government and wish to curry favor with the Trump administration? The Justice Department is suing to block the $85 billion merger, which Trump said in November was "not good for the country".
AT&T stock was up by 1.22 percent, to $39.02 on the day; Fifth Third stock was up by 1.34 percent, to $30.92 on the day; Comcast was up by 2.48 percent to $40.36; and Boeing was up by 0.36 percent, to $296.84. But it does mean AT&T's bonuses aren't necessarily valuable data points for evaluating the tax overhaul.
Employees eligible for the bonus are all "union-represented, non-management and front-line managers", AT&T said in a statement.
The merits of the Tax Cuts and Jobs Act won't be determined by a few up-front bonuses, but rather by what companies do with their savings in the years to come.