The New Tax bill has had an immediate effect on American corporations and the employees who work for them, after several companies decided to pay their employees more and pour money into their communities as a direct result of paying less in taxes.
The latest company to make a gigantic change as a result of the tax bill is Comcast.
In a surprising announcement Wednesday, Comcast stated it would be investing over $50 billion into infrastructure over the next five years to “radically improve and extend our broadband plant and capacity, and our television, film and theme park offerings.” In addition, the company is awarding $1,000 bonuses to more than 100,000 employees.
— David Shepardson (@davidshepardson) December 20, 2017
AT&T also made an announcement it will be paying $1,000 bonuses to more than 200,000 of its U.S. employees as a direct result of the tax bill: (2016 revenue was $163.8 billion with 273,000 employees)
AT&T ceo tells employees they will get a $1,000 Christmas bonus if Trump signs the bill in time.
(If he waits, as reported, the bonus just arrives later) pic.twitter.com/8N69PxhatT
— Jim Tankersley (@jimtankersley) December 20, 2017
Wells Fargo announced a raise for its employees at $15 per hour and will also donate $400 million to community and nonprofit organizations in 2018, (Wells Fargo donated 281.3 Million in 2016, there is no record yet on amount donated in 2017, 2016 revenue was $88.26 billion with 268,800 employees):
CNBC: Wells Fargo to raise minimum hourly wage to $15, target $400 million in 2018 philanthropic contributions to support small businesses and homeownership due to historic GOP tax reform pic.twitter.com/b7p5w6x8xI
— Josh Caplan (@joshdcaplan) December 20, 2017
Fifth Third Bancorp raised its hourly wage for employees to $15 and committed to distributing $1,000 bonuses to 13,500 employees: (2016 revenue was $7.218 billion with 21,613 employees)
Boeing CEO Dennis Muilenburg announced the company will invest a total of $300 million to charity, training and education, and infrastructure: (2016 revenue was $94.6 Billion, employing more than 150,000 people in 65 countries)
— The Boeing Company (@Boeing) December 20, 2017
CVS pledged to hire 3,000 workers, and FedEx also announced it would add employees, according to news updates.