While many say that the Republican tax reform bill won't help the common worker, several companies announced bonuses and new investment in the U.S. after Congress passed the signature legislation.
The telecommunications giant was the first to announce that its employees would receive special bonuses as a result of President Donald Trump's tax cut bill.
Following passage of tax reform bill, Pres. Trump says "AT&T plans to increase U.S. capital spending $1 billion and provide $1,000 special bonus to more than 200,000 U.S. employees." https://t.co/kNOuzmzTLh pic.twitter.com/45CPXatMKX
— CBS News (@CBSNews) December 20, 2017
"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," read a statement from the company.
"AT&T plans to increase U.S. capital spending $1 billion and provide $1,000 special bonus to more than 200,000 U.S. employees," Trump announced happily at the celebration over the bill Wednesday.
Fifth Third Bancorp
The finance company followed in AT&T's footsteps and said it would give all of its 13,500 employees a $1,000 bonus while raising their hourly wage to $15.
The bank said it would also raise employee wages to $15 an hour, and donate $400 million for philanthropic causes.
Comcast announced it would donate $50 billion over the next five years in infrastructure spending, and pay a bonus of $1,000 to more than 100,ooo "eligible front-line and non-executive employees."
Boeing said it would donate $300 million into employee-related and charitable investment.
#Boeing announces $300M employee-related and charitable investment as a result of #TaxReform legislation to support… https://t.co/xIZQAQMw1G— The Boeing Company (@The Boeing Company) 1513793108.0
What are the critics saying?
The bill was passed by the House on Wednesday despite criticism from Democrats that it would add to the deficit and mostly provide tax breaks to corporations and the wealthy.