Thursday, December 21, 2017
The Trump Tax Cuts: A Win For Average Americans
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)
With Tax Reform, 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
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 CEO Muilenburg Applauds Tax Law, Announces $300 Million in Employee-Related and Charitable Investments to Spur Innovation and Growth
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 To Raise Minimum Hourly Pay Rate To $15, Target $400 Million In 2018 Philanthropic Contributions, Including Expanded Support For Small Businesses And Homeownership
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.”
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.