Major US firms say workers will see some of tax windfall

Major US firms say workers will see some of tax windfall

Major US firms say workers will see some of tax windfall

House Speaker Paul Ryan, R-Wisconsin, touted the tax cut legislation resulting in "new investments into the US economy" as "great news".

"With these investments, we expect to add thousands of new direct and indirect jobs", Comcast's chairman and CEO Brian Roberts said in the company's statement.

"Newly passed tax legislation includes a reduction in corporate tax rates created to spur economic growth".

AT&T said in a statement that once the Act is signed into law, it plans to invest an additional $1 billion in the United States during 2018. Sinclair Broadcast Group announced Friday it would pay a $1,000 bonus to nearly 9,000 of its full-time and part-time employees after the recent passage of the GOP tax bill.

US President Donald Trump speaks about the passage of tax reform legislation on the South Lawn of the White House in Washington, DC, December 20, 2017.

Wells Fargo will be raising their minimum wage to $15 an hour and donating $400 million to charity and philanthropy. The aerospace and defense company immediately announced $300 million in investments after the bill passed, with $100 million toward corporate giving including employee gift-match programs, $100 million toward workforce development, training and education and $100 million toward enhancing Boeing's workplaces.

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DONALD Trump's landmark tax cut has seen firms dishing out bonuses and wage rises across the USA.

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.

Meanwhile, as both Comcast and AT&T also celebrate the burden of Title II internet regulations being lifted by the FCC, both telecom companies announced major infrastructure upgrades.

Determining what corporations like AT&T and Comcast actually pay to the federal government each year is tricky. The office of Senate Minority Leader Charles Schumer, D-N.Y., circulated a list of more than 30 large companies that have announced a combined $83.7 billion in share buybacks in recent days in anticipation of the bill's passage. "Two minutes ago, they handed it to me". Would they have spent some of this money anyway, even without a tax bill? "That bonus was mandated by a union agreement with the Communications Workers of America as part of a raise in their recent, in their last agreement".

If one of the goals of the companies was for their announcements to generate headlines and be seen by Trump, they succeeded.

"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. Thursday on "Fox & Friends", the morning show that the president watches regularly because of its complimentary commentary, host Ainsley Earhardt interviewed Ivanka Trump, the president's daughter and adviser. "And really, Ainsley, this is just the beginning".

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