Companies Turn Tax Breaks Into Bonuses And Wage Hikes

Fifth-Third CEO: Bank Workers Will Get Minimum Wage Boost Due To New Tax Reform

President Donald Trump hasn't yet signed the tax overhaul that promises to slash corporate taxes, but several big USA companies raced Wednesday to tout plans to dole out some of the expected windfall. The legislation, which is now on the move to the President's desk to be signed into law, represents the largest one-time tax reduction in US history, cutting an estimated $1.46 trillion in overall tax collections by the government. The company also reiterated a commitment to invest an additional $1 billion in the USA next year.

AT&T and Comcast also announced special bonus to their employees.

AT&T boss Randall Stephenson labelled Trump's reforms a "monumental plan". "In fact, we will increase our USA investment and pay a special bonus to our USA employees". Some companies took no time in investing the savings into their workforce. If the President signs the bill before Christmas, employees will receive the bonus over the holidays, AT&T said.

Wells Fargo: The company announced a $15 an hour wage raise for workers, though it did not link it to the passage of the tax bill.

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The news is the first sign that many in the middle-class will benefit financially from their employers paying less in taxes.

The remarks reverberated in Washington, where Republicans and Democrats are working furiously to shape perceptions of the GOP tax bill, which will reduce the corporate tax rate from 35 percent to 21 percent.

Fifth Third Bancorp, a regional bank based in Cincinnati, said it will raise the minimum wage for all of its almost 3,000 hourly employees to $15, and would distribute a one-time bonus of $1,000 for more than 13,500 employees by the end of the year if the bill is signed by December 25.

"We want to invest in our most important asset - our people", said Fifth Third CEO Greg Carmichael.

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Scandal-plagued Wells Fargo said it would boost its minimum wage to $15 an hour, an 11-percent increase, beginning in March. The pay raise will go into effect in March 2018, the company said.

But the numbers show that Comcast's investments soared while the net neutrality rules were in place and would hit the "new" milestone if its investments continued increasing by a modest amount.

Comcast would award special $1,000 bonuses to more than one hundred thousand eligible frontline and non-executive employees.

With bottom lines set to swell, AT&T is not the only firm promising good news for staff. Media group Comcast said it would also hand out $1,000 to 100,000 staff and invest $50bn in better infrastructure over the next five years.

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