Five major American corporations announced major investments as a result of the tax package passed today.
AT&T announced that once President Donald Trump signed the bill into law that they would “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.” AT&T further noted that if Trump signed the bill before Christmas that the company will receive the bonus over the holidays.
The network spending of Internet providers has become a hotly contested issue in recent years as broadband companies such as AT&T and Comcast blamed a relative decline in spending on the FCC’s net neutrality rules. Those rules were repealed last week by a 3-to-2 vote at the agency, in a move that would allow providers to speed up some websites, slow down others or charge some sites new fees.
Fifth Third Bancorp, a bank headquartered in Ohio, announced that they would raise the minimum hourly wage for all employees to $15 following the tax reform bill and would give a one-time bonus of $1,000 to more than 13,500 of its employees.
Wells Fargo announced that they will increase their minimum hourly pay rate to $15, and will “aim for $400M in philanthropic donations next year due to the newly-passed GOP tax bill.”