President Trump was proven right yet again as major US companies reacted to the new tax plan passed by Congress this week.
A $15 minimum wage, billions in infrastructure investments, and employee bonuses were just some of the announcements.
According to Reuters:
” AT&T Inc (T.N), Wells Fargo & Co (WFC.N) and Boeing Co (BA.N) were among American companies promising more pay for workers or more investment in training on Wednesday after the biggest overhaul of the U.S. tax code in 30 years.
The Republican-controlled U.S. House of Representatives gave final approval to the tax bill on Wednesday, which cuts the corporate tax rate to 21 percent from 35 percent, and sent it to U.S. President Donald Trump for his signature.
The companies’ announcements gave at least some support to claims by Trump and fellow Republicans that their tax bill would lead to more investment by U.S. companies with the money they save.”
Here are just some of the announcements:
-AT&T will invest $1 billion in US operations, give $1,000 bonuses to 200,000 employees
-Boeing will make at least $300 million in investments in US operations
-CVS will hire 3,000 workers
-FedEx will hire an undermined amount of new employees
-Fifth Third will raise their minimum wage to $15/hour and give most employees a $1,000 bonus
-Wells Fargo will raise their minimum wage to $15/hour and give $400M million to nonprofits and community organizations
-Comcast will invest $50 billion in US infrastructure