These companies promise to pass on some of their tax cut to workers

Companies wasted no time announcing plans to use some of their steep tax savings to boost their workers.Wells ...

Posted: Dec 21, 2017 3:08 PM
Updated: Dec 21, 2017 3:08 PM

Companies wasted no time announcing plans to use some of their steep tax savings to boost their workers.

Wells Fargo and Fifth Third Bancorp said they plan to hike their company-wide minimum wages to $15 an hour. Other firms including Comcast and AT&T promised $1,000 bonuses.

Congressional Republicans on Wednesday pushed sweeping tax reform legislation through both chambers, and it now heads to President Trump for his signature. Among other things, it will slice the corporate tax rate to 21% from 35%.

Related: 14% of CEOs plan large capital investments in U.S.

The White House has argued strenuously that the measure will be a boon for workers, as companies plow their tax savings into wages and jobs. Many economists argue that corporations will use the funds to benefit their investors through stock buybacks and bigger dividends.

Exactly how it will play out remains a topic of fierce debate. Here's a rundown of what companies are pledging they'll do for workers.

AT&T

The telecom firm said it will give 200,000 employees a $1,000 bonus.

In a statement, AT&T CEO Randall Stephenson hailed "Congress, working with the President" for taking a "monumental step" that will "create good-paying jobs."

(AT&T is seeking to acquire Time Warner, CNN's parent company. The Department of Justice sued to block the deal in November.)

Boeing

The aerospace giant said it will spend $300 million on workers. The funds will be split evenly among worker training, upgrading facilities and a program that matches employees' charitable contributions.

Boeing CEO Dennis Muilenburg "praised" the tax bill as "a critical driver of business, economic growth and innovation for the United States and for Boeing," according to a press release.

Related: Why now is not the time for expensive tax cuts

Comcast

The telecom firm, which owns NBCUniversal, said it will give out "special" $1,000 holiday bonuses to more than 100,000 "frontline and non-executive" employees.

Comcast also 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," according to a press release issued Wednesday night. "With these investments, we expect to add thousands of new direct and indirect jobs."

Two company spokesmen confirmed the announcement was tied to tax reform.

Fifth Third Bancorp

The financial services company says it will raise its company-wide hourly minimum wage to $15, signaling a pay raise for about 75% of its employees.

The bank also pledged to give out $1,000 bonuses to about 13,500 of its workers.

CEO Greg Carmichael attributed the move to the tax legislation. "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," the company said in a statement.

Wells Fargo

The mega bank said it will hike its minimum hourly pay rate to $15. That will mark a $1.50 increase over the company's current minimum of $13.50 per hour.

Wells Fargo said the new minimum will become effective in March 2018.

The bank also said it will increase its charitable giving by about 40% to $400 million.

--CNNMoney's Matt Egan contributed to this report.

Indiana Coronavirus Cases

Data is updated nightly.

Cases: 697533

Reported Deaths: 13138
CountyCasesDeaths
Marion951321706
Lake50779930
Allen38511669
Hamilton33981404
St. Joseph33279535
Elkhart26810431
Vanderburgh21931393
Tippecanoe21440212
Johnson17325371
Porter17012297
Hendricks16631308
Clark12592190
Madison12223335
Vigo12089243
Monroe11237166
LaPorte10601204
Delaware10241182
Howard9555211
Kosciusko8999112
Hancock7842137
Bartholomew7797152
Warrick7657155
Floyd7501175
Wayne6846196
Grant6724167
Boone647399
Morgan6335137
Dubois6052117
Marshall5709108
Cass5657102
Dearborn564674
Henry5545100
Noble532583
Jackson489469
Shelby474095
Lawrence4305118
Gibson424988
Harrison424870
Montgomery414486
Clinton413153
DeKalb402583
Huntington371880
Whitley371039
Miami369565
Knox363589
Steuben358457
Putnam350560
Wabash344677
Jasper341646
Adams336652
Ripley332368
Jefferson306479
White305954
Daviess287999
Wells283580
Decatur278092
Fayette276562
Greene268685
Posey267333
Scott258553
Clay250744
LaGrange249970
Randolph233379
Washington228429
Spencer226731
Jennings223947
Fountain207245
Sullivan207041
Starke199352
Owen190856
Fulton188939
Jay184829
Carroll184520
Perry178536
Orange175552
Rush169324
Vermillion165343
Franklin164435
Tipton160343
Parke143416
Blackford131730
Pike129634
Pulaski112245
Newton102334
Brown98840
Crawford96814
Benton94513
Martin81915
Warren78315
Switzerland7678
Union69410
Ohio55311
Unassigned0405

Ohio Coronavirus Cases

Data is updated nightly.

Cases: 1037600

Reported Deaths: 18827
CountyCasesDeaths
Franklin1203461345
Cuyahoga1048492040
Hamilton774221164
Montgomery49484984
Summit44494904
Lucas39105757
Butler37437566
Stark31094890
Lorain23775467
Warren23688291
Mahoning20622581
Lake19698360
Clermont19305226
Delaware17783130
Licking15970205
Fairfield15493195
Trumbull15377458
Medina14662255
Greene14484233
Clark13433287
Wood12547182
Portage12144193
Allen11216229
Richland10899197
Miami10455211
Muskingum8639127
Columbiana8478225
Wayne8451209
Pickaway8388120
Tuscarawas8311239
Marion8297135
Erie7415153
Ross6636145
Hancock6595123
Geauga6449146
Ashtabula6355163
Scioto625299
Belmont5518158
Union550847
Lawrence5435102
Huron5229112
Darke5225121
Jefferson5210147
Sandusky5087118
Seneca5048118
Washington5029107
Athens493654
Auglaize470484
Mercer467884
Shelby453289
Knox4332108
Putnam417298
Madison416157
Ashland408986
Fulton402165
Defiance395096
Brown383855
Crawford3819100
Logan369676
Preble367995
Clinton356859
Ottawa351978
Highland344858
Williams317574
Champaign317055
Jackson304451
Guernsey303348
Perry286449
Fayette276348
Morrow272639
Henry261266
Hardin261063
Coshocton255957
Holmes251499
Van Wert237462
Gallia232146
Pike230931
Adams226151
Wyandot224153
Hocking207057
Carroll187746
Paulding167538
Meigs140838
Noble131737
Monroe128441
Morgan105722
Harrison104836
Vinton80913
Unassigned01
Fort Wayne
Cloudy
50° wxIcon
Hi: 55° Lo: 46°
Feels Like: 50°
Angola
Cloudy
48° wxIcon
Hi: 54° Lo: 45°
Feels Like: 44°
Huntington
Cloudy
48° wxIcon
Hi: 54° Lo: 46°
Feels Like: 45°
Fort Wayne
Cloudy
50° wxIcon
Hi: 54° Lo: 46°
Feels Like: 50°
Lima
Cloudy
52° wxIcon
Hi: 54° Lo: 46°
Feels Like: 52°
Rain showers continue Saturday evening, as will a few thunderstorms. Overnight, rain will taper off a little as temperatures drop into the mid 40s. On Sunday, rain chances return in late morning and last much of the day. Temperatures max out in the mid 50s and winds will be brisk at times.
WFFT Radar
WFFT Temperatures
WFFT National

Community Events