AT&T plans to invest $1 billion in the United States in 2018 and pay $1,000 as a bonus to each of its more than 200,000 US employees once the bill becomes law. The telecom giant also confirmed it would invest $1 billion more in the U.S.in 2018.
AT&T boss Randall Stephenson labelled Trump's reforms a "monumental plan".
But Dallas-based AT&T said its decision to give a bonus to 200,000 workers stemmed from an inquiry by the Communications Workers of America, a union representing many of its workers.
House Speaker Paul Ryan, R-Wisconsin, touted the tax cut legislation resulting in "new investments into the US economy" as "great news".
"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", said AT&T CEO Randall Stephenson in a statement, adding that his own company would invest in its employees.
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 tax overhaul permanently reduces the corporate tax rate to 21 percent from 35 percent, while also moving to a system that would exclude many foreign profits from taxation.
And Fifth Third Bancorp., a regional bank based in Cincinnati, said it would boost its minimum wage for all of its almost 3,000 hourly employees to $15 as well as distribute a one-time bonus of $1,000 for more than 13,500 employees. Wells Fargo said it will boost its minimum wage to $15 an hour, as well as donate $400 million to nonprofit and community organizations. Boeing Co., meanwhile, said it would make $300 million of investments as a result of the tax plan, split three ways between employee-gift match programs and charitable donations, workforce development and facilities enhancements.
"Each of these investments benefits Boeing's most important strength - our employees - and reflects the real-time impact and economic benefit of the reforms", Boeing CEO Dennis Muilenburg, said in a statement.
Cable company Comcast will award $1,000 bonuses to more than 100,000 non-executive and frontline 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. The company has been cutting thousands of jobs as it copes with tougher competition and fewer sales opportunities in commercial aerospace.