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Pelosi called the new take bill what...Armageddon?
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Some of America's biggest companies gave workers a Christmas cheer Wednesday as they passed on some of their winnings from a dramatic corporate tax cut.
AT&T said that it will pay $1,000 bonuses to more than 200,000 employees - and promised to make $1 billion in new investments in the United States next year - once a tax reform bill approved by Congress is signed into law.
The Republican-controlled House and Senate have given final approval to the biggest overhaul of the U.S. tax code in 30 years, sending the sweeping bill to President Donald Trump for his signature.
As part of that bill, the tax rate on corporations will drop from 35 percent to 21 percent. Trump previously called the measure 'rocket fuel' for the economy.
After AT&T's announcement, other companies followed suit.
Comcast NBCUniversal said it would award $1,000 bonuses to more than 100,000 workers, 'based on the passage of tax reform' and a recent FCC decision to repeal 'net neutrality' rules.
President Donald Trump's tax-cut victory lap at the White House included the news that AT&T is responding by paying $1,000 bonuses to all its workers
In a letter to employees, AT&T CEO Randall Stephenson said the bonuses would be paid to all 'union-represented, non-management, and 1st and 2nd line managers'
Trump read aloud part of a news story about the move, saying more like it will be coming from corporate America
Father Christmas: AT&T CEO Randall Stephenson's firm was first to announce the Trump windfall for its workers
Big busness follows: Comcast, which also owns NBC Universal, announced $1,000 each for more than 100,000 staff, Boeing said it would put $300 million into workforce development and Wells Fargo hiked its minimum wage to $15 an hour
Roughly 100 GOP lawmakers came out to celebrate Wednesday with the president. Members of the president's cabinet and White House staff were also there
The cable and Internet giant also boasted that it 'expects to spend well in excess of $50 billion over the next five years investing in infrastructure.'
Boeing said it would make a '$300 million employee-related and charitable investment as a result of #TaxReform legislation.'
And Fifth Third Bancorp in Cincinnati, Ohio said it will pay $1,000 bonuses to more than 13,500 employees and raise the minimum wage for its workforce to $15 per hour because its tax rate is about to plummet.
Wells Fargo matched that $15 per hour minimum wage hike and said it was prompted by the tax plan. The San Francisco-based bank also said it would make $400 million in donations to nonprofit charities and other community organizations in 2018.
FedEx also showed optimism, with its CFO saying during an earnings call that the package shipping giant will likely expand if the tax cuts lead to larger national economic growth.
'GDP could increase materially next year as a result of U.S. tax reform. If this occurs, we would likely increase capital expenditures and hiring,' Alan Graf told investors.
In a victory-lap event on the White House's South Lawn, Trump read aloud a news account of the AT&T decision and said more like it are coming.
'That's because of what we did,' he said. 'So that's pretty good.'
'I mentioned AT&T,' he said minutes later, 'but many companies have come forward and [are] saying they're so happy, and they're going to be doing similar announcements.'
'Something this big, something this generational, something this profound could not have been done without exquisite presidential leadership. Mr. President thank you for getting us over the finish line,' said House Speaker Paul Ryan
GOP leaders congratulated Trump on the legislative achievement - the first major one of his presidency - one by one in remarks that praised him as the greatest executive officeholder in generations
Video playing bottom right...
Right after the House of Representatives passed the final version of the tax bill, Boeing announced $300 million in new spending in the U.S.
In a letter to employees, AT&T CEO Randall Stephenson said the bonuses would be paid to all 'union-represented, non-management, and 1st and 2nd line managers.'
'If the President signs the bill before Christmas, employees will receive the bonus over the holidays,' the company added.
The missive to AT&T's workforce said the new 21 percent corporate tax rate would put the U.S. 'in line with the rest of the industrialized world.'
'This new lower rate encourages businesses to invest more in the United States. And more investment creates more good-paying jobs and increases economic growth.'
Just minutes before AT&T announced its employee bonuses, Senate Minority Leader Chuck Schumer excoriated the company as a greedy corporation that would use its tax cut to buy back its stock and reward its executives.
'Over the last ten years, AT&T has paid an average tax rate of 8 per cent a year. They have 80,000 fewer employees today than they had then,' the New York Democrat complained.
'Tax breaks don't lead to job creation. They lead to big CEO salaries and money for the very, very wealthy.'
House Minority Leader Nancy Pelosi (left) said the tax cuts represented 'the worst bill in the history of the United States Congress'; Senate Minority Leader Chuck Schumer blasted AT&T as a greedy corporation just minutes before the company announced its bonuses
Trump's event on the White House's South Lawn was attended by nearly all the Republican members of Congress
The legislation sailed through by a 224-201 margin with 12 Republicans crossing party lines to side against it
House Minority Leader Nancy Pelosi, a California Democrat, said the Republican tax cuts represented 'the worst bill in the history of the United States Congress.'
But Trump predicted that an outpouring of domestic investment from American companies would be 'very special.'
'We're bringing the entrepreneur back into this country. We're getting rid of the knots and all the ties and we're going to – you're going to see what happens,' he said.
'And ultimately what does it mean? It means jobs. Jobs jobs, jobs.'
AT&T is involved in a takeover attempt of Time Warner, the parent company of CNN, which has put them at odds with Trump's Justice Department.
The DOJ is opposing it on competition grounds, and the case is set to make its way to court.
AT&T's rapid praise for the president may well be seen as a gesture intended to soften Trump's opposition to the merger.
But on the South Lawn, the merger was not mentioned amid jubilation at the first major legislative achievement of the Trump presidency.
'We are making America great again!' Trump said at the outdoor ceremony.
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