21 December 2017

What Businesses Are Saying About The Passage of Meaningful, Pro-Growth Tax Reform

With Tax Reform, AT&T Plans to Increase U.S. Capital Spending $1 Billion and Provide $1,000 Special Bonus to more than 200,000 U.S. Employees
“Congress, working closely with the President, took a monumental step to bring taxes paid by U.S. businesses in line with the rest of the industrialized world,”said Randall Stephenson, AT&T chairman and CEO. “This tax reform will drive economic growth and create good-paying jobs. In fact, we will increase our U.S. investment and pay a special bonus to our U.S. employees.”

Boeing CEO Muilenburg Applauds Tax Law, Announces $300 Million in Employee-Related and Charitable Investments to Spur Innovation and Growth“On behalf of all of our stakeholders, we applaud and thank Congress and the administration for their leadership in seizing this opportunity to unleash economic energy in the United States. It’s the single-most important thing we can do to drive innovation, support quality jobs and accelerate capital investment in our country. For Boeing, the reforms enable us to better compete on the world stage and give us a stronger foundation for the investment in innovation, facilities and skills that will support our long-term growth,” said Dennis Muilenburg, Chairman, President and Chief Executive Officer of Boeing. 

Comcast Announces Special Bonus and Capital Investments
“Based on the passage of tax reform and the FCC’s action on broadband, Brian L. Roberts, Chairman and CEO of Comcast NBCUniversal, announced that the Company would award special $1,000 bonuses to more than one hundred thousand eligible frontline and non-executive employees. Roberts also announced that the Company 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. With these investments, we expect to add thousands of new direct and indirect jobs. We will have more to say on capital at our upcoming January 24th earnings report.” – Comcast 

Dow Chemical Company
Statement from Dow CEO #ANLiveris on the passage of the #TaxCutsandJobsAct by the U.S. Congress. #TaxReform
“The Tax Cuts and Jobs Act is a historic and critical win for American manufacturing and competitiveness. Like Dow, manufacturers will be drawn to invest here due to the permanent low corporate rate, the new territorial tax system and immediate expensing of capital investments. We commend the U.S. Congress for passing this pro-growth tax reform legislation which will help strengthen U.S. competitiveness and job growth,” said Andrew Liveris, Chairman and CEO of The Dow Chemical Company.

Fifth Third Bancorp
Fifth Third Bancorp Invests in Employees
“Newly passed tax legislation includes a reduction in corporate tax rates designed to spur economic growth. Carmichael said 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. Carmichael said the higher wage is an important step to help support individuals, their families and the communities in which we operate. Fifth Third has a history of investing in its 18,000 employees. Once the legislation is signed into law, nearly 3,000 hourly employees will see their pay increase to $15 an hour. The one-time $1,000 bonus is expected to be distributed by the end of the year, assuming the president signs the bill before Christmas. Senior managers and executive leadership are excluded from this compensation.” – Fifth Third Bancorp

General Electric (GE)
GE Applauds Congress and the White House for Their Commitment to Passing Historic Tax Reform Legislation
“GE commends Congress and the White House for their commitment to passing historic tax reform legislation. GE supports the tax reform plan because it would upgrade the U.S. to a territorial tax system for the first time in history, bring rates in line with other countries, and allow U.S. businesses and workers to compete fairly around the world, so it’s the quality of our products that determine whether we win global deals, and not tax differences.” – GE

Wells Fargo
Wells Fargo to Raise Minimum Hourly Pay Rate to $15, Target $400 Million in 2018 Philanthropic Contributions, Including Expanded Support for Small Businesses and Homeownership
“We believe tax reform is good for our U.S. economy and are pleased to take these immediate steps to invest in our team members, communities, small businesses, and homeowners,” said President and CEO Tim Sloan. “We look forward to identifying additional opportunities for Wells Fargo to invest, as we continue to execute our business strategies and provide long-term value to all our stakeholders. As the nation’s largest small business lender and residential mortgage provider, we understand our significant role in helping grow the economy.”

Courtney Parella

Communications Director