Soon after Republican lawmakers sent the newly passed tax reform bill to President Donald Trump's desk on Wednesday, AT&T and Boeing announced that they will issue additional employee bonuses and other investments as a commitment to support the U.S. economy.
AT&T will provide over 200,000 of its workers with a $1,000 bonus and will make a $1 billion increase to is capital expenditures budget.
"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," AT&T CEO Randall Stephenson said in a statement. "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 gave thanks to Congress as it announced an immediate commitment of $300 million going toward "employee-related and charitable investment" as a result of the tax bill's passage.
"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," Boeing CEO Dennis Muilenburg said in a press release. "It's the single-most important thing we can do to drive innovation, support quality jobs and accelerate capital investment in our country."
— The Boeing Company (@Boeing) December 20, 2017
AT&T’s new incentives to invest in the United States will take effect in 2018, giving all union-represented, non-management and front-line managers a bonus that may be received as a holiday bonus if President Donald Trump sings the bill before Christmas.
Boeing's $300 Million investment will include $100 million for corporate giving, $100 million to its workforce, and $100 Million to workplace facilities and infrastructure.
"Each of these investments benefits Boeing's most important strength – our employees – and reflects the real-time impact and economic benefit of the reforms," Muilenburg added.
It is unclear exactly when Trump will sign the bill, but it is expected in the coming days or weeks. White House press secretary Sarah Huckabee Sanders said prior to Wednesday afternoon's celebratory event that it would not be a signing event as some procedural details have to be taken care of, the New York Post reported.
"This is not a signing event as the bill would still need to be enrolled and that will happen at a later date. We will keep you posted on details as they are confirmed," Sanders said.