The Tax Cuts and Jobs Act has inspired a wave of corporate largesse. When Congress passed the tax bill on December 20, AT&T announced that it would give $1,000 bonuses over the holidays to 200,000 of its U.S. employees. The largest telecommunications company in the world by revenue, AT&T was a vocal supporter of the tax bill, which lowers the corporate tax rate from 35% to 21%.
Other companies were quick to jump on the PR bandwagon. Comcast gave $1,000 bonuses to over 100,000 employees. Fifth Third announced a $15 minimum hourly wage across the company and gave out $1,000 bonuses to more than 13,500 of its employees.