On Friday morning, President Trump signed the new GOP tax bill into law before leaving for his Christmas break in Florida, according to CNN.
He also signed a resolution keeping the federal government funded through January 18, 2018. The bill included $4 billion allocated for missile defense. This legislative victory on tax reform represents the first significant legislative victory of the Trump administration.
Trump's signing of this historic tax bill before Christmas means that many employees at major American companies will receive more money.
On Wednesday, AT&T rejoiced after the GOP passed their historic tax overhaul, which lowers taxes dramatically, especially for large businesses. After hailing the tax plan, AT&T remarked that it will invest an additional $1 billion in the United States next year and will pay a one-time $1,000 holiday bonus to more than 200,000 employees, according to The Hill.
In a press release, the company said that the bonuses would be paid to all union-represented, non-management, and front-line managers. They also said that the bonuses will go out if President Trump is able to sign the bill before Christmas.
This AT&T business move recently caught the attention of Trump, who opened a White House celebration with congressional Republicans by quoting a passage from a statement by AT&T.
He then used the statement as a threat to Republicans, claiming that if they are unable to move swiftly and pass the tax bill, that it would be bad not only for them but for the 200,000 employees that are expecting bonuses. And since so many Americans are depending on the tax breaks, it would reflect poorly on the Republican Party, which has not yet had a significant legislative victory under the Trump administration.
Speaker of the House Paul Ryan remarked that this is a historic moment.
"This is without question the single most important thing we can do to once again make America the best place to do business," he said.
Boeing, another major company, also said that it will allocate $300 million for "employee-related and charitable investment" as a result of the tax cut to "support our heroes, our homes, and our future." Boeing did not provide any further detail.
According to Fortune, Fifth Third Bancorp plans to raise its minimum hourly wage for all employees to $15. It also plans to distribute a one-time bonus of $1,000 to more than 13,500 employees after the GOP tax plan is passed.
Now Comcast is following suit, too. According to CNBC, the telecommunications megacompany is giving 100,000 of their employees a $1,000 bonus and investing a mind-blowing $50 billion into the U.S. economy if Trump signs the bill.
In recent news, here's a list of senators who tried to shut down the government this week.