Comcast on Wednesday announced that it will give $1,000 to more than 100,000 of its employees as a result of the passage of tax-cut legislation in Congress, as well as the Federal Communications Commission’s repeal of net neutrality.
“Based on the passage of tax reform and the FCC’s action on broadband, Brian 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,” the company said in a statement.
Roberts also announced that Comcast would invest $50 billion over the next five years in infrastructure toward its “broadband plant and capacity, and our television, film and theme park offerings.”
Comcast says that it expects to bring on thousands of new employees as a result of the investments. The firm says it will offer further details in its Jan. 24 earnings report.
{mosads}Comcast’s announcement comes on the heels of AT&T announcing that it would offer $1,000 holiday bonus to roughly 200,000 of its employees because of tax-reform legislation passing in Congress.
President Trump mentioned AT&T’s news Wednesday at the White House as he celebrated passage of the tax bill with congressional Republicans.
AT&T had previously committed to increasing investment as well if tax reform legislation passed.
Republicans say their bill, which slashes tax rates for corporations and individuals, will boost job creation and increase business investment.
They touted the announcements from AT&T and Comcast, as well as from Wells Fargo and Fifth Third Bancorp, which also announced pay raises for their employees in response to the tax bill.
“You’re going to see the economy take off like nothing we have seen in a generation,” Rep. Steve Scalise (R-La.), the House majority whip, said on Fox News.
Democrats have been skeptical of such claims, arguing that corporations will pump the tax-cut money back to their shareholders.
“[AT&T’s] announcement today is the exception, not the rule, when it comes to the biggest corporations spending their windfall,” read a release from Senate Minority Leader Charles Schumer’s (D-N.Y.) office on Wednesday.
“There is a reason so few executives have said the tax bill will lead to more jobs, investments, and higher wages — because it will actually lead to share buybacks, corporate bonuses, and dividends.”