A handful of America's largest companies will be paying their workers bonuses once the tax reform bill becomes law.
On Dec. 20, Congress approved a bill cutting the tax rate on corporations from 35 to 21 percent in the largest overhaul of the American tax code in 30 years, reports CNN.
The bill is now awaiting President Donald Trump's signature.
In response, AT&T announced it will award $1,000 bonuses to more than 200,000 employees, according to USA Today. The company also vowed to make $1 billion in new investments in the United States.
"If the President signs the bill before Christmas, employees will receive the bonus over the holidays," AT&T chairman and CEO Randall Stephenson said in a letter praising the bill, the Daily Mail reports.
"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," added Stephenson. "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."
Upon hearing the news, Donald Trump was ecstatic.
"That's because of what we did," he said. "So that's pretty good.I mentioned AT&T but many companies have come forward and [are] saying they're so happy, and they're going to be doing similar announcements."
Comcast, Boeing, Fifth Third Bancorp, Wells Fargo, and FedEx eventually followed suit.
After AT&T made their announcement, Comcast -- which also owns NBCUniversal -- said it will pay $1,000 bonuses to more than 100,000 workers and "expects to spend well in excess of $50 billion over the next five years investing in infrastructure."
"With these investments, we expect to add thousands of new direct and indirect jobs," the company said.
Fifth Third Bancorp will award $1,000 bonuses to more than 13,500 employees because of the tax reform bill. It, like Wells Fargo, will also raise its employees' minimum wage to $15 per hour, while Wells Fargo will donate $400 million to nonprofit charities.
FedEx may also make a similar promise.
"GDP could increase materially next year as a result of U.S. tax reform," the company's CFO, Alan Graf, told investors. "If this occurs, we would likely increase capital expenditures and hiring."
Meanwhile, Boeing says it will make $300 million in investments, including $100 million in employee training and education and $100 million to improve Boeing facilities.