Wells Fargo, AT&T; Try to Show Unpopular Tax Cut Aids Workers (1)









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Photo: MAX WHITTAKER, NYT Image 1 of / 12 Caption Close Image 1 of 12 FILE -- Wells Fargo headquarters in San Francisco's Financial District, Sept. 16, 2016. FILE -- Wells Fargo headquarters in San Francisco's Financial District, Sept. 16, 2016. Photo: MAX WHITTAKER, NYT Image 2 of 12 FILE - This Thursday, Oct. 12, 2017, file photo shows an AT&T sign at a store in Miami. FILE - This Thursday, Oct. 12, 2017, file photo shows an AT&T sign at a store in Miami. Photo: Alan Diaz, Associated Press Image 3 of 12 WASHINGTON, DC - DECEMBER 20: Chairman of House Ways and Means Committee Rep. Kevin Brady (R-TX) (C) as President Donald Trump (3rd L) looks on during an event to celebrate Congress passing the Tax Cuts and Jobs Act with Republican members of the House and Senate on the South Lawn of the White House December 20, 2017 in Washington, DC. The tax bill is the first major legislative victory for the GOP-controlled Congress and Trump since he took office almost one year ago. (Photo by Alex Wong/Getty Images) less WASHINGTON, DC - DECEMBER 20: Chairman of House Ways and Means Committee Rep. Kevin Brady (R-TX) (C) as President Donald Trump (3rd L) looks on during an event to celebrate Congress passing the Tax Cuts and ... more Photo: Alex Wong, Getty Images Image 4 of 12 . . Photo: AP Image 5 of 12 Image 6 of 12 Increases standard deductions

The standard deduction would be increased from $6,500 to $12,000 for single filers, from $9,550 to $18,000 for heads of household and from $13,000 to $24,000 for joint filers in 2018

less Increases standard deductions

The standard deduction would be increased from $6,500 to $12,000 for single filers, from $9,550 to $18,000 for heads of household and from $13,000 to $24,000 for joint filers in ... more Photo: davidf Image 7 of 12 Eliminates personal exemptions

The personal exemptions claimed based on the number of dependents would be eliminated. In 2017 each exemption reduces $4,050 from the total amount of taxable income.

Eliminates personal exemptions

The personal exemptions claimed based on the number of dependents would be eliminated. In 2017 each exemption reduces $4,050 from the total amount of taxable income. Photo: Pete Marovich /NYT Image 8 of 12 Child tax credit

The child tax credit would be increased from $1,000 to $2,000 while increasing the phaseout from $110,000 in current law to $400,000 for married couples.

Child tax credit

The child tax credit would be increased from $1,000 to $2,000 while increasing the phaseout from $110,000 in current law to $400,000 for married couples. Photo: Alex Brandon, STF / Associated Press Image 9 of 12 Alternative minimum tax

The exemption on alternative minimum tax would increase from $86,200 to $109,400 for married filers and increase the phaseout threshold to $1 million.

Alternative minimum tax

The exemption on alternative minimum tax would increase from $86,200 to $109,400 for married filers and increase the phaseout threshold to $1 million. Photo: J. Scott Applewhite /Associated Press Image 10 of 12 Image 11 of 12 A real estate investment trust helped rescue a stake held by Kushner Companies in 666 Fifth Avenue in New York, pictured on March 29, 2017. Such trusts would get new advantages under Republican tax legislation. A real estate investment trust helped rescue a stake held by Kushner Companies in 666 Fifth Avenue in New York, pictured on March 29, 2017. Such trusts would get new advantages under Republican tax legislation. Photo: KARSTEN MORAN /NYT Image 12 of 12 Wells Fargo, AT&T; Try to Show Unpopular Tax Cut Aids Workers (1) 1 / 12 Back to Gallery

(Bloomberg) -- Looks likes corporate America is trying to sway public opinion on the unpopular tax bill -- or at least gain favor with the president.

Donald Trump has touted the legislation as benefiting the middle class, even though a majority of Americans say it will help the wealthy. In the run-up to the bill’s passage, U.S. chief executives had made few specific promises about using savings from a big reduction in the corporate tax rate to create jobs or invest in the country. That changed on Wednesday.

As the bill raced through Congress, Boeing Co. announced it would invest $300 million in a combination of employee training, improved workplace infrastructure and corporate giving. About an hour later, AT&T Inc. said 200,000 U.S. workers -- including all union members -- would each get a $1,000 bonus to celebrate. Trump cited AT&T’s plan at a news conference Wednesday.

“That’s because of what we did,” Trump said. “So that’s pretty good.”

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Fifth Third Bancorp went further, saying it would raise its minimum hourly wage to $15 and distribute a $1,000 payout to 13,500 employees. Wells Fargo, the nation’s largest mortgage lender, joined Fifth Third on the pay raise to $15 an hour, while also pledging $400 million to community and non-profit organizations next year. Cable giant Comcast Corp. said about 100,000 workers would get $1,000 holiday bonuses and pledged more than $50 billion in infrastructure investments over the next five years.

“We want to invest in our most important asset – our people,” said Fifth Third Chief Executive Officer Greg Carmichael. “Our employees drive our reputation, our business and our success.”

It remains to be seen whether the efforts will warm Americans up to the tax overhaul. Only 24 percent think the plan is a good idea, and almost two-thirds believe it was designed to help the wealthy, according to an NBC News/Wall Street Journal poll released Tuesday.

The bill promises to become one of the biggest issues in the 2018 elections that will determine whether Republicans retain their majorities in Congress.

The companies that publicly celebrated the tax bill are all regulated by and do business with the federal government, so a little cheerleading couldn’t hurt. AT&T in particular could use some positive vibes from the Trump administration, whose Justice Department is suing to block the phone carrier’s $85.4 billion acquisition of Time Warner Inc.

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Chuck Schumer, the New York Democrat and Senate minority leader, cited the pending merger in a statement about AT&T’s bonus. And he said the payout to workers is the exception to the rule, with other big corporations focusing on share buybacks in anticipation of the tax reform.

“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,” Schumer said in a statement.

(Updates with Comcast announcement in fifth paragraph.)

--With assistance from Jenny Surane Scott Moritz Julie Johnsson Laura J. Keller Anna Edgerton and Gerry Smith

To contact the reporter on this story: Matt Townsend in New York at mtownsend9@bloomberg.net.

To contact the editors responsible for this story: Nick Turner at nturner7@bloomberg.net, Crayton Harrison, Rob Golum

©2017 Bloomberg L.P.