President Donald Trump and GOP lawmakers have touted their $1.5 trillion tax reform law as a boon for small business owners and middle-class workers. Democrats have derided the law as a money grab for the richest 1%.

The new tax code will reduce the corporate tax rate to 21% from 35%.

Large corporations like AT&T Inc. (T) - Get Report and Comcast Corp. (CMCSA) - Get Report announced bonuses for all their employees immediately following the passage of the tax reform law.

However, not every big corporation is an early winner off the plan. These three companies have announced they will take billion dollar charges related to the new law.

Goldman Sachs to Take a $5 Billion Charge

The Goldman Sachs Group Inc. (GS) - Get Report announced that it will take a one-time $5 billion charge related to the new tax bill.

Two-thirds of the charge will stem from repatriation taxes when the lender brings overseas money home. The rest of the charge is attributable to the "effects of the implementation of the territorial tax system and the remeasurement of U.S. deferred tax assets at lower enacted corporate tax rates."

Barclays to Take a $1.3 Billion Charge

British lender Barclays Plc (BCS) - Get Report announced that it expects to take a $1.3 billion one-time write-down due to the new tax law.

The charge, along with other restructuring costs, is expected to push the U.K. bank into the red for the year.

"It is possible that any impact of [the base erosion measures] could significantly reduce the benefit of the reduction in the statutory U.S. federal rate," Barclays said. In spite of the one-time charge, Barclays did say that the new tax corporate rate will "positively impact" its future post-tax earnings in the U.S.

Royal Dutch Shell to Take Charge Between $2 Billion and $2.5 Billion

Royal Dutch Shell plc () is expected to take a one-time, fourth-quarter charge between $2 billion and $2.5 billion due to the new tax law. The charge is tied to a reduction in the value of its deferred tax assets.

Companies have logged such assets during unprofitable periods and can use them to offset future tax payments. However, the value of those tax credits was significantly reduced with the corporate tax rate falling to 21%.

BP Gets Nailed

BP plc said Tuesday, Jan. 2, that its fourth quarter earnings will be hit by a one-off charge due to recent changes in the U.S. tax code that will see the corporate rate fall to 21% from 35%.

The U.K. oil giant forecast that it will likely take an approximate $1.5 billion one-off non-cash charge in the final three months of last year after it revaluates its U.S. deferred tax assets and liabilities at the new 21% tax rate. Details of the final BP's final actual charge will be released on Feb. 6.

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