Then, as if on cue, the president crowed about it at a celebratory photo opportunity Wednesday afternoon on the South Lawn of the White House. Comcast said it would pay $1,000 bonuses to 100,000 workers and spend $50 billion on infrastructure in the next five years. Boeing said it was making $300 million in new investments. Cincinnati-based Fifth Third Bancorp said it would give $1,000 bonuses to 13,500 employees and set a new $15 minimum wage.
Wells Fargo will be raising their minimum wage to $15 an hour and donating $400 million to charity and philanthropy.
The telecom giants have said that tax reform, coupled with the Federal Communications Commission's repeal of the Net Neutrality regulations last week, will make room for additional investments on employees, as well as network infrastructure and next-generation technologies, such as 5G. But let's just say that with an effective tax rate now standing at 32.7%, AT&T's federal tax expenditures dwarf its $200 million outlay in employee holiday bonuses-which were a standard US business practice dating back before the Reagan tax cuts in the 1980s.
The company moves may have been long-planned and inspired by unrelated reasons.
The bill indisputably helps corporations.
"I immediately called downstairs and said "get it ready". Boeing relies on government contracts for much of its business, while AT&T has been seeking to acquire Time Warner, at times arguing with the Trump administration over antitrust issues. The Justice Department is now suing to block a proposed $85 billion merger between AT&T and Time Warner, a deal Trump has objected to as "not good for the country".
The strategies playing out this week hark back to the early months of Trump's presidency and during his transition, when companies such as Carrier let Trump take part in public announcements of new jobs or factories. In reality, they already have the evidence they need. The tax bill is the first major legislative victory for the GOP-controlled Congress and Trump since he took office nearly one year ago.
But Republicans from the president on down are determined to sell Trump's signature legislative accomplishment ahead of the 2018 midterm elections.
Mr Trump posted a celebratory message on Twitter after big name firms including AT&T and Comcast credited the tax cut programme for allowing them to promise one-off payouts of up to $1,000 (£750) to hundreds of thousands of workers ahead of the festive season.
Randall Stephenson, AT&T's chief executive, said in a statement, "Congress, working closely with the president, took a monumental step to bring taxes paid by US businesses in line with the rest of the industrialized world".
"This just came out", he said.
AT&T said it will pay a $1,000 bonus to 200,000 workers once the tax bill passed Wednesday is signed into law. "So that's pretty good".
Commentators, however, questioned whether those firms announcing benefits for their staff could have broader motives beyond staff morale.
Speaker of the House Paul Ryan, R-Wis., center, accompanied by Senate Finance Committee Chairman Orrin Hatch, R-Utah, right, signs the final version of the GOP tax bill during an enrollment ceremony at the Capitol in Washington, Thursday, Dec. 21, 2017. Senate Democratic leader Charles Schumer of NY criticized AT&T on the Senate floor. But there's a reason why we've only started to hear about this link: Big corporations were not lobbying for tax cuts in order to pass their savings onto employees. They will. Much has been made of how the Republican tax bill actually raises taxes for some people, but only 5% will see a short-term increase, according to the Tax Policy Center - and that mostly applies to affluent people who live in blue states with high taxes. "That's because of what we did", he said. She ticked through several examples before concluding that the bill amounted to a "gift" for working families.