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Friday, April 9, 2021

Texas companies join chorus passing along tax bill’s savings

AT&T, Comcast, Wells Fargo and Boeing — among other major companies — announced plans shortly after Congress passed a major tax bill with big corporate tax cuts on Wednesday to share a fraction of their bounty with workers.

Dallas-based AT&T said that it would pay a $1,000 bonus to 200,000 workers and Boeing, Comcast and Wells Fargo have made similar announcements.

Locally, Pinnacle Bank said it is paying a special bonus of $1,000 to each full-time associate in the wake of tax bill’s passage.

“We feel strongly that the message should be loud and clear that this is a tax cut that will benefit all Americans,” said Ronny Korb, Pinnacle Bank’s Texas Charter president. Pinnacle Bank has 230 associates in Texas and more than 1,000 nationwide.

Similarly, Texas Capital Bank President and CEO Keith Cargill said the Dallas-based bank will be giving a majority of its employees a special $1,000 bonus, thanks in part to passage of the federal tax overhaul plan.

Cargill said more than 900 employees not already eligible for another performance-based bonus program will receive the payouts, effective in January after the law takes effect.

The tax overhaul permanently reduces the corporate tax rate to 21 percent from 35 percent, while also moving to a system that would exclude many foreign profits from taxation. The savings would generate billions of dollars in profits for companies, with economists generally estimating that roughly 75 percent would go to investors and 25 percent to workers. – This report includes reporting from the Associated Press

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Robert Francis
Robert is a Fort Worth native and longtime editor of the Fort Worth Business Press. He is a former president of the local Society of Professional Journalists and was a freelancer for a variety of newspapers, weeklies and magazines, including American Way, BrandWeek and InformatonWeek. A graduate of TCU, Robert has held a variety of writing and editing positions at publications such as the Grand Prairie Daily News and InfoWorld. He is also a musician and playwright.

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