40.2 F
Fort Worth
Wednesday, October 28, 2020
Banking Texas companies join chorus passing along tax bill's savings

Texas companies join chorus passing along tax bill’s savings

Other News

Who killed Sweden’s prime minister? 1986 assassination of Olof Palme is finally solved – maybe

Andrew Nestingen, University of Washington It took 34 years,...

Fort Worth Police seeking man who robbed diners on Southside restaurant patio

Fort Worth Police are seeking a man who robbed diners at an outdoor patio on Hemphill Street on the city's Southside.

Authorities find 2 abducted girls after 2 boys are killed

By HEATHER HOLLINGSWORTH The Associated PressMISSION, Kan. (AP) — Authorities found two girls who were abducted from a Kansas home where two...

Second whistleblower fired from Texas attorney general’s office after accusing Ken Paxton of bribery

By Emma Platoff, The Texas Tribune Oct. 22, 2020 "Second whistleblower fired from Texas...
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.

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

Latest News

AP Explains: The rule that made the modern internet

By BARBARA ORTUTAY AP Technology Writer OAKLAND, Calif. (AP) — Twenty-six words tucked into a 1996 law overhauling telecommunications...

Veritex Holdings: 3Q Earnings Snapshot

DALLAS (AP) _ Veritex Holdings Inc. (VBTX) on Tuesday reported third-quarter earnings of $22.9 million.The Dallas-based bank said it had earnings of...

UMB: 3Q Earnings Snapshot

KANSAS CITY, Mo. (AP) _ UMB Financial Corp. (UMBF) on Tuesday reported third-quarter net income of $73.1 million.The bank, based in Kansas...

A week before the election, Texas National Guard prepares to deploy troops to cities

By Shawn Mulcahy, The Texas Tribune Oct. 27, 2020 "A week before the election,...

Texas Capital Bank names new CEO, president

Texas Capital Bancshares Inc. (NASDAQ: TCBI), the parent company of Texas Capital Bank, N.A., on Oct. 27 announced that Rob C. Holmes...