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Trump says tax bill is 'the rage' in corporate America, but this scorecard shows it's too early to tell

  • Trump tweeted the tax bill "has taken on an unexpected new source of 'love' - that is big companies and corporations showering their workers with bonuses."
  • CNBC reached out to 89 of the largest S&P 500 companies and found that many say their strategy on the tax cuts is still in the works.
President Donald Trump celebrates with Congressional Republicans after the U.S. Congress passed sweeping tax overhaul legislation on the South Lawn of the White House in Washington, U.S., December 20, 2017.
Jonathan Ernst | Reuters
President Donald Trump celebrates with Congressional Republicans after the U.S. Congress passed sweeping tax overhaul legislation on the South Lawn of the White House in Washington, U.S., December 20, 2017.

It may be too early to tell if a tax bill that just cleared Congress is "the rage" in Corporate America, as President Donald Trump claimed Friday.

In a tweet, Trump said the Tax Cut and Reform Bill — which will slash the U.S. corporate tax rate to 21 percent from 35 percent — "has taken on an unexpected new source of 'love' - that is big companies and corporations showering their workers with bonuses." Trump concluded the tweet saying: "This is a phenomenon that nobody even thought of, and now it is the rage. Merry Christmas!"

But CNBC reached out to more than 80 of the largest S&P 500 companies and found that many say their strategy on the tax cuts is still in the works. Of the 89 companies we contacted, 35 responded to CNBC's inquiry. Six of those companies, including brands such as Walmart, Intel and Union Pacific, said it was too early to tell whether they would be raising wages or offering bonuses because of the new tax plan. Sixteen companies, including Amazon, declined to comment.

Below is a table of all the companies CNBC contacted in light of the tax bill clearing Congress. It also includes companies that announced plans to raise wages or give bonuses to employees in light of the tax plan passing. This scorecard will be updated as more companies make announcements on the matter.

A Verizon Communications spokesman told CNBC via email that the company will "talk about what we will do following tax reform passage after the new year." Union Pacific told CNBC the company had no plans to increase wages for its workers at this time. It's "too early to tell what kind of a financial impact it will have on us."

A spokesman for Walmart Stores said the company will "evaluate the changes, what they mean for Walmart and the best use of any tax savings but there's nothing from us to share at this time." He also said he would "expect to have more to share during the Q4 earnings discussion on Feb. 20."

Bank of America CEO Brian Moynihan said roughly 145,000 would receive a bonus of $1,000 as a result of the bill.

Boeing, Wells Fargo, AT&T, and NBCUniversal parent Comcast were among the companies that announced they would give employees bonuses and pay increases after the bill cleared both chambers of Congress.