Paul Ryan applauds as President Trump hugs Mitch McConnell as he speaks during an event on the South Lawn of the White House in Washington on Wednesday. Photo: Evan Vucci / AP

After the passage of the GOP's sweeping tax plan that would cut the corporate tax rate, AT&T, Wells Fargo, Fifth Third Bancorp, Boeing and Comcast announced plans to increase their employee pay and benefits.

Why it matters: This move will please the White House and Republicans who have been pitching corporate tax cuts from 35% to 21%, beginning in 2018, as a boost for American workers and economy. The Associated Press reports that per a White House official, these announcements were not coordinated with the president's economics team. The official "insisted on anonymity to discuss private conversations," per the AP.

The breakdown:

  • AT&T said it will give $1,000 bonuses to "more than 200,000 AT&T U.S. employees" and fulfill a $1 billion capital investment pledge as soon as the bill becomes law.
  • Fifth-Third Bancorp told Axios' Dan Primack that it will raise the minimum wage of its workforce to $15 per hour. It said 3,000 of its employees currently make less than $15 per hour. When asked why, given the $1.5 billion it made last year in profit, they had no comment.
  • Wells Fargo will reportedly increase its minimum wage to $15 an hour. The San Francisco-based bank also plans to allocate $400 million in donations to community and nonprofit organizations in 2018.
  • The Chicago-based Boeing Company said it's "still studying all of the provisions of the new legislation," but has committed $300 million for charitable giving, employee development programs and "workplace of the future" facilities and infrastructure enhancement.
  • Chairman and CEO of Comcast NBCUniversal Brian Roberts, said the company will award $1,000 in bonuses to more than one hundred thousand eligible frontline and non-executive employees. It will also spend $50 billion over the next five years to improve and extend its broadband plant and capacity. Roberts said this move would create "thousands of new direct and indirect jobs."

Go deeper: What you'll see under the new tax code

Go deeper

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Illustration: Aïda Amer/Axios

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Photo illustration: Aïda Amer/Axios. Getty Images photos: Win McNamee and Saul Loeb/AFP

Joe Biden has laid out a more concrete tech agenda whereas President Trump has focused on tax cuts and deregulation while criticizing tech firms for anti-conservative bias. That's according to a side-by-side analysis of the two candidates' tech records by the Information Technology & Innovation Foundation shared exclusively with Axios.

Why it matters: The tech industry needs to prepare for either four more years of Trump's impulsive policy approach or for a Biden administration that's likely to be critical of tech but slow to take action.

Dion Rabouin, author of Markets
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Big Tech's share of the S&P 500 reached record level in August

Expand chart
Reproduced from The Leuthold Group; Chart: Axios Visuals

The gap between the weighting of the five largest companies in the S&P 500 and the 300 smallest rose to the highest ever at the end of August, according to data from the Leuthold Group.

Why it matters: The concentration of wealth in a few massive U.S. tech companies has reached a scale significantly greater than it was before the dot-com bubble burst.