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Companies are rushing to announce special bonuses and pay hikes after the GOP tax plan

Matt Turner,Jonathan GarberDec 21, 2017, 03:24 IST

Dennis Muilenburg, CEO of The Boeing Company, arrives at Trump Tower in New York City, US January 17, 2017.REUTERS/Stephanie Keith

Both the House and Senate passed the final version of the Republican tax bill on Wednesday, and a number of companies took the opportunity to announce special bonuses or pay hikes.

The bill reduces the corporate tax rate to 21% from 35% while allowing a one-time repatriation of overseas cash. Companies are mostly expected to buy back stock or pay down debt with their savings.

The pay hike and bonus announcements are sure to please Republican lawmakers, who have been pitching corporate tax cuts as a boost for American workers.

Here's what has been announced so far: