Wells Fargo, AT&T, others cite tax overhaul in plans to boost wages, pay bonuses

Several major companies, perhaps eager to boost public opinion for the tax overhaul that dramatically slashed their taxes, said Wednesday that they will boost employee pay and bonuses in the wake of federal tax law changes.

It marks a dramatic change from corporate chieftains telling Wall Street in recent weeks that tax legislation would likely spur dividend hikes and share buybacks. Corporate America may be getting the message that it had better help generate public support for the Republicans’ tax overhaul or risk having it overturned. Polls show most Americans see the new tax law favoring corporations and the wealthy even though it’s billed as a middle-class tax cut. Bay Area residents are especially concerned about restrictions placed on deductions for state and local income taxes and mortgage interest that will likely have many of them pay more in taxes next year.

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