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By Jamie Ducharme
December 22, 2017
A Bank of America billboard dominates a street corner in Times Square on April 21, 2009 in New York City.
A Bank of America billboard dominates a street corner in Times Square on April 21, 2009 in New York City.
Spencer Platt—Getty Images

Roughly 145,000 Bank of America employees will be getting an extra holiday gift this year.

Bank of America CEO Brian Moynihan announced in a memo to staff that, thanks to a hefty corporate tax cut included in the tax bill signed into law by President Donald Trump Friday, Bank of America would distribute some of its savings among staff “in the spirit of shared success,” CNBC reports.

All U.S. employees who make $150,000 or less annually will receive a $1,000 bonus before the end of the year, according to the memo.

The tax cut cited by Moynihan, part of a far-reaching, $1.5 trillion overhaul of the U.S. tax system, reduces corporation’s tax rate by 14% — from 35% down to 21%. As a result, large companies such as Bank of America stand to gain quite a bit, prompting big names including AT&T, Comcast and Wells Fargo to promise workers holiday bonuses.

Wealthy Americans will also see significant tax cuts from the new tax reform, while members of the middle and lower classes will see smaller cuts.

The full text of the Bank of America memo, which was obtained by CNBC, reads:

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The purpose of this disclosure is to explain how we make money without charging you for our content.

Our mission is to help people at any stage of life make smart financial decisions through research, reporting, reviews, recommendations, and tools.

Earning your trust is essential to our success, and we believe transparency is critical to creating that trust. To that end, you should know that many or all of the companies featured here are partners who advertise with us.

Our content is free because our partners pay us a referral fee if you click on links or call any of the phone numbers on our site. If you choose to interact with the content on our site, we will likely receive compensation. If you don't, we will not be compensated. Ultimately the choice is yours.

Opinions are our own and our editors and staff writers are instructed to maintain editorial integrity, but compensation along with in-depth research will determine where, how, and in what order they appear on the page.

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