So much for “crumbs.” Citing the “historic” Republican-passed, President Trump-signed $1.5 trillion tax cut, Exxon Mobil announced on Monday that it plans to invest an additional $35 billion in the U.S. over the next five years . Combined with a recently announced $15 billion investment, the oil giant is going to effectively infuse $50 billion into the American economy.
Exxon Mobil Chairman and CEO Darren Woods made the announcement in a blog post on Monday (full text below).
“At ExxonMobil, we plan to invest more than $50 billion over the next five years to expand our business in the United States,” writes Woods. “These investments are underpinned by the unique strengths of our company and enhanced by the historic tax reform recently signed into law.”
Woods notes the Exxon is not alone in its plans to reinvest in America and American workers in response to the massive corporate tax cut, which Republicans slashed from 35% to 21%.
Read more at American Action News