While Stephenson has praised the Trump administration for its tax policy and its willingness to roll back rules requiring net neutrality, AT&T is now in a huge battle with Trump's Justice Department over its planned merger with Time Warner.
The company said the bonus payments will go to union-represented, non-management, and front-line managers.
AT&T had previously said it would invest $1 billion in the US if "competitive" tax reform legislation was passed, and has said that tax reform framework could increase demand for AT&T's services.
In touting the GOP tax overhaul, Trump has repeatedly emphasized the importance of creating jobs. When a moderator asked those present whether they would increase US investment if the GOP tax bill passed, only a few raised their hands.
AT&T announced Wednesday that it will give 200,000 of its USA employees $1,000 once the GOP tax bill is signed into law.
The telecom giant also said it would increase its capital expenditures budget by $1 billion in response to the landmark legislation, which cuts the corporate tax rate from 35 to 21 percent.
Congress passed the final version of the tax bill on Wednesday afternoon, and it awaits President Trump's signature. House Speaker Paul Ryan's press office posted the announcement on his website at the time, touting it as "yet another example of why we need to get tax reform done" this year.
Under the new plan, the top corporate tax rate in the United States will fall from 35% to 21%. However the fundamental objection from the White House is widely believed to be Time Warner subsidiary CNN's critical coverage of Trump.
"Personally, I always felt that was a deal that's not good for the country", he told reporters in November.
Shares of AT&T were up 1.16% on Wednesday, to $38.49. The new regulatory landscape will afford AT&T more flexibility to control the pricing and speed of content for its internet customers, although AT&T has said it will not make big changes to the way internet services are delivered.
Fifth Third Bancorp said it would raise its minimum hourly wage for all employees to $15, with 3,000 hourly employees benefiting from the hike. Boeing, a major defense contractor, gets almost one-quarter of its revenue from the federal government.