In December 2017, Congress approved a bill that substantially reduces the corporate tax rate for Cox and many other large companies. This change in the tax rate favorably affects our cash flow and allows us to accelerate investment in infrastructure, technology and product development.
New President and Chief Executive Officer of Cox Enterprises, Alex Taylor - a fourth generation Cox family member, taking over at the start of this year - announced during a Cox Enterprises-wide all employee meeting, that the majority of all Cox Enterprises 60,000 employees will receive bonuses on Tax Day this year of up to $2,000.
“Cox Communications continues to invest in new businesses such as telecom infrastructure and healthcare, in building its own infrastructure to better power the smart homes, smart businesses and smart cities of the future - $10 billion in capex the next five years- as well as in the communities it serves via corporate giving - approximately $70 million per year - and in its greatest resource, our employees,” said Michael F. Bolognini, vice president and market leader of Cox Las Vegas. “In Southern Nevada we’re investing heavily in our network and that is allowing us to deploy advanced services such as Gigabit internet throughout our footprint.“
Most of the 1900 Southern Nevada Cox employees will receive a bonus. Employees who have been with the company for a year or more and are not part of the executive incentive plan. The bonuses will go to all Cox Enterprises Nevada employees, which includes Cox Communications, Cox Business, Cox Media, Hospitality Network, Manheim Nevada, AutoTrader, and DealerTrack. Amounts range from $1,000 - $2,000, based on tenure, with most employees receiving a $2,000 bonus.
Here in Nevada, Cox Communications will continue to accelerate its network upgrades and expansion to bring Gigabit internet to Southern Nevada Residents thanks in part to the favorability mentioned above. Sharing some of those tax reform benefits with our employees is the right thing to do and a way we can thank our employees for their hard work.
About Cox Communications
Cox Communications is a broadband communications and entertainment company, providing advanced digital video, Internet, telephone and home security and automation services over its own nationwide IP network. The third-largest U.S. cable company, Cox serves approximately 6 million residences and businesses. Cox Business is a facilities-based provider of voice, video and data solutions for commercial customers, and Cox Media is a full-service provider of national and local cable spot and digital media advertising. Cox is known for its pioneering efforts in broadband, voice and commercial services, industry-leading customer care and its outstanding workplaces. For eight years, Cox has been recognized as the top operator for women by Women in Cable Telecommunications; Cox has ranked among DiversityInc's Top 50 Companies for Diversity 12 times. More information about Cox Communications, a wholly owned subsidiary of Cox Enterprises, is available at www.cox.com and www.coxmedia.com.
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