Goldman Sachs to give execs early bonuses due to Trump tax law: report

Goldman Sachs gave roughly $100 million in stock awards to some of its top executives early, due to upcoming changes in the tax code, according to a report from CNN.

The company said it had moved the awards, initially slated for 2018, because of changes to the U.S. tax law. The move is expected to save the company money.

Goldman Sachs CEO Lloyd Blankfein was among the executives to receive the stock awards. 

{mosads}The network reports that public filings on Friday show 10 of the finance company’s top executives were set to get stock awards next month, however, the stock grants totaling $94.8 million were given in December. 

President Trump signed the sweeping Republican tax bill into law earlier this month, marking his administration’s first major legislative achievement.

A provision in the bill changes how much companies can deduct for executive compensation.

Companies can currently deduct as much as $1 million per executive and performance-based salary is not part of the limit. However after the new law goes into effect on Jan. 1, performance-based pay will be included in the $1 million cap. 

The tax overhaul also cuts the corporate tax rate from 35 percent to 21 percent.

— Updated Dec. 30 at 7:40 a.m.

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