AT&T, Boeing and Wells Fargo pass tax cut savings to workers

21 December, 2017, 01:13 | Author: Martin Tyler
  • This Tax Bill Is a Trillion-Dollar Blunder

Soon after Republican lawmakers sent the newly passed tax reform bill to President Donald Trump's desk on Wednesday, AT&T and Boeing announced that they will issue additional employee bonuses and other investments as a commitment to support the US economy.

"AT&T plans to increase USA capital spending $1 billion and provide $1,000 special bonus to more than 200,000 USA employees", he added, "and that's because of what we did".

In a statement, AT&T CEO Randall Stephenson hailed "Congress, working with the President" for taking a "monumental step" that will "create good-paying jobs".

AT&T's plan to pay the bonus also comes as it faces a lawsuit from the Justice Department to stop its take over of Time Warner Inc.

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Under the new plan, the top corporate tax rate in the USA will fall from 35% to 21%. The idea that the new tax cuts will necessarily pay for themselves by generating federal revenue growth is dubious; the idea that the AT&T bonuses might pay for themselves by smoothing the way for merger approval isn't. How's AT&T going to pay for it?

No one can seem to agree on who will benefit from the passage of the GOP tax bill, or what actual effects it will have on workers.

Trump cited AT&T's bonus plan at a news conference Wednesday. Many AT&T workers already expected to receive 10 percent raises and $1,000 lump-sum back wages as a result of an agreement announced last week.

"It's good for our communities, employees and Fifth Third Bank", CEO Greg Carmichael said in a statement.

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"As an example of the power structure I'm fighting, AT&T is buying Time Warner and thus CNN, a deal we will not approve in my administration because it's too much concentration of power in the hands of too few", he said during a campaign event in October 2016.

The president suggested other companies would be making similar announcements, saying "We're going to see something that's very special". The company also increased its capital expenditures budget by $1 billion in the US. Boeing, a major defense contractor, gets almost one-quarter of its revenue from the federal government.

In honor of the occasion, AT&T said it would spend $1.2 billion on United States investments and one-time bonuses to employees. "Our announcement today is unrelated to our pending acquisition of Time Warner", a AT&T spokesman told Quartz.

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