AT&T's big $1 billion tax bill investment was announced 6 weeks ago

21 December, 2017, 01:13 | Author: Barbara Daniel
  • Randall Stephenson CEO of AT&T speaking at the New York Economic Club on Nov. 29th 2017

The company also announced that it will invest more than $1 billion into the USA economy once the bill, the major first tax reform legislation since the Reagan era, becomes law.

AT&T was quick to respond to news of USA tax reform, announcing it would give some employees bonuses once the legislation is signed into law. For union-represented, non-management employees at AT&T, the bonus is another temporary boost that ultimately fits into the small fraction of the total tax benefits that the bill will bring.

Furthermore, AT&T says that if the president signs the bill before Christmas, those bonuses will be distributed over the holidays.

"Congress, working closely with the President, took a monumental step to bring taxes paid by US businesses in line with the rest of the industrialized world", Stephenson said.

Both the House and Senate passed the final version of the Republican tax bill on Wednesday, and a number of companies took the opportunity to announce special bonuses or pay hikes.

AT&T spent about $23 billion building out its infrastructure in 2016, and estimates earlier this summer suggested the company was on track to spend $22 billion in 2017.

At least four major companies are building goodwill in the wake of President Donald Trump's tax cuts by finding ways to pass along some of their likely savings to employees. The Justice Department is now suing to block a proposed $85 billion merger between AT&T and Time Warner, a deal Trump has objected to as "not good for the country".

"Pretty good", Trump said of AT&T's plans, high praise for a company that hasn't been in the Trump administration's good graces in recent weeks. 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.

"That's because of what we did", Trump said of AT&T.

AT&T said there was no link between the $1.2 billion investment and the DOJ review. Time Warner was up about 0.5%.

According to CNBC, Fifth Third Bancorp plans to "raise its minimum hourly wage for all employees to $15, and distribute a one-time bonus of $1,000 for more than 13,500 employees" following passage of the bill.

On the other hand, AT&T scored a victory when the Republican-led Federal Communications Commission gutted utility-style regulations for internet service providers.



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