AT&T plans to give employees $1000 bonus after GOP tax bill passage

21 December, 2017, 01:12 | Author: Gladys Mathis
  • Randall Stephenson CEO of AT&T speaking at the New York Economic Club on Nov. 29th 2017

Many critics of the proposal, which reduces corporate tax rates in an effort to improve business liquidity and drive growth, say the Republican tax plan will not help growth at all.

The Republican-controlled U.S. House of Representatives gave final approval to the biggest overhaul of the U.S. tax code in 30 years on Wednesday, sending the sweeping bill to U.S. President Donald Trump for his signature.

"If the President signs the bill before Christmas, employees will receive the bonus over the holidays", AT&T said in a press release Wednesday. "That's because of what we did". "So that's pretty good".

"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", said AT&T chief Randall Stephenson.

AT&T said it would pay the bonus to union-represented, non-management and front-line managers based in the U.S. The company recently employed about 250,000 people. How's AT&T going to pay for it? The bank also said it would distribute a one-time bonus of $1,000 to about 75% of its employees.

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Other companies have been more reluctant to promise any new investments or returns for workers as a result of tax cuts.

Phone carriers are among the companies that are likely to increase their capital spending because of the bill, which allows immediate tax deductions for such investments.

On a call with analysts, FedEx CEO Fred Smith praised the tax legislation as a "pro-growth" plan that will "power the economy". To get back to the average, 150 million square feet of mall space - adding up to 150 malls - "need to go away", he says. In lieu of an exit question, via the Free Beacon, here's Chuck Schumer this afternoon complaining about corporations hoarding tax breaks for their CEOs instead of sharing the wealth with employees.

Wells Fargo said it will boost its minimum wage to $15 an hour, as well as donate $400 million to nonprofit and community organizations.

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. The decision was surprising because it's very rare for the government to challenge "vertical" mergers like this one, in which no direct competitor is removed from the market.

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