AT&T says GOP tax bill will mean $1000 bonuses for 200000 employees

21 December, 2017, 01:15 | Author: Franklin Nunez
  • Hollywood Would Get Big Windfall Annually From Tax Bill

Telecoms giant AT&T has said it will pay a $1,000 (£747) bonus to more than 200,000 workers, as a result of the United States tax reform bill being cleared.

In addition to the bonuses, AT&T said it will invest an additional $1 billion in the the coming year.

"We believe tax reform is good for our USA economy and are pleased to take these immediate steps to invest in our team members, communities, small businesses, and homeowners", said President and CEO Tim Sloan in a company release.

The House passed the $1.5 trillion tax bill on Wednesday on a 224-201 vote, sending the legislation to the White House for Mr. Trump's signature.

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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 pledge for $200 million in bonuses shows shows the extent of AT&T's support for the Republican tax plan, which will slash the tax rate on corporations.

"This tax reform will drive economic growth and create good-paying jobs", he said. How's AT&T going to pay for it?

"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.

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President Trump celebrated the passage of the bill overhauling the tax code at a press conference on Wednesday.

Stephenson last week stepped down from the boards of directors of Ferguson-based Emerson and Chicago-based Boeing, saying he'd be "extremely busy" in 2018 defending his company's merger deal with Time Warner.

"However, a CWA spokesperson noted in an email to ThinkProgress that AT&T executives had agreed to the special bonus only after CWA argued that its employees should be given the "$4,000 wage increase promised by the Republican corporate tax cut". As BuzzFeed pointed out, the company made the same announcement in 2011, also alongside a president - Barack Obama. When a moderator asked those present whether they would increase USA investment if the GOP tax bill passed, only a few raised their hands.

The moves come as AT&T gears up for a fight with the federal government.

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If President Trump signs the tax bill before Christmas, employees will receive the bonus over the holidays, the company said. "Our announcement today is unrelated to our pending acquisition of Time Warner", a AT&T spokesman told Quartz.


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