AT&T stated Wednesday it would give 200,000 of its U.S. workers a $1,000 bonus as soon as the Tax Cuts and Jobs Act is signed into regulation — a transfer President Trump touted in a speech after Congress handed the huge tax minimize invoice.
“Right now, Congress authorised laws representing the primary complete tax reform in a era,” AT&T stated in a press release.
“As soon as tax reform is signed into regulation, AT&T plans to speculate an extra $1 billion in america in 2018 and pay a particular $1,000 bonus to greater than 200,000 At&T U.S. workers —all union-represented, non-management and front-line managers. If the president indicators the invoice earlier than Christmas, workers will obtain the bonus over the vacations,” AT&T added.
AT&T chairman and CEO Randall Stephenson stated Congress and the President “took a monumental step to deliver taxes paid by U.S. companies in keeping with the remainder of the industrialized world.”
The announcement comes greater than a month after AT&T proposed a $85 billion merger with Time Warner — a deal the Trump administration has blocked with a lawsuit.
The Division of Justice cited considerations that the merged firms may cost unfair charges to customers.
“This merger would drastically hurt American customers. It might imply increased month-to-month tv payments and fewer of the brand new, rising modern choices that customers are starting to take pleasure in,” stated Assistant Lawyer Normal Makan Delrahim.
The tax invoice would cut back the company tax price to 21% from 35% — offering an enormous enhance for big American firms together with AT&T.
Trump took credit score for AT&T’s transfer Wednesday.
“That’s due to what we did. In order that’s fairly good,” he stated.
Skeptics weighed in on the disclosure of the charitable act Wednesday.
“Sure it’s commendable that AT&T is giving its workers a $1,000 bonus. But it surely’s $200 million, for a corporation that had $13 billion in revenue final yr. Or, put one other approach, it didn’t want tax minimize to do it. That is PR,” stated Dan Primack, enterprise editor at Axios on Twitter.