AT&T to give workers a $1000 bonus to celebrate the tax bill

22 December, 2017, 01:21 | Author: Valerie Burke
  • AT&T, Comcast Pledge Tax Savings Windfall Will Go Toward Network Investments, Employee Bonuses

President Donald Trump hasn't yet signed the tax overhaul that promises to slash corporate taxes, but several big USA companies raced Wednesday to tout plans to dole out some of the expected windfall.

The bonuses at AT&T are the result of talks between the heads of AT&T and the Communications Workers of America, and are separate from the new union contract agreement that was announced earlier this month. A CNBC tweet about the AT&T bonuses has been retweeted nearly 9,000 times and was promoted on Twitter by Sanders and two former Fox News hosts whom Trump follows, Eric Bolling and Greta Van Susteren.

Companies wasted no time announcing plans to use some of their steep tax savings to boost their workers. "That's because of what we did". The last time Trump spoke publicly about AT&T, on November 21, he said he has "always felt that that was a deal that's not good for the country".

"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", Randall Stephenson, AT&T chairman and CEO, said in a statement.

"In fact, we will increase our USA investment and pay a special bonus to our USA employees".

AT&T expects the bonuses will be delivered over the holidays if the law is enacted before Christmas. The President Donald Trump is expected to sign the bill in coming days. Every $1 billion in capital invested in the telecom industry creates about 7,000 jobs for American workers, research shows. He added, "Jobs, Jobs, Jobs!"

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AT&T has announced an additional $1 billion investment towards expanding its high-speed Internet networks and building out the next generation 5G infrastructure.

On a call with analysts, FedEx (FDX) CEO Fred Smith praised the tax legislation as a "pro-growth" plan that will "power the economy".

The aerospace giant said it will spend $300 million on workers. Boeing, a major defense contractor, gets almost one-quarter of its revenue from the federal government.

Fifth Third Bancorp, a regional bank based in Cincinnati, said it will raise the minimum wage for all of its almost 3,000 hourly employees to $15, and would distribute a one-time bonus of $1,000 for more than 13,500 employees by the end of the year if the bill is signed by December 25.

Comcast and AT&T announced fresh investment in telecom infrastructure in the US market based on the passage of tax reforms. The $85 billion transaction expires on April 22.

A trial is scheduled for March 19. If the companies don't extend the deadline, AT&T must pay Time Warner a $500 million breakup fee.

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