AT&T to invest $1B and pay bonuses due to GOP tax bill

AT&T to invest $1B and pay bonuses due to GOP tax bill

AT&T to invest $1B and pay bonuses due to GOP tax bill

In the wake of Congress passing a comprehensive tax reform bill, AT&T is planning to invest $1 billion in the United States in 2018 and pay 200,00 employees $1,000 bonuses.

In his statement, AT&T chief executive Randall Stephenson called the new tax plan a "monumental step". When a moderator asked those present whether they would increase US investment if the GOP tax bill passed, only a few raised their hands.

Shortly after the passage of the GOP's tax bill, AT&T announced they will provide a $1,000 special bonus to more than 200,000 USA employees.

The Tax Policy Center crunched the numbers for the bill and says that families making $50,0000 to $75,000 will save an average of $890 a year; families making between $100,000 and $200,000 will save $2,260; and families making more than $1 million - like numerous top executives and celebrities in the entertainment industry - will save $70,000 yearly.

In Wednesday's announcement, AT&T noted its track record of creating U.S.jobs. The union agreement, if signed by January 12, will afford 21,000 CWA union member employees a 10 percent raise and a $1,000 lump sum, in addition to the special $1,000 bonus announced this week.

Stephenson has averaged a bonus of about $5.2 million over the past three years.

They added that the $1,000 bonus was "a drop in the bucket compared to what was promised".

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"All union-represented, non-management and front-line managers" are eligible for the bonus.

President Trump highlighted AT&T's move in a speech acknowleding the final passage of tax overhaul legislation by Congress. Trump has said the deal is "not good for the country" because it might make prices increase.

Those comments hearkened back to statements Trump made on the 2016 campaign trail. And then there's the mega-merger pending with Time-Warner that Trump's DOJ is now suing them over. At the center of that conflict was CNN, which the president has often blasted as "fake news".

The Department of Justice is suing to block the company's $108-billion merger with Time Warner, citing anti-trust concerns.

Or, the people said, AT&T could sell off DirecTV, the satellite television provider that it bought two years ago for almost $49 billion. "Our announcement today is unrelated to our pending acquisition of Time Warner", a AT&T spokesman told Quartz.

"This merger would greatly harm American consumers".

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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