AT&T to pay $1000 bonus due to tax cuts

21 December, 2017, 01:12 | Author: Manuel Hopkins
  • AT&T CEO Randall

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.

AT&T said Wednesday that it plans to invest an additional $1 billion into its USA networks in 2018 and give hundreds of thousands of employees a one-time bonus following the passage of the Republican-led tax bill in Congress.

"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.

"This tax reform will drive economic growth and create good-paying jobs", he said. "In fact, we will increase our USA investment and pay a special bonus to our USA employees".

Randall Stephenson, chief executive officer of AT&T Inc., gestures during a session on the opening day of the World Economic Forum in Davos, Switzerland, on Wednesday, Jan. 22, 2014.

Even as Stephenson praised the president, the administration's Justice Department is busy preparing its antitrust case against AT&T's $85.4 billion acquisition of Time Warner.

Shinee singer Kim Jong-hyun: K-pop boy band superstar dies
Kim debuted in 2008 as the main singer of SHINee , and cultivated a career as both a group member and a solo singer-song writer. Earlier this year, the group went on a world tour that took in the USA and released their fifth album, titled Five.

Republicans passed their first major piece of legislation under president Donald Trump today (Dec. 20), a tax bill that slashes corporate tax rates and favors the wealthy.

AT&T expects the bonuses will be delivered over the holidays if the law is enacted before Christmas.

The main part of the Republican tax plan is a cut in the corporate tax rate to 21% from 35%. The aerospace giant announced $300 million in spending, to be split equally between worker training, upgrading workforce facilities and a program that matches employees' charitable contributions.

AT&T's latest announcement comes on the heels of a December 14 agreement struck between the company and the Communications Workers of America.

"It's good for our communities, employees and Fifth Third Bank", CEO Greg Carmichael said in a statement. The Dallas-based telecommunications giant also reiterated its plan to invest an additional $1 billion in the US next year. Time Warner was up about 0.5%.

AT&T's general counsel fired back, stating, "Vertical mergers like this one are routinely approved because they benefit consumers without removing any competitor from the market".

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