AT&T $1000 tax bonus came after exchange with union head

Lucy Hill
December 22, 2017

AT&T said Wednesday it will give 200,000 of its USA employees a $1,000 bonus once the Tax Cuts and Jobs Act is signed into law - a move President Trump touted in a speech after Congress passed the massive tax cut bill.

"This tax reform will drive economic growth and create good-paying jobs", Stephenson said.

Telecommunications giant AT&T said that it will give $1,000 special bonuses to more than 200,000 employees and invest an additional $1 billion in the US shortly after both the House and Senate passed the Republican tax plan, which, among other measures, lowers the corporate tax rate permanently to 21 percent from 35 percent, as of January 1, 2018. "Every billion dollars AT&T invests is 7,000 hard hat jobs".

Just in time for the holidays, AT&T and Comcast are promising employee bonuses and laying out substantial business investment plans in the wake of the passage of tax reform.

The bonuses will all go to non-executive employees.

In a press release, the company, which is in the midst of a proposed $85 billion merger with Time Warner that President TrumpDonald John TrumpHouse Democrat slams Donald Trump Jr. for "serious case of amnesia" after testimony Skier Lindsey Vonn: I don't want to represent Trump at Olympics Poll: 4 in 10 Republicans think senior Trump advisers had improper dealings with Russia MORE has criticized, said the bonuses would be paid to all "union-represented, non-management and front-line managers". Wells Fargo and Bancorp are raising the minimum wage.

The firm had previously said it would invest $1bn more if tax reform was approved.

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The financial services company says it will raise its company-wide hourly minimum wage to $15, signaling a pay raise for about 75% of its employees.

"It's good for our communities, employees and Fifth Third Bank", CEO Greg Carmichael said in a statement. The tax cut, the CEO said, provided an opportunity for the bank to "reevaluate its compensation structure and share some of those benefits with its talented and dedicated workforce".

Wells Fargo and Fifth Third Bancorp said they plan to hike their company-wide minimum wages to $15 an hour.

Aerospace company Boeing announced that, as a result of tax reform legislation passing, it will commit $300 million to "employee-related and charitable investment".

"Yes it is commendable that AT&T is giving its employees a $1,000 bonus".

Other companies joined AT&T's announcement, providing the president with ammunition to support his claims, which are contested.

"With these investments, we expect to add thousands of new direct and indirect jobs", Comcast's chairman and CEO Brian Roberts said in the company's statement.

Other reports by TheDailyFarc

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