Telecom giant AT&T is so pleased with tax reform plan that it will give more than 200,000 employees an extra $1,000 bonus, the company announced Wednesday.
AT&T's payment will go to union-represented, non-management and front-line management employees, the company said Wednesday.
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In a statement, AT&T CEO Randall Stephenson hailed "Congress, working with the President" for taking a "monumental step" that will "create good-paying jobs". The idea that the new tax cuts will necessarily pay for themselves by generating federal revenue growth is dubious; the idea that the AT&T bonuses might pay for themselves by smoothing the way for merger approval isn't. "In fact, we will increase our USA investment and pay a special bonus to our USA employees".
President Trump highlighted AT&T's move in a speech acknowleding the final passage of tax overhaul legislation by Congress. President Trump read the announcement at a ceremony at the White House celebrating the tax bill on Wednesday afternoon.
The bill cuts the corporate rate from 35 percent to 21 percent, and it is expected to save the six largest media conglomerates a combined $6 billion annually, or more, according to SEC filings and financial reports.
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To be sure, AT&T isn't the first company to recycle old news to impress Trump.
The two announcements gave at least some support to claims by Trump and fellow Republicans that their tax bill, which cuts the corporate tax rate to 21 percent from 35 percent, would lead to more investment by USA companies. House Speaker Paul Ryan's press office posted the announcement on his website at the time, touting it as "yet another example of why we need to get tax reform done" this year.
Boeing's $300 Million investment will include $100 million for corporate giving, $100 million to its workforce, and $100 Million to workplace facilities and infrastructure. The banking corporation said approximately 3,000 employees will benefit from the wage increase. But AT&T and Time Warner executives say privately that such a concession is not realistic, given that DirecTV and its DirecTV Now streaming service would be crucial to a combined AT&T-Time Warner.
Mild Now, Much Colder by Christmas
For Christmas Eve and Christmas, a sharp baroclinic zone will be set up southwest to northeast somewhere across the eastern U.S. Weather models varied on whether the cold snap would be short-lived or extend into the last week of the year.