AT&T celebrates tax reform: How does a $1000 bonus for everyone sound?

21 December, 2017, 01:14 | Author: Sheri Evans
  • Randall Stephenson CEO of AT&T speaking at the New York Economic Club on Nov. 29th 2017

And AT&T, which is attempting to buy Time Warner for $85.4 billion, was so giddy about the plan that it said it will celebrate by giving each of its 200,0000 union, non-management employees in the US a $1,000 bonus, and it also pledged to spend an additional $1 billion domestically next year.

As many as 200,000 employees will receive a bonus of $1,000 under the plan, according to AT&T.

AT&T announced Wednesday that it will give 200,000 of its USA employees $1,000 once the GOP tax bill is signed into law.

In his statement, AT&T chief executive Randall Stephenson called the new tax plan a "monumental step".

Some, like former New York City Mayor Michael Bloomberg, have said that it is "pure fantasy to think that the tax bill will lead to significantly higher wages and growth". The company also increased its capital expenditures budget by $1 billion in the USA.

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Shares of AT&T were up 1.16% on Wednesday, to $38.49.

AT&T is in the process of acquiring Time Warner Inc. for $85.4 billion, but the U.S. Department of Justice has sued AT&T to block the deal, saying it could raise prices for rivals and hamper development of online video.

The House of Representatives on Wednesday sent tax reform legislation to President Donald Trump, who is expected to sign it soon.

AT&T's Wednesday announcement could also be read as an effort to get into Trump's good graces.

The telecom giant also said it would increase its capital expenditures budget by $1 billion in response to the landmark legislation, which cuts the corporate tax rate from 35 to 21 percent. It's not clear when Trump plans to sign the bill, which passed the House and Senate this week.

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To be sure, AT&T isn't the first company to recycle old news to impress Trump.

Major government contractor Boeing said it will provide an additional $300 million for job-training, facility upgrades and charitable giving.

The firm, which still needs government approval to allow it to take over Time-Warner, also said it would invest an additional $1bn in the United States in 2018. The banking corporation said approximately 3,000 employees will benefit from the wage increase.

On the other hand, AT&T stands to be a potential beneficiary of another recent move by the Trump administration: the repeal of net neutrality regulation.

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