AT&T says to pay bonuses, invest $1 billion once tax reform signed

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AT&T promised Wednesday to give more than 200,000 US workers a $1,000 bonus once President Trump enacts the tax overhaul that Congress just passed.

According to a company statement, the bonuses apply to "more than 200,000 AT&T USA employees - all union-represented, non-management and front-line managers".

"Congress, working closely with the President, took a monumental step to bring taxes paid by USA businesses in line with the rest of the industrialized world", said Randall Stephenson, AT&T chairman and CEO in the statement.

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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.

"Newly passed tax legislation includes a reduction in corporate tax rates created to spur economic growth".

In a televised speech Wednesday in Washington, D.C., Mr. Trump praised the company's move.

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Meanwhile, AT&T has feuded with the Trump administration over its bid to acquire Time Warner, and the Department of Justice has sued to block the deal. Many AT&T workers already expected to receive 10 percent raises and $1,000 lump-sum back wages as a result of an agreement announced last week. "They also claimed that the corporate tax plan would produce new jobs in the companies return work from offshore". The bonus will be paid to all union-represented, non-management and front-line managers. 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.

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 U.S. in 2018.

In the 2016 USA elections, Republican candidates got 62 percent of $2.7 million in donations to federal candidates from AT&T's political action committee that pools contributions from employees, according to the Center for Responsive Politics. "It's political grandstanding", he said, but at least AT&T is doing the right thing by giving some of the tax bill's benefit to their employees.

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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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