Published: Thu, December 21, 2017
Money | By Michele Stevens

AT&T Announces Big Bonuses for Employees After GOP Tax Bill Passage

AT&T Announces Big Bonuses for Employees After GOP Tax Bill Passage

AT&T says it will pay a $1,000 bonus to more than 200,000 U.S. employees after the Republican tax bill is enacted.

AT&T said Wednesday that it plans to invest an additional $1 billion into its US 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.

AT&T's payment will go to union-represented, non-management and front-line management employees, the company said Wednesday. "Unions remain the most effective means for working people to stand together and achieve wage growth and keep good jobs in the U.S".

"In fact, we will increase our United States investment and pay a special bonus to our U.S. employees".

Or, the people said, AT&T could sell off DirecTV, the satellite television provider that it bought two years ago for almost $49 billion.

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The Republican-controlled U.S. House of Representatives gave final approval to the biggest overhaul of the U.S. tax code in 30 years on Wednesday, sending the sweeping bill to U.S. President Donald Trump for his signature.

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.

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

After the tax bill passed Wednesday, Trump heralded AT&T's announcement during a celebration with Congressional Republicans at the White House.

AT&T expects the bonuses will be delivered over the holidays if the law is enacted before Christmas. On Wednesday Boeing said its spending plans would include $100 million for workforce training and $100 million for facilities and infrastructure upgrades.

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AT&T isn't alone in touting its plans to spend a portion of its windfall on workers - Boeing and Fifth-Third Bank have also released plans. AT&T will issue the bonuses once the measure is signed, the company said.

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 USA in 2018.

The moves come as AT&T gears up for a fight with the federal government.

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.

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