AT&T to invest $1B and pay bonuses due to GOP tax bill

AT&T CEO Randall

Elsie Buchanan | 21 December, 2017, 01:54

Share buybacks are a way of enhancing the shareholder wealth, and, facing the prospect of a major tax cut, that's exactly what many large corporations have chose to do. The stock market, as well, has risen on the belief the savings will largely go investors, rather than workers.

Last month, the US Department of Justice filed a lawsuit to block AT&T's merger with Time Warner, saying it would reduce competition and raise consumer prices.

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

Trump plays favorites with different companies, Painter said, so "to curry favor with him" AT&T is giving him a political gift. "So that's pretty good", he said.

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In the most recent quarter, American companies increased their investments in equipment by 6.3 percent. Wells Fargo & Co WFC.N said the bank will hike minimum hourly pay to $15 an hour in March, up 11 percent from its previous minimum. Given Trump's well known ego, it would probably be a breach of fiduciary responsibility if they didn't slather him with praise at every opportunity. The official insisted on anonymity to discuss private conversations. The bill cuts the corporate tax rate from 35 percent to 21 percent, repeals ObamaCare's individual mandate requiring people to buy health insurance and allows for drilling in the Arctic National Wildlife Refuge.

The companies' announcements gave at least some support to claims by Trump and fellow Republicans that their tax bill would lead to more investment by US companies with the money they save. The banking corporation said approximately 3,000 employees will benefit from the wage increase.

"This tax reform will drive economic growth and create good-paying jobs", Stephenson said. Chicago-based Boeing, for example, had $8.8 billion at the end of 2016. "They're trying to make an unpopular tax bill a little less unpopular". Nasdaq put the announcement on its website, and the first line reveals everything you need to know: "In a move to enhance shareholders' wealth, Liberty Global plc's LBTYA board of directors approved a new share repurchase program". Also, a $1,000-per-child tax credit doubles to $2,000, and even families that pay no taxes can get $1,400 in refunds from the IRS.

Both the House and Senate passed the final version of the Republican tax bill on Wednesday, and a number of companies took the opportunity to announce special bonuses or pay hikes.

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House passes sweeping GOP tax bill, Senate to follow On the whole, this is generally unpopular with people who feel companies have been getting the better end of the stick for years. Donald Trump owns 500 pass-through entities , for example, and some members of Congress could personally benefit as well.

AT&T to invest $1B and pay bonuses due to GOP tax bill

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