Tuesday, 19 June, 2018

AT&T, Boeing and Wells Fargo Pass Tax Cut Savings to Workers

Companies are rushing to announce special bonuses and pay hikes after the GOP tax plan BOOM: American Companies Rain Down Cash On Employees In Response To Trump Tax Cuts
Steve Townsend | 24 December, 2017, 03:37

An interesting thing happened after Congress passed its enormous tax overhaul Wednesday: Several large companies immediately announced plans to give bonuses and wage hikes to employees, while also investing more money in US operations. But let's just say that with an effective tax rate now standing at 32.7%, AT&T's federal tax expenditures dwarf its $200 million outlay in employee holiday bonuses-which were a standard USA business practice dating back before the Reagan tax cuts in the 1980s. AT&T announced it will pay 200,000 employees a $1,000 bonus once the bill is signed. And Wells Fargo also said it was upping its minimum hourly wage to $15. Moreover, AT&T promised that if the President signs the bill before Christmas, employees will receive their bonus over the holidays. When lawmakers tried to explain how the bill will help regular people, examples tended to include complex family and income scenarios.

In addition to these companies, Cincinnati-based Fifth Third Bancorp said it will pay a $1,000 bonus to more than 13,500 employees, as well as raise minimum wage for 3,000 workers to $15 an hour.

More: Face facts, America, Donald Trump is a success.

Also, some companies have strategic reasons to curry favor with the Trump administration. The Justice Department is suing to block the $85 billion merger, which Trump said in November was "not good for the country".

AT&T said it would follow through on a pledge it made November 8 to invest $1 billion more in its networks if the legislation was approved. The legislation, which is now on the move to the President's desk to be signed into law, represents the largest one-time tax reduction in USA history, cutting an estimated $1.46 trillion in overall tax collections by the government.

"We believe tax reform is good for our USA economy and are pleased to take these immediate steps to invest in our team members, communities, small businesses, and homeowners", said President and CEO Tim Sloan in a company release.

Selena Gomez Attended Justin Bieber's Hockey Game in Puma Leggings
A source told US Weekly: 'People around Selena are anxious about her coupling with Justin and how much stress it could be on her. She was voluntarily transported to a nearby hospital for treatment and medics checked her out at the facility.


"U.S. GDP could increase materially next year as a result of U.S. tax reform", chief financial officer Alan Graf said, according to the Washington Post.

The announcement seemed tailor-made for Trump to announce at his elaborate White House event celebrating the legislative achievement. "So that's pretty good". The office of Senate Minority Leader Charles Schumer, D-N.Y., circulated a list of more than 30 large companies that have announced a combined $83.7 billion in share buybacks in recent days in anticipation of the bill's passage.

It remains to be seen whether such actions - and other corporate gambits that may follow - will turn up the arrow quickly on American public opinion about Republicans' tax cuts and reforms.

In her Thursday news conference, House Minority Leader Nancy Pelosi, D-Calif., singled out AT&T by name. But there's a reason why we've only started to hear about this link: Big corporations were not lobbying for tax cuts in order to pass their savings onto employees.

"It has not even been 24 hours, and workers at some of the companies that we all use on a daily basis are benefiting", Earhardt said.

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