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AT&T says it is going to pay a $1,000 bonus to more than 200,000 US employees after the Tax Cuts and Jobs Act is signed into law.
The bill, which passed through both chambers of Congress on Wednesday and reduces the corporate tax rate to 21% from 35% while allowing a one-time repatriation of overseas cash, provides a big boost to America’s biggest companies.
“Once tax reform is signed into law, AT&T plans to invest an additional $1 billion in the United States in 2018 and pay a special $1,000 bonus to more than 200,000 AT&T U.S. employees — all union-represented, non-management and front-line managers,” CEO Randall Stephenson said in a press release. “If the President signs the bill before Christmas, employees will receive the bonus over the holidays.”
Stephenson’s announcement gives Wall Street a glimpse into how corporate America will react to the biggest tax overhaul since 1986. In AT&T’s case, it appears at least some of its savings will go toward putting money back into the US economy and rewarding employees. Other companies could choose to buy back stock or pay down debt with their savings.
Wednesday’s announcement comes a month after Stephenson blasted the US Department of Justice over its plans to sue to block his company’s $84.5 billion takeover of Time Warner. At the time, Stephenson said the lawsuit was “unprecedented” and “defies logic.”
Throughout his campaign, Trump blasted the AT&T-Time Warner merger, saying that “deals like this destroy democracy.” More recently, the president said he “always felt that was a deal that’s not good for the country.”
Shares of AT&T are seeing little reaction to the news, up 1.16% at $38.49 a share.
This story is developing.
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