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

Hollywood Would Get Big Windfall Annually From Tax Bill

And AT&T, which is attempting to buy Time Warner for $85.4 billion, was so giddy about the plan that it said it will celebrate by giving each of its 200,0000 union, non-management employees in the US a $1,000 bonus, and it also pledged to spend an additional $1 billion domestically next year.

AT&T on Wednesday announced plans to invest an additional $1 billion in the United States after the passage of the Republican tax bill.

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

Boeing also says that it will earmark $300 million for "employee-related and charitable investment" as a result of the tax cuts to "support our heroes, our homes, and our future"-though the company did not provide any further details".

The House passed the $1.5 trillion tax bill on Wednesday on a 224-201 vote, sending the legislation to the White House for Mr. Trump's signature.

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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. The new tax law will drop the corporate tax rate to 21 percent from the current 35 percent and includes other measures that Republicans say will spur businesses to invest domestically.

"Newly passed tax legislation includes a reduction in corporate tax rates created to spur economic growth". The new regulatory landscape will afford AT&T more flexibility to control the pricing and speed of content for its internet customers, although AT&T has said it will not make big changes to the way internet services are delivered.

"Pretty good", Trump said of AT&T's plans, high praise for a company that hasn't been in the Trump administration's good graces in recent weeks. And then there's the mega-merger pending with Time-Warner that Trump's DOJ is now suing them over. If the companies don't extend the deadline, AT&T must pay Time Warner a $500 million breakup fee. The company also increased its capital expenditures budget by $1 billion in the USA.

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. Boeing, a major defense contractor, gets almost one-quarter of its revenue from the federal government.

The company said the bonus payments will go to union-represented, non-management, and front-line managers.

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