AT&T says to pay bonuses, make investments $1 billion as soon as tax reform signed

NEW YORK (Reuters) – AT&T Inc (T.N) stated on Wednesday it’s going to pay $1,000 bonuses to greater than 200,000 workers and make investments a further $1 billion in america in 2018 as soon as a tax reform invoice accepted by Congress is signed into regulation.

The Republican-controlled U.S. Home of Representatives gave ultimate approval to the largest overhaul of the U.S. tax code in 30 years on Wednesday, sending the sweeping invoice to U.S. President Donald Trump for his signature.

Workers of the No. 2 U.S. wi-fi provider who will obtain the bonus are all “union-represented, non-management and front-line managers,” AT&T stated in an announcement. The corporate has greater than 250,000 workers in all. An individual briefed on the matter stated the bonuses will value the corporate about $230 million.

Aerospace firm Boeing Co (BA.N) additionally stated on Wednesday it will make investments $300 million in workforce coaching and amenities enhancements for workers as its CEO lauded the tax invoice.

The 2 bulletins gave not less than some assist to claims by Trump and fellow Republicans that their tax invoice, which cuts the company tax price to 21 p.c from 35 p.c, would result in extra funding by U.S. corporations.

Republican senators and Trump praised the bulletins.

“Inside hours of passing #taxreform, we’re already seeing bulletins that corporations plan to provide again to their workers and make investments extra at house,” stated Senator Shelley Moore Capito of West Virginia on Twitter. “Excellent news for staff and the economic system!”

Earlier on Wednesday, Democratic Senator Charles Schumer of New York criticized AT&T on the Senate flooring.

”AT&T – huge American firm, fantastic American firm – their tax price over the past 10 years was a mere eight p.c, and so they minimize 80,000 jobs,“ he stated. ”That one statistic belies all this trickle-down bunk that our Republican colleagues nonetheless cling to despite the fact that it’s outdated and disproven.”

AT&T is within the means of buying Time Warner Inc (TWX.N) for $85.four billion, however the U.S. Division of Justice has sued AT&T to dam the deal, saying it might increase costs for rivals and hamper growth of on-line video.

Reporting by Anjali Athavaley in New York and David Shepardson in Washington; Modifying by Invoice Rigby

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