AT&T plans to give employees $1000 bonus after GOP tax bill passage

Hollywood Would Get Big Windfall Annually From Tax Bill

In the wake of Congress passing a comprehensive tax reform bill, AT&T is planning to invest $1 billion in the United States in 2018 and pay 200,00 employees $1,000 bonuses.

In addition to the bonuses, AT&T said it will invest an additional $1 billion in the U.S.in the coming year.

In a statement, AT&T CEO Randall Stephenson hailed "Congress, working with the President" for taking a "monumental step" that will "create good-paying jobs". The company earlier in the day confirmed plans to invest an additional $1 billion in the US next year, which it said would support blue-collar jobs.

The House of Representatives on Wednesday sent tax reform legislation to President Donald Trump, who is expected to sign it soon.

The Department of Justice is suing to block the company's $108-billion merger with Time Warner, citing anti-trust concerns.

The bill reduces the corporate tax rate to 21% from 35% while allowing a one-time repatriation of overseas cash.

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The bonuses will be paid over the holidays, the company said.

The move could be an effort to appeal to the Trump administration, which recently blocked the AT&T-Time Warner merger, saying it would place "too much concentration of power in the hands of too few". When a moderator asked those present whether they would increase US investment if the GOP tax bill passed, only a few raised their hands. Companies have indicated that they mostly plan to use their savings to buy back stock and pay more dividends, benefiting the wealthy owners of corporate stock.

While celebrating the tax cuts outside the White House, Trump highlighted the AT&T announcement as the Republican lawmakers gathered behind him clapped and cheered. As BuzzFeed pointed out, the company made the same announcement in 2011, also alongside a president - Barack Obama.

"It's good for our communities, employees and Fifth Third Bank", CEO Greg Carmichael said in a statement. Time Warner was up about 0.5%. Boeing, a major defense contractor, gets almost one-quarter of its revenue from the federal government.

AT&T says it will pay a $1,000 bonus to more than 200,000 USA employees after the GOP tax bill is enacted - an announcement sure to please Republican lawmakers who have been pitching corporate tax cuts as a boost for American workers.

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