From Texas Standard.
Economists and Democrats have leveled a lot of criticism at the GOP tax plan that just passed in Congress. But for many of the 200,000 AT&T workers who have been told they will receive a $1,000 bonus, thanks to the plan, things probably seem pretty good. And that may be the big idea.
Arnessa Garrett, assistant business editor for the Dallas Morning News, says the AT&T announcement came Wednesday, and that the bonuses will be given to non-managerial union employees, as well as some first- and second-line managers. CEO Randall Stephenson said the bonuses were a thank you for employees’ hard work, and a belief that the corporate tax cut will benefit AT&T. The amount of money AT&T is spending on all of those employee bonuses represents one-eighth of what the CEO makes in a year.
“The company also pledged to invest $1 billion in domestic infrastructure,” Garrett says, “which they say could also create about 7,000 jobs.”
Garrett says AT&T wanted to show that the GOP tax cuts will benefit workers, not just corporations. The company also has reason to curry favor with the federal government.
“Several commentators have noted that AT&T is in the midst of trying to get its merger with Time-Warner approved,” Garrett says, “and the Justice Department sued last month to block that deal.”
Other U.S. companies have pledged tax cut-themed bonuses for workers, along with increased investment. They include Wells Fargo and Comcast.
Written by Shelly Brisbin.