In honor of the occasion, AT&T said it would spend $1.2 billion on USA investments and one-time bonuses to employees. "If the president signs the bill before Christmas, employees will receive the bonus over the holidays".
"Congress, working closely with the President, took a monumental step to bring taxes paid by USA businesses in line with the rest of the industrialized world", said Randall Stephenson, chairman and CEO of AT&T.
In touting the GOP tax overhaul, Trump has repeatedly emphasized the importance of creating jobs. President Trump read the announcement at a ceremony at the White House celebrating the tax bill on Wednesday afternoon.
While the bonus announcement was new, the planned additional investment wasn't -AT&T announced on November 8 that it would step up United States investment by $1 billion if a tax bill passed.
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The malware spread to thousands of computers in over 150 countries, encrypting data and demanding BitCoin payments as ransom. The global shipper said in September it expected to sustain a $300 million profit hit as a result of the attack.
AT&T's plan to pay the bonus also comes as it faces a lawsuit from the Justice Department to stop its take over of Time Warner Inc. And then there's the mega-merger pending with Time-Warner that Trump's DOJ is now suing them over.
AT&T spent about $23 billion building out its infrastructure in 2016, and estimates earlier this summer suggested the company was on track to spend $22 billion in 2017. The new tax laws are expected to 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. More recently, the president said he "always felt that was a deal that's not good for the country".
Trump plays favorites with different companies, Painter said, so "to curry favor with him" AT&T is giving him a political gift.
According to CNBC, Fifth Third Bancorp plans to "raise its minimum hourly wage for all employees to $15, and distribute a one-time bonus of $1,000 for more than 13,500 employees" following passage of the bill.
AT&T's general counsel fired back, stating, "Vertical mergers like this one are routinely approved because they benefit consumers without removing any competitor from the market". $200 million in bonuses is a big number but Axios puts it in perspective, noting that it's "far less than the $500 million breakup fee the telco would owe Time Warner if regulators block the deal".