As AT&T hails tax cut with bonuses for some workers, it hands pink slips to others.
AT&T hailed the passage of the tax cut bill in Congress on Wednesday by announcing $1,000 bonuses to about 200,000 workers.
200,000 workers x 1000 US dollars = 200 millions dollars
The telecommunications giant is also quietly laying off hundreds of others.
AT&T announced that once the tax bill is signed into law it would add $1 billion to its capital budget and “pay a special $1,000 bonus to more than 200,000 AT&T U.S. employees — all union-represented, non-management and front-line managers.”
“This tax reform will drive economic growth and create good-paying jobs,” AT&T chief executive Randall Stephenson said, according to CNBC.
But The New York Post reports the company has laid off more than 700 DirecTV technicians. Said an AT&T spokesman: “We continue to align our workforce with the changing needs of the business. This includes some premises technician jobs.”
Fox4 said the layoffs affect five states, including Missouri. The others are Wisconsin, Michigan, Indiana and Ohio. It is not clear how many workers in the Kansas City area are affected.
“This is a difficult pill to swallow,” Joseph Blanco, president of Local 6360 Communication Workers of America, told the TV station.
AT&T says it plans to cut about 4,600 jobs, or 1.5% of its workforce, to shift resources to growing parts of its business.
The job cuts, which are on top of a three-year plan to cut 10,000 jobs announced at the end of last year, come as it faces declining traditional phone sales and rising costs for deploying new, high-speed Internet and video services.
1 billion - 200 millions = 800 millions dollars for AT&T fat cats + (4600 workers x each worker salary)
The tax bill cut corporate taxes from 35 percent to 21 percent. AT&T’s current tax rate is 32.7 percent.
will the average American tax payer get a permanent 14% tax cut
Schumer, at a press conference on Wednesday, argued that the Republican tax reform bill will only increase corporations’ profits while doing nothing to benefit the average American worker...Oops.
The New York Democrat added, “Tax breaks don’t lead to job creation. They lead to big CEO salaries and money for the very, very wealthy.”.
In the grand scheme of things, these bonuses represent a fraction of what these corporations stand to make