• AT&T, Comcast giving $1,000 bonuses to hundreds of thousands of workers after tax bill
    39 replies, posted
[quote] Telecom giant AT&T was quick to respond to news of U.S. tax reform, announcing it would give some employees bonuses once the legislation is signed into law. AT&T said in a press release Wednesday that it would give more than 200,000 of its U.S. workers who are union members a special bonus of $1,000. The company also increased its capital expenditures budget by $1 billion in the U.S. "Congress, working closely with the President, took a monumental step to bring taxes paid by U.S. businesses in line with the rest of the industrialized world," CEO Randall Stephenson said in a statement. "This tax reform will drive economic growth and create good-paying jobs. In fact, we will increase our U.S. investment and pay a special bonus to our U.S. employees." AT&T had previously said that it would invest $1 billion in the U.S. if "competitive" tax reform legislation was passed, and has said that the tax reform framework could increase demand for AT&T's services. The House of Representatives on Wednesday sent tax reform legislation to President Donald Trump, who is expected to sign it soon. Trump lauded the bill, calling it "an extraordinary victory for American families, workers, and businesses." The new tax law will 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. AT&T's effective tax rate was 32.7 percent in 2016, according to its annual report. As of the third quarter, AT&T had about $16.5 billion in capital expenditures in 2017. In Wednesday's announcement, AT&T noted its track record of creating U.S. jobs. Earlier this year, thousands of AT&T workers, members of the Communications Workers of America union, went on strike over issues like job security and outsourcing. Many AT&T workers already expected to receive 10 percent raises and $1,000 lump-sum back wages as a result of an agreement announced last week. AT&T told CNBC the bonuses announced on Wednesday are above and beyond any existing agreements, which means some workers would get two $1,000 allocations: One with a new contract, and one when the tax reform bill is signed. AT&T's tax reform announcement comes a month after the Justice Department challenged AT&T's pending merger with Time Warner. Trump has said the deal is "not good for the country" because it might make prices increase. ....[/quote] [url]https://www.cnbc.com/2017/12/20/tax-reform-reaction-att-is-giving-bonuses-to-200000-employees.html[/url]
Resident T_D mouthpiece posting a link to a seemingly "ha ha fuck you libtards" article. Whilst completely fucking ignoring that the tax plan that caused this fucking PR stunt of a bonus will completely fuck the same workers over the next 10 years. Who needs facts and statistics, that the plan will massively increase the already monumental debt, [I]kill Americans[/I], target the most vulnerable in your society, etc etc, No man, feels over reals, MAGA MAGA MAGA, shit in my mouth Trump! If there ever was any doubt that you're a god damn troll account this is basically it. Didn't you study in some fairly decent school with a fairly decent major? How the [B]FUCK[/B] do you fall for stupid shit like this. That 1000 isn't going to fucking offset what they'll lose in the next 3 years alone, and you're to blame for that. Completely disgusting and inhumane. [highlight](User was banned for this post ("Another dumb callout" - Kiwi))[/highlight]
I feel like these articles fit with the general topic and would be better off posted here as well: Wells Fargo is hiking up to a 15 dollar minimum wage. [url]https://www.wsj.com/articles/banks-are-getting-a-big-tax-cut-wells-fargo-others-plan-to-share-it-with-employees-1513809227[/url] Same with Fifth Third. [url]https://www.cnbc.com/2017/12/20/fifth-third-bancorp-unveils-bonuses-minimum-wage-hike-after-tax-bill-passage.html[/url] Both attribute it to the tax plan, but if you ask me I have doubts they're being entirely honest with us. Seems more like PR.
[QUOTE=FurrehFaux;52994538]I feel like these articles fit with the general topic and would be better off posted here as well: Wells Fargo is hiking up to a 15 dollar minimum wage. [url]https://www.wsj.com/articles/banks-are-getting-a-big-tax-cut-wells-fargo-others-plan-to-share-it-with-employees-1513809227[/url] Same with Fifth Third. [url]https://www.cnbc.com/2017/12/20/fifth-third-bancorp-unveils-bonuses-minimum-wage-hike-after-tax-bill-passage.html[/url][/QUOTE] There are quite a number of companies announcing plans. Boeing announced immediate additional employee-related and charitable investments of $300 million as a result of new law [quote] CHICAGO, Dec. 20, 2017 /PRNewswire/ -- Boeing [NYSE: BA] Chairman, President and Chief Executive Officer Dennis Muilenburg praised the tax bill passed by Congress and about to be signed into law as a critical driver of business, economic growth and innovation for the United States and for Boeing. "On behalf of all of our stakeholders, we applaud and thank Congress and the administration for their leadership in seizing this opportunity to unleash economic energy in the United States," said Muilenburg. "It's the single-most important thing we can do to drive innovation, support quality jobs and accelerate capital investment in our country." The simpler tax code and lower tax rate are closer to those enjoyed by Boeing's global competition and will have a clear and direct benefit to Boeing, its employees, and other stakeholders. "For Boeing, the reforms enable us to better compete on the world stage and give us a stronger foundation for the investment in innovation, facilities and skills that will support our long-term growth," Muilenburg said. While Boeing is still studying all of the provisions of the new legislation, Muilenburg announced immediate commitments for an additional $300 million in investments that will move forward as a result of the new tax law: $100 million for corporate giving, with funds used to support demand for employee gift-match programs and for investments in Boeing's focus areas for charitable giving: in education, in our communities, and for veterans and military personnel. $100 million for workforce development in the form of training, education, and other capabilities development to meet the scale needed for rapidly evolving technologies and expanding markets. $100 million for "workplace of the future" facilities and infrastructure enhancements for Boeing employees. "Each of these investments benefits Boeing's most important strength – our employees – and reflects the real-time impact and economic benefit of the reforms," said Muilenburg.[/quote] [url]http://boeing.mediaroom.com/2017-12-20-Boeing-CEO-Muilenburg-Applauds-Tax-Law-Announces-300-Million-in-Employee-Related-and-Charitable-Investments-to-Spur-Innovation-and-Growth[/url]
Too bad these are blatant PR moves that they were likely perfectly capable of doing before hand. [URL="https://www.npr.org/2017/08/07/541797699/fact-check-does-the-u-s-have-the-highest-corporate-tax-rate-in-the-world"]The US had a very high statutory tax rate, the actual effective tax rate was already comparable to other developed nations[/URL] and [URL="https://www.chicagofed.org/publications/chicago-fed-letter/2017/382"]our tax burden was one of the lowest[/URL]. After the public backlash against the proposed bill this is just corporations saying "look! It'll trickle down, we swear!".
1 hour ago [QUOTE=Raidyr;52994384]Yeah t_d is lit up about how it destroys the narrative. These people are too fucking dumb (probably not your Congressman though) to realize that these companies make obscene net profits and could have easily raised wages or given out bonuses without the tax breaks. This just gives them good publicity and, more important, serves as misdirection for when those promised jobs that would be created don't show up.[/QUOTE] [editline]21st December 2017[/editline] [QUOTE=Tudd;52994544]There are quite a number of companies announcing plans. Boeing announced immediate additional employee-related and charitable investments of $300 million as a result of new law [url]http://boeing.mediaroom.com/2017-12-20-Boeing-CEO-Muilenburg-Applauds-Tax-Law-Announces-300-Million-in-Employee-Related-and-Charitable-Investments-to-Spur-Innovation-and-Growth[/url][/QUOTE] yeah boeing totes had no plans on investing in training, education, retention, and facilities and infrastructure were it not for the massive tax break this CEO is going to get :ok:
Many of these announcements are piggybacking on the tax bill to make it seem good for employees and make the companies seem benevolent, but the truth is that talks about their actions (new hires, better training, bringing jobs back to the US, pay raises...) have been going on for months before the bill was passed, and that it's unions who are to thank for pushing corporate into giving back some of the capital they take from workers. The bonus is a single-time $1000 for 200000 [I]unionized [/I]workers, following pressure from Communications Workers of America to get telecoms to put their money where their mouth was when everyone claimed the bill and it's tax cuts would result in a $4k yearly salary increase. [url]https://www.nytimes.com/2017/11/23/us/politics/corporate-tax-cut-pay.html?_r=0[/url] Not to mention patting congress and the trump administration on the back and telling them their big tax bill is good gives them good PR, which they need when the Department of Justice is currently suing to prevent AT&T from buying out Time Warner.
And it's not like corporate profits have been sitting at all time highs or anything [URL="https://fred.stlouisfed.org/graph/?g=fPLQ"]oh wait[/URL]
Seems like short term distraction to take attention away from long term consequences
AT&T has a big ass merger coming up they're buttering up trump to get him to approve it
Fucking corporations doing everything they can to normalize the politics of destruction.
[QUOTE=Anderan;52994564]Too bad these are blatant PR moves that they were likely perfectly capable of doing before hand. [URL="https://www.npr.org/2017/08/07/541797699/fact-check-does-the-u-s-have-the-highest-corporate-tax-rate-in-the-world"]The US had a very high statutory tax rate, the actual effective tax rate was already comparable to other developed nations[/URL] and [URL="https://www.chicagofed.org/publications/chicago-fed-letter/2017/382"]our tax burden was one of the lowest[/URL]. After the public backlash against the proposed bill this is just corporations saying "look! It'll trickle down, we swear!".[/QUOTE] Why are you mixing different taxes? That completely leaves out certain factors like who it falls onto, how easy is it to levy, etc.. It's not that taking money is bad, it's that there's better and worse ways of doing it. Our effective average rates were still on the high end of the OECD. And even the deal with the effective rate being low is still pretty bad, because that's an average, it doesn't apply for everybody. Not all companies can effectively hire enough people to abuse the tax code as hard as possible.
[QUOTE=thelurker1234;52994881]And even the deal with the effective rate being low is still pretty bad, because that's an average, it doesn't apply for everybody. [/QUOTE] The thing is his own source only says this, [quote]The claim: The U.S. has the highest corporate tax rate in the world. The short answer: That is generally true, though many businesses end up paying far less than the statutory rate.[/quote] So not really sure what the "average" effective tax rate companies experience is. Also need to mention that the main article does point out AT&T pays a pretty high corporate tax rate effectively. [quote]The new tax law will 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. [b]AT&T's effective tax rate was 32.7 percent in 2016, according to its annual report.[/b] As of the third quarter, AT&T had about $16.5 billion in capital expenditures in 2017. [/quote]
They've also announced significant rate hikes, along with several other major ISPs, for 2018. Pretending that this tax scam is trickling down to the little guy is completely ridiculous. Great, some of their employees get bonuses. Just like we all warned, though, everybody else is paying for it. Trickle down economics are bullshit, and it's been proven time and time again. This bill pulls money [I]away[/I] from the lower and middle class, redistributes it among the rich, and largely stays among the rich.
[media]https://twitter.com/nataliewsj/status/930477112808628226[/media] Let's not forget this beautiful gem.
is anyone falling for this? legitimately who is dumb enough to fall for this bait and switch this is like, the stick and box trap of PR
[QUOTE=Cloak Raider;52994983]is anyone falling for this? legitimately who is dumb enough to fall for this bait and switch this is like, the stick and box trap of PR[/QUOTE] Maybe it's a thing to help them convince themselves and their advocates rather than others.
Toss employees a couple bucks now for PR, then hike the rates on customers to cover the loss. Same old story, really.
Great, $1000 bonuses. How about a raise in wages? That's a truly lasting effect.
The billion dollar company I work with told me that the company didn't make enough profits this year to give me a bonus. Whelp
[QUOTE=Emperor Scorpious II;52995098]The billion dollar company I work with told me that the company didn't make enough profits this year to give me a bonus. Whelp[/QUOTE] Your effort, along with the efforts of your fellows, go toward growing the "pie", as the pie grows your share of the pie inc- uhh oh soz, you'll have to make do with crumbs
[QUOTE=Cloak Raider;52994983]is anyone falling for this? legitimately who is dumb enough to fall for this bait and switch this is like, the stick and box trap of PR[/QUOTE] Well [I]someone[/I] did post this thread here...
If Americans really were getting their piece of the pie they'd have $30 minimum wages and food, services, and housing so cheap and affordable they wouldn't know what to do with it all.
Wow, something they could've done before the tax plan, without a problem. Can't wait for the effects of this shit tax plan to hit when a democrat is in, so the republicans so blame them, then the cycle begins again.
[QUOTE=FurrehFaux;52994538]I feel like these articles fit with the general topic and would be better off posted here as well: Wells Fargo is hiking up to a 15 dollar minimum wage. [url]https://www.wsj.com/articles/banks-are-getting-a-big-tax-cut-wells-fargo-others-plan-to-share-it-with-employees-1513809227[/url] Same with Fifth Third. [url]https://www.cnbc.com/2017/12/20/fifth-third-bancorp-unveils-bonuses-minimum-wage-hike-after-tax-bill-passage.html[/url] Both attribute it to the tax plan, but if you ask me I have doubts they're being entirely honest with us. Seems more like PR.[/QUOTE] Wells Fargo announced this back in September [Media]https://twitter.com/mattyglesias/status/943642786418577410[/media] [editline]21st December 2017[/editline] Comcast and at&t appear to be hiking prices to celebrate these tax cuts too [Media]https://twitter.com/matthewstoller/status/943617190938513409[/media] I wonder why they aren't doing a press release on this stuff.
[URL="http://fox4kc.com/2017/12/20/hundreds-of-metro-att-employees-laid-off-just-before-christmas/"]AT&T Lays off hundreds of workers before christmas![/URL] But enjoy your bonuses :^)
Wages are going up! Funny thing though, the industry rate for most minimum wage banking positions is 15/hour already, they were non competitive, and then you factor in the dozens of states that enacted 15$/hour wage hikes a few years ago that...oh ya, come into effect this coming year...
OP wages are not going up. Giving these flat amounts to workers is an easy feel-good measure that you do specifically because [I] you aren't going to increase wages. [/I]They will continue to dangle a wage increase on the horizon with no specific date because there is no plan to follow through on it. This always happens why do people expect things to be different this time?
[QUOTE=Lambeth;52995515]Wells Fargo announced this back in September [Media]https://twitter.com/mattyglesias/status/943642786418577410[/media] [editline]21st December 2017[/editline] Comcast and at&t appear to be hiking prices to celebrate these tax cuts too [Media]https://twitter.com/matthewstoller/status/943617190938513409[/media] I wonder why they aren't doing a press release on this stuff.[/QUOTE] Watching Comcast do damage control in that thread is both hilarious and depressing.
Corporations are running pr for the GOP's tax plan.
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