This 14-point corporate tax cut really is a big deal and a massive win for the God-Emperor:
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.
High corporate taxes are brutal because they cost so many people beyond the intended targets; it’s like eating the seed corn. It would be nice to see the God-Emperor follow this up by offering a carrot-and-stick solution to corporations holding Eurodollars overseas, then getting rid of the ludicrous and unconstitutional FATCA.