25 lawmakers ask AT&T CEO: where is the post-tax cut investment?

Twenty-five Members of Congress sent a letter to Randall Stephenson, AT&T’s CEO, with the following question: now that AT&T got its $20 billion windfall (in the first year alone) from last year’s corporate tax reform, where are the benefits for workers and communities?

“In your November 8th press release,” the lawmakers wrote to Stephenson, “you stated that you would commit to investing an additional $1 billion in the US should the bill in question be signed into law. You further stated that your analysis suggested that such investment would result in the creation of 7,000 additional jobs.”

“However,” the letter continues, “recent reports regarding contract negotiations suggest otherwise. […] We ask that you update us on the status of your plans to invest in the United States, as well as other seen and unforeseen impacts the tax law has had on your business plans.”

After six months, it’s clear that the GOP’s corporate tax bill is failing working families. “Employers were coming out saying they were going to give everyone a $4,000 wage increase,” said CWA President Chris Shelton. “That just hasn't happened and isn't on the horizon to happen. They said they were going to increase jobs. One of our employers, AT&T, where we have about 110,000 people, said they were going to create 7,000 jobs for every billion dollars in the tax cut. Well, AT&T got a three billion dollar tax cut, and we've seen 6,000 layoffs since the tax cut happened.”

“Workers are feeling quite left out because they were promised certain things with the tax cut by not only the president but Ryan, McConnell, and employers,” Shelton said. “It's just not happening.”

Links:

Letter from 25 lawmakers to AT&T CEO Stephenson on Tax Cuts and Investment (US Congress, June 28, 2018)

At the Six Month Mark, the GOP Corporate Tax Cut Bill is Failing Working Families (CWA, June 28, 2018)