AT&T provides yet another example of how the Republican tax bill failed American workers.
After pledging to create thousands of jobs if the GOP tax scam became law, AT&T instead cut more than 23,000 jobs since then. The job cuts come despite AT&T raking in an extra $21 billion from the Republican-passed law, according to figures released Monday by the Communications Workers of America (CWA).
"What AT&T is doing to hardworking people across America is disgraceful," Chris Shelton, CWA president, said in a statement. "AT&T got its tax cut. Where are the jobs?" he added.
Trump and Republicans promised that the tax scam would lead to companies like AT&T investing in more jobs across the country. Trump claimed the bill would be like "rocket fuel" for the American economy. House Minority Leader Kevin McCarthy said in 2017 that the law would bring more "jobs, good-paying jobs" to Americans across the country.
In shilling for a massive cut in corporate taxes that Republicans eventually enacted, AT&T Chairman and CEO Randall Stephenson promised more investments and thousands of additional jobs.
"If you can have a tax reduction of 35 percent down to, you pick your number, 25 or 20 percent — to think that wouldn’t cause additional investment is nonsensical," Stephenson said in May 2017. "I know exactly what AT&T would do: We would invest more."
Republicans made the corporate tax rate 21%, but apparently Stephenson doesn't know himself as well as he thought. AT&T received a $21 billion windfall from the Republican tax scan, and Stephenson made the "nonsensical" decision to slash capital investment by $1.4 billion in 2018, according to CWA.
Stephenson also promised thousands more "high-paying, really good jobs with great benefits," if the tax scam became law.
Instead, AT&T cut 23,328 jobs since it became law, including nearly 6,000 job cuts in the first quarter of 2019.
While the GOP tax scam leaves working families out in the cold, AT&T corporate leaders are celebrating with higher executive pay, according to CWA.
"Since President Trump signed his tax law, corporate profits have soared while working families are still struggling to make ends meet," Rep. Katie Porter (D-CA) told Shareblue Media. "Our country should be investing in good-paying jobs for everyday Americans, not giving handouts to corporate executives," she added.
Because of corporate loopholes Republicans left in the tax code, multi-billion dollar corporations like AT&T, Amazon, and others paid no taxes last year while families across the country saw lower refunds or higher tax bills.
Rather than rocket fuel and more jobs, corporations are hoarding the wealth that Republicans showered down on Wall Street.
Published with permission of The American Independent Foundation.