Bosses pocket Trump tax windfall as workers see job promises vanish

[Eugene]

Source: The Guardian

Bosses pocket Trump tax windfall as workers see job promises vanish

AT&T, General Motors and Wells Fargo vowed to use tax cuts to create jobs. In fact, they did the opposite

Michael Sainato
Sun 16 Jun 2019 07.00 BST Last modified on Sun 16 Jun 2019 13.52 BST

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These sudden mass layoffs have become increasingly common for workers at AT&T and many other big firms. But it was not meant to be that way.

AT&’s CEO, Randall Stephenson, promised in November 2017 to invest $1bn in capital expenditure and create 7,000 new jobs at the company if Trump’s hugely controversial tax cut bill passed. Many opponents had slammed the cuts as a corporate giveaway that benefited the super-rich. But big firms lobbied for it, saying – as AT&T did – that it would fund job-creating expansions.

The bill was voted into law in December 2017, reducing the corporate tax rate from 35% to 21%. AT&T’s benefit was a tax windfall of $21bn and an additional estimated $3bn annually. But instead of creating jobs and increasing investment into the company, AT&T has eliminated 23,328 jobs since the tax cut bill was passed, according to a recent report by the Communications Workers of America. The CWA also said AT&T reduced their capital investments by $1.4bn.

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AT&T is among several large corporations whose CEOs announced support of the Trump tax cut bill by claiming if the legislation passed, their companies would ensure workers reaped benefits from it. But a report published on 22 May by the Congressional Research Service, a non-partisan thinktank for members of Congress, found the tax cuts did not significantly affect the economy or boost wages, but benefited investors more than anyone else.

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Read more: https://www.theguardian.com/business/2019/jun/15/job-losses-trump-tax-cut-at-t-general-motors-wells-fargo

[Skittles]

1. so, they were as trusty-worthy as Trump

[duforsure]

2. Along with his promises

He made lying about this tax scam, and the10% tax cut he claimed before the mid terms! the better health care plans and on and on, all lies to steal the rubes votes with. This is what corrupt serial liars and professional con men do, gain the confidence of the weak, then screw them over, again and again like he still is doing. We'll be looking at a depression soon, then he'll blame us for it while he's normalizing money laundering, and tax fraud claiming everyone else does it too. He's a crook.

[DavidDvorkin]

3. Gasp!

No one could have foreseen ...

[Wellstone ruled]

4. American Standard moved tons of Jobs to Mexico.

John Deere moved large Tractor operations to Germany,and imports much of its small Tractors from India as well as much of it's Implements,paint it green and slap a made in USA sticker on it. Navistar bails out of Ohio only to increase their operation in Mexico. GM closes five plants only to expand operations in Mexico and China. How about all those Carrier jobs the Folks of Indiana paid for,funny thing,they to went to Mexico.

[dalton99a]

5. How disappointing

[SharonAnn]

6. Of course! Who expected anything different?

[BeckyDem]

7. This is the scary part of Trump's win. He gives his racist crazy fundie base what they want.

He also fed the greed factor in the corporate world.

[SharonAnn]

8. *I'm shocked, shocked! To find out that lying and theft are occuring with 45 and his cronies.

[FiveGoodMen]

9. Anyone who didn't see that coming should be declared brain dead