Preacher
Gold Member
'A slap in the face': AT&T workers upset jobs slashed despite Trump tax cuts
So some of you were saying last week AT&T was laying off workers because other phone companies were doing better but as usual that's not correct. They are hiring foreigners in other countries AND thanks to the bullshitter in chief not clamping down on legal invasion more invaders coming to take these jobs here as well.
It was not meant to be like this. Huge tax cuts, supported by AT&T, were meant to allow companies to hire more and pay better. But instead AT&T has cut 37,818 jobs in the US from when the Trump tax cut bill first went into effect in 2018 to the end of 2019, with more than 4,000 jobs cut in the last quarter of 2019, based on the company’s quarterly reports.
The company strongly supported the tax cut bill and promised workers a $1,000 bonus ahead of the bill’s passage amid claims of a hiring spree.
The bill, passed in December 2017, cut the corporate tax rate from 35% to 21%, saving AT&T an estimated $21bn initially, with an estimated $3bn in annual savings. Despite AT&T’s promises to invest these savings back into their workforce, the company has shed employees since the bill went into effect, while capital investments have declined. In 2018, AT&T’s capital investments declined to $21.25bn, and the company announced plans to reduce it further in 2020 to $20bn, while rolling out a three-year plan to spend $30bn on stock buybacks.
overall, workers have not benefited from the Trump tax cut bill, despite several corporations claiming bonuses and wage increases were due to the bill’s passage.
“Even at the time, this was clearly nothing but PR. The economic theory linking corporate tax cuts to wage gains was never supposed to occur immediately. Instead, it runs through a long chain of economic events, starting with increased investment,” said Hunter Blair, budget analyst with the Economic Policy Institute. “Without an uptick in investment, typical workers have no chance of benefiting from the Tax Cuts and Jobs Act. And for the first time since the Great Recession, investment has declined for three straight quarters. With investment cratering, there’s no reason to believe typical workers will see the benefits that proponents of the bill promised.”
Wow really his bullshit tax bill didn't help workers!? Shocked I tell ya!
So some of you were saying last week AT&T was laying off workers because other phone companies were doing better but as usual that's not correct. They are hiring foreigners in other countries AND thanks to the bullshitter in chief not clamping down on legal invasion more invaders coming to take these jobs here as well.
It was not meant to be like this. Huge tax cuts, supported by AT&T, were meant to allow companies to hire more and pay better. But instead AT&T has cut 37,818 jobs in the US from when the Trump tax cut bill first went into effect in 2018 to the end of 2019, with more than 4,000 jobs cut in the last quarter of 2019, based on the company’s quarterly reports.
The company strongly supported the tax cut bill and promised workers a $1,000 bonus ahead of the bill’s passage amid claims of a hiring spree.
The bill, passed in December 2017, cut the corporate tax rate from 35% to 21%, saving AT&T an estimated $21bn initially, with an estimated $3bn in annual savings. Despite AT&T’s promises to invest these savings back into their workforce, the company has shed employees since the bill went into effect, while capital investments have declined. In 2018, AT&T’s capital investments declined to $21.25bn, and the company announced plans to reduce it further in 2020 to $20bn, while rolling out a three-year plan to spend $30bn on stock buybacks.
overall, workers have not benefited from the Trump tax cut bill, despite several corporations claiming bonuses and wage increases were due to the bill’s passage.
“Even at the time, this was clearly nothing but PR. The economic theory linking corporate tax cuts to wage gains was never supposed to occur immediately. Instead, it runs through a long chain of economic events, starting with increased investment,” said Hunter Blair, budget analyst with the Economic Policy Institute. “Without an uptick in investment, typical workers have no chance of benefiting from the Tax Cuts and Jobs Act. And for the first time since the Great Recession, investment has declined for three straight quarters. With investment cratering, there’s no reason to believe typical workers will see the benefits that proponents of the bill promised.”
Wow really his bullshit tax bill didn't help workers!? Shocked I tell ya!
