AT&T Liar-in-Chief — Bloomberg/Getty
❝ AT&T in November 2017 pushed for the corporate tax cut by promising to invest an additional $1 billion in 2018, with CEO Randall Stephenson saying that “every billion dollars AT&T invests is 7,000 hard-hat jobs. These are not entry-level jobs. These are 7,000 jobs of people putting fiber in ground, hard-hat jobs that make $70,000 to $80,000 per year.”
❝ The corporate tax cut was subsequently passed by Congress and signed into law by President Trump on December 22, 2017. The tax cut reportedly gave AT&T an extra $3 billion in cash in 2018.
But AT&T cut capital spending and kept laying people off after the tax cut. A union analysis of AT&T’s publicly available financial statements “shows the telecom company eliminated 23,328 jobs since the Tax Cut and Jobs Act passed in late 2017, including nearly 6,000 in the first quarter of 2019,” the Communications Workers of America (CWA) said…
AT&T’s only expansion in total workforce came from acquisition of Time-Warner and two smaller companies. The existing workforce was cut.