“Thanks to the tax cuts, the company… expects a $3 billion annual increase in cash profits starting in 2018,” the report notes. “Despite these supercharged profits, the company announced plans to spend just $1 billion more on capital projects and pay a bonus of merely $1,000 to its employees, which amounts to a one-time $200 million expenditure, or 7% of AT&T’s expected annual benefit from the tax cuts. Meanwhile, the company is on track to pay out three-quarters of its 2018 profits to shareholders in the form of dividends and share buybacks.”

CWA has demanded (pdf) that AT&T release the details of how it is using its tax windfall, but the company has thus far refused. Last month, CWA sent a letter to House Democrats calling for an investigation into how AT&T and other corporate giants have spent their tax cuts.

“Understanding why AT&T and companies like it have failed to follow through on their promises will undoubtedly inform your efforts to rewrite the tax law, so that instead of a giveaway to the rich, it truly does ensure the retention and creation of good jobs in the United States,” the union wrote to House Ways and Means chair Rep. Richard Neal (D-Mass.).

AT&T is hardly alone in hoarding massive gains from the Republican tax law while eliminating or outsourcing good-paying jobs.

As Common Dreams reported, General Motors announced plans in November to close plants in several states and slash nearly 15,000 jobs just months after reaping $514 million from the Republican tax cuts.

According to research by the nonprofit Just Capital, the 1,000 largest public companies have cut nearly 140,000 jobs since the passage of the GOP tax plan in December of 2017.

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