This morning, AT&T pledged to invest an additional $1 billion in the United States if Congress enacts pro-growth tax reform.
In making the announcement, the company explained that “By immediately lowering the corporate tax rate to 20%, this bill will stimulate investment, job creation and economic growth in the United States. With a rate of 20% combined with provisions for full expensing of capital expenditures for the next five years, we’re prepared to increase our investment in the United States. If the House bill is signed into law, we’d commit to increase our domestic investment by $1 billion in the first year in which the new rates are in place. And research tells us that every $1 billion in capital invested in telecom creates about 7,000 good jobs for the middle class.”
This goes directly to the heart of our case for tax reform. The Tax Cuts and Jobs Act will slash the corporate tax rate down from 35 percent—the highest in the industrialized world—down to just 20 percent. Countless studies show that this reform alone will directly lead to upwards of a $4,000 pay raise for the middle class, and the nonpartisan Tax Foundation estimates that it will create at least 587,000 full-time jobs.
Higher wages and more jobs means more money in the pocket of hardworking middle-class families. And more jobs right here in the United States means more people thriving make it to the middle class can get there.
Today’s news is yet another example of why we need to get tax reform done in 2017. The American people are counting on us to deliver relief, and relief is on the way.
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