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Reform the tax code, and investments will follow. That’s what AT&T said when it said it would invest an additional $1 billion in the U.S. economy – if Congress and the Trump administration deliver on their tax reform promise. AT&T’s commitment shows that if Congress follows through on its promises, businesses will invest more.
Congress hasn’t overhauled the tax code in 31 years, a reality businesses are painfully aware of. Today’s uncompetitive corporate system actually discourages investment in U.S. workers and communities. But the Tax Cuts and Jobs Act will reform the tax code and end the era of sky-high corporate tax rates by lowering rates for businesses from 35% to 20%. Along with other key changes, this will free U.S. businesses to invest more in creating jobs and growing paychecks for their workers. As AT&T Chairman and CEO Randall Stephenson said in his announcement:
By immediately lowering the corporate tax rate to 20%, this bill will stimulate investment, job creation and economic growth in the United States.
A decrease in the corporate tax rate opens the door for American businesses to make larger investments in the economy. AT&T’s pledge is representative of the meaningful impact that tax reform can – and will – have on American workers and job creators. Stephenson explained what an increase in AT&T’s investment could mean for the economy:
Research tells us that every $1 billion in capital invested in telecom creates about 7,000 good jobs for the middle class.
Now, it’s time for Congress to deliver. America’s workers and job creators depend on it.