The House version of a tax reform bill passed the House Ways & Means Committee Thursday (Nov. 9).
"There is still much to do, but the Administration remains confident that, through continued cooperation with Congress, we will achieve these priorities this year," the White House said in a statement.
The bill, dubbed the Tax Cuts and Jobs Act, slashes the corporate tax rate (from 35% to 20%), which the President said will allow businesses to "create jobs, raise wages, and dominate their competition around the world." It also allows businesses to immediately write off the cost of new equipment.
NCTA-The Internet & Television Association called it "a welcome first step in making our tax system fairer and more competitive. We commend the Committee on their proposal to lower the corporate tax rate to 20 percent, as well as the proposed changes to interest deduction using the thin cap method, and the retention of the advertising deduction, all of which are crucial to our industry. The cable industry supports 2.9 million workers across America and has invested more than $400 billion in high-speed broadband networks and groundbreaking TV content, and we look forward to working with Congress and the Administration to pass comprehensive tax reform that will enable us and other industries to keep investing in and growing our economy.”
"[T]he company is committed to step up its 2018 U.S. investment by an additional $1 billion [in the first year of enactment] if Congress passes — and the President signs into law — the corporate tax provisions currently in the House bill introduced last week," AT&T said in a statement. “By immediately lowering the corporate tax rate to 20%, this bill will stimulate investment, job creation and economic growth in the United States.,” said AT&T chairman Randall Stephenson.
AT&T says that $1 billion would translate to 7,000 jobs.