Washington, DC- An analysis of AT&T’s 2018 SEC filings by the Communications Workers of America (CWA) suggests the company paid no cash income taxes in 2018 and reduced capital investments.
Based on the supplementary disclosures in AT&T’s most recent annual report, the CWA analysis shows that AT&T’s worldwide cash income tax payments in 2018 were less than zero. In fact, AT&T says after refunds, it enjoyed a net tax rebate of $354 million in 2018. The same year it cut a staggering number of jobs and closed call centers throughout the United States. AT&T also disclosed that its capital investments fell by $1.4 billion excluding federal government reimbursements for the construction of the FirstNet wireless network.
“It’s disgraceful that AT&T got the massive tax break it lobbied for, may have paid no cash income taxes and then turned around and shattered people’s livelihoods,” said CWA President Chris Shelton. “AT&T provided cover for legislators to pass the tax bill with its promise of investing in workers, but AT&T’s own data shows those promises were just veils for corporate greed. I’m encouraged that Congress is finally digging into how companies like AT&T are harming American workers.”
AT&T has eliminated over 12,000 jobs since the Tax Cut and Jobs Act was passed despite receiving a $21 billion windfall and projecting $3 billion in annual tax savings going forward. At the same time jobs in the USA are eliminated off-shore work centers are being expanded by AT&T.
CWA is calling on AT&T to provide a detailed disclosure of its tax liabilities, expenditures, and refunds over the past three years to give Congress and the public better insight into the true impact of the Tax Cut and Jobs Act.