The United Automobile Workers (UAW) joined CWA this week on a letter to members of the House Ways and Means Committee urging the committee to investigate how AT&T, General Motors, Wells Fargo, and other major corporations are spending the enormous tax cut benefits they received from the 2018 tax bill.
CWA President Chris Shelton and UAW President Gary Jones wrote in the letter: "[AT&T CEO] Randall Stephenson, [GM CEO] Mary Barra, [Wells Fargo CEO] Tim Sloan, and other corporate leaders whose corporations have significantly benefited from the tax cut, should be required to explain why the predictions made by the authors and supporters of this major tax policy change were so seriously incorrect when they promised thousands of new American jobs and rising wages...We urge you to hold hearings to examine the impacts of the tax law on corporate profits, wages, job creation, and offshoring."
GM closed its Lordstown, Ohio, plant this week, and has announced layoffs that would directly affect nearly 12,000 workers despite reporting net income of over $8 billion for fiscal year 2018. AT&T has eliminated more than 11,000 jobs since the corporate tax cut took effect. Wells Fargo is expected to benefit more from the tax cuts than any other bank, but has announced plans to lay off up to 26,500 people and is offshoring jobs to the Philippines and India.