This is one company. There are billions of dollars of pent up projects that businesses would do if they had more capital.
If tax reform passes, AT&T (T) CEO Randall Stephenson said the company will spend “at least” $1 billion in capital expenditure and be able to create an estimated 7,000 jobs.
“From my standpoint, the driver of this is the business tax reform… if we get investment going, we get productivity going, we get wage gain going, we invest another billion dollars. Every billion dollars AT&T invests is 7,000 hard hat jobs. These are not entry-level jobs. These are 7,000 jobs of people putting fiber in ground, hard hat jobs that make $70,000 to $80,000 per year,” Stephenson said at an event hosted by The Economic Club of New York on Wednesday.
He described passing tax reform as a “major” and “significant” item for the U.S. economy.
“I cannot overstate how important I think a tax bill that makes the US corporate taxes a competitive regime around the world — that’s big. That’s significant,” he said.
He explained that it would be a “capital-freeing” event for corporate America.
“You are freed up to invest more capital. We have so many initiatives and projects that we would like to invest more in.”