Verizon will pocket tax cut savings, not create better network or jobs

Oh, so you mean trickle-down economics actually does nothing for most of us, but makes the richest even wealthier?

Ajit Pai’s old bosses over at Verizon won’t be spending any of their extra money on infrastructure like he promised they would when he took the wildly unpopular stance of repealing net neutrality. Pssssst: The massive corporate tax cuts that have moved our debt ceiling forward won’t result in any extra Verizon investments either. Color me surprised that the Verizon year end report doesn’t even attempt to hide their plan.

So Ajit lied about Net Neutrality being to blame for hindering investments so he could repeal the regulation and do a solid for his old bosses. Verizon announced on January 23 they will spend the same amount of money on infrastructure in 2018 as they always do. The investment will be between 17-17.8 Billion, same figures as 2015, and 2016 when the net neutrality rules were fully in place. Does anyone wonder where Ajit’s bonus money will be laundered? Maybe Trump can help.

Verizon’s Trump tax cut will be pocketed, not invested or trickled down. According to their report, this windfall "will be used primarily to strengthen Verizon's balance sheet." That means they keep the cash. That’s no biggie since they usually don’t pay taxes anyhow. Verizon actually collected corporate welfare to the tune of 732 million from the IRS from 2007-2013. Maybe Ajit Paj can make another tone deaf video where he says ‘please clap’ as a wind machine blows hundred dollar bills over a homeless veterans camp.

For years Verizon has claimed Net Neutrality and taxes are holding them back from real investment in infrastructure. Now they have everything they want and they’re still not increasing their investing. They’re probably waiting for Trump to give them a big 5G government contract. It’ll be huge, glorious, patriotic, and the biggest most beautiful handout in the whole world history of handouts.

By Being Liberal contributor: Sarah Ficca

For more about this, read “Verizon won’t be using tax cut to boost spending on network upgrades” by Jon Brodkin for ArsTechnica January 23, 2018.