Verizon will be one of the companies whose earnings report will benefit significantly from the GOP's $1.5 trillion tax cut that went into effect last month. While AT&T announced that its workers will see their paychecks padded with a $1000 bonus, Verizon, it turns out, can write down $16.8 billion from its deferred taxes, thanks to the lowering of the corporate rate from 35% to 21%.
It's not like Verizon would have paid this kind of money anyway, as these are deferred taxes offset by acquiring airwaves licenses, or making capital investments in network infrastructure, but now Big Red can book these as a one-time profit, and will do so as soon as the next quarterly results report comes on January 23rd.
formatting link