Tax reform that’s likely to include a sharp reduction in the corporate rate could occur by the end of 2017, the head of one of America’s biggest telecom companies said while revealing details of his recent meeting with Donald Trump.
“I was meeting with a CEO. It was obvious,” AT&T’s Randall Stephenson said of the encounter at Trump Tower in New York on January 12. “The president had a very specific agenda for what he thought was critical, which was tax reform and regulatory reform.”
Earlier this week, Trump said he wanted to get the corporate tax rate down into the 15-20% range, from 35% currently. With Republicans holding a majority in both houses of Congress (though only a very slim one in the Senate), the passing of a tax reduction is likely.
“I left with a degree of optimism that this could actually be pulled off this year,” said Stephenson, who was speaking at a conference after announcing a 5% increase in fourth-quarter profit, excluding some one-off items.
He said a reduction in the corporate tax rate to between 20% and 25% would prompt AT&T to markedly increase investment levels—a view he said was “not unique” among other business leaders.
CEOs in general are optimistic about Trump’s policy agenda, which also promises to reduce the amount of regulations facing business by at least 75%. Stephenson said the president’s appointment of Ajit Pai to lead the Federal Communications Commission would likely encourage more investment in the industry. Pai is an opponent of heavy regulation, including net neutrality rules that prevent carriers from blocking certain content.
Stephenson’s praise for Trump came even after the president last year said he intended to block AT&T’s proposed $85.4 billion bid for Time Warner. The merger was not discussed at the meeting, AT&T said at the time, though the company’s CFO John Stephens said on yesterday’s call that the firm remains confident the deal will go through later this year.
Chief Executive Group exists to improve the performance of U.S. CEOs, senior executives and public-company directors, helping you grow your companies, build your communities and strengthen society. Learn more at chiefexecutivegroup.com.
0
1:00 - 5:00 pm
Over 70% of Executives Surveyed Agree: Many Strategic Planning Efforts Lack Systematic Approach Tips for Enhancing Your Strategic Planning Process
Executives expressed frustration with their current strategic planning process. Issues include:
Steve Rutan and Denise Harrison have put together an afternoon workshop that will provide the tools you need to address these concerns. They have worked with hundreds of executives to develop a systematic approach that will enable your team to make better decisions during strategic planning. Steve and Denise will walk you through exercises for prioritizing your lists and steps that will reset and reinvigorate your process. This will be a hands-on workshop that will enable you to think about your business as you use the tools that are being presented. If you are ready for a Strategic Planning tune-up, select this workshop in your registration form. The additional fee of $695 will be added to your total.
2:00 - 5:00 pm
Female leaders face the same issues all leaders do, but they often face additional challenges too. In this peer session, we will facilitate a discussion of best practices and how to overcome common barriers to help women leaders be more effective within and outside their organizations.
Limited space available.
10:30 - 5:00 pm
General’s Retreat at Hermitage Golf Course
Sponsored by UBS
General’s Retreat, built in 1986 with architect Gary Roger Baird, has been voted the “Best Golf Course in Nashville” and is a “must play” when visiting the Nashville, Tennessee area. With the beautiful setting along the Cumberland River, golfers of all capabilities will thoroughly enjoy the golf, scenery and hospitality.
The golf outing fee includes transportation to and from the hotel, greens/cart fees, use of practice facilities, and boxed lunch. The bus will leave the hotel at 10:30 am for a noon shotgun start and return to the hotel after the cocktail reception following the completion of the round.
