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Cash Windfall From Trump’s Tax Law Is Starting to Show Up at Big Companies [1]

['Jonathan Weil']

Date: 2025-08

Congress passed President Trump’s ‘big, beautiful’ bill ahead of the self-imposed July 4 deadline. WSJ’s Richard Rubin explains what’s in the massive bill. Photo: Alex Brandon/AP; AFP/Getty Images

The magnitude of the cash savings from this summer’s federal tax legislation is starting to take shape at America’s biggest companies.

AT&T T 0.49 %increase; green up pointing triangle recently said it expected $1.5 billion to $2 billion in cash tax savings this year, due to provisions in the tax-and-spending law dubbed the One Big Beautiful Bill Act. The high end of the range is equivalent to an 11% boost to analyst estimates of 2025 free cash flow before the law was enacted. AT&T estimated annual cash tax savings of $2.5 billion to $3 billion in both 2026 and 2027.

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[1] Url: https://www.wsj.com/finance/investing/cash-windfall-from-trumps-tax-law-is-starting-to-show-up-at-big-companies-6b519fc9

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