Here is our Obama care. While the liberal idiots cry about corporate responsibility, you need to realize that AT&T will cover this expense by cutting services, jobs, and raising prices. The cost is just passed to the consumer. Thanks Obama!
This is a case of damning the provider and celebrating the recipient. That evil corporation creates jobs and produces. The government just consumes, and ineffectively and wastefully in doing so.
AT&T Taking $1B Charge to Cover Costs of New Health-Care Legislation
FOXBusiness
AT&T (T: 26.25, 0.09, 0.34%) said Friday that tax ramifications related to the newly passed health-care legislation will force it to take a $1 billion non-cash charge in the first quarter.
In papers filed with the U.S. Securities and Exchange Commission, AT&T said the charge stems from changes in the tax laws regarding the Medicare Part D subsidy. AT&T will no longer be able to deduct tax-free subsidies it receives from the government for providing retirees prescription-drug benefits.
“AT&T Inc. intends to take a non-cash charge of approximately $1 billion in the first quarter of 2010 to reflect the impact of this change,” the company said.
Furthermore, AT&T said in the filing that, as a result of this legislation, including the additional tax burden, “AT&T will be evaluating prospective changes to the active and retiree health care benefits offered by the company.”
President Barack Obama signed into law this week a sweeping health-care reform bill that requires companies of a certain size to provide coverage to their workers in an effort to provide coverage to some 30 million Americans without insurance.
Taxes on some companies are being raised to help defray the cost of the legislation.
Businesses organizations such as the U.S. Chamber of Commerce have slammed the new law, arguing it will hurt companies by adding new costs and additional tax burdens.
In the first two days after the law was signed, three major companies — Deere & Co. (DE: 60.581, 0.371, 0.62%), Caterpillar Inc. (CAT: 62.38, 0.22, 0.35%) and Valero Energy — said they expect to take a total hit of $265 million to account for smaller tax deductions in the future.
http://www.foxbusiness.com/index.html
Ben Nelson's Socialized HC Takeover to Cost AT&T, Customers, Retirees $1 Billion in Q1 Alone...
