I guess this is an example of what Obama meant when he told Joe the Pumber that he wanted to redistribute the wealth:
March 26 (Bloomberg) — AT&T Inc., the U.S.’s largest telephone company, said it will take a $1 billion first-quarter charge related to the health-care law signed this week by President Barack Obama.
The non-cash charge has been triggered by a change in the tax treatment of Medicare subsidies, the Dallas, Texas-based company said today in a regulatory filing.
AT&T joins Caterpillar Inc. and AK Steel Holding Corp. in taking non-cash charges against earnings as a result of the law. Health-care charges may shave as much as $14 billion from U.S. corporate profits, according to an estimate by benefits consulting firm Towers Watson.
“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,” the company said in the filing.
For full article: http://www.businessweek.com/news/2010-03-26/at-t-to-take-1-billion-charge-on-health-care-reform-update1-.html
13 comments
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March 26, 2010 at 2:19 pm
Interested Bystander
Hey All,
But I thought Obama said that if you like your current health insurance then you will be able to keep it.
I didn’t realize that what he actually was saying was that if you want to keep your current health insurance then you can keep it (if you can find an insurance company that offers what you currently have, and you pay for it, because once we enact this law, your employer sure as heck won’t be offering it).
Boy, Obama sure does project roses and ice cream, but if you actually listen to what he is saying, the man speaks the truth, which is, “good luck living the American Dream”.
March 27, 2010 at 12:52 pm
HistorianDude
lol… Do you know what a “non-cash charge” is? Do you realize that this an accounting measure that reduces the tax burden in the company without requiring them to actually spend any money?
once again, you guys demonstrate in spades that you may be mad, but you haven’t a clue what you’re mad about.
March 27, 2010 at 1:05 pm
JAMES
Yes, this is an accounting and tax tool. But several of these large companies are going to rethink their benefits offerings, particularly for retirees. It may be better for them to dump them all into Medicare for their Rx.
March 27, 2010 at 2:46 pm
HistorianDude
Every large company rethinks their benefits offerings every year. Its pretty much required given how rapidly costs have been going up. They do this for everybody. The “particularly for retirees” part, though, that you just made up.
The non-cash charges being made by companies today are a drop in the bucket compared with the charges they took in the early 90s when the accounting rules changed and they had to start accounting for retiree health benefits as liabilities on their balance sheets. Now that was bloody.
In case you did not notice, we actually did pass a whole new health care reform law this week. Any company that is not seriously looking at what it means to their business (god or bad) is a badly run company.
If it turns out that it’s good business to “to dump them all into Medicare for their Rx,” then they will. if its not good business, they won’t. That’s just like the decision they’ve always faced whether to offer health benefits at all.
I guess you were not aware that large American businesses were overwhelmingly in favor of this bill?
March 27, 2010 at 4:26 pm
Interested Bystander
HistorianDude commented:
“I guess you were not aware that large American businesses were overwhelmingly in favor of this bill?”
Just like “the people” were for this bill too, right HD?
March 28, 2010 at 8:40 am
HistorianDude
As the polls repeatedly showed, when the details were discussed the American people absolutely were in favor of this legislation. Furthermore, the detailed polling showed that about 15% of the 50% or so supposedly opposed to the bill itself were opposed because it was not liberal enough. That should be no shock since it was such a moderate bill that incorporated about 200 Republican amendments.
You do know (I hope) that even the insurance mandate was originally a Republican idea right?
What the American people opposed was a conservative fabrication. Like you, they were just angry because their puppeteers had pulled the anger string. The right wing has been very successful in getting people pissed off, but it has had to repeatedly tell lies to do so. American businesses are not so emotional. They are run by grown-ups.
March 28, 2010 at 12:14 pm
Interested Bystander
HistorianDude commented:
“As the polls repeatedly showed, when the details were discussed the American people absolutely were in favor of this legislation. Furthermore, the detailed polling showed that about 15% of the 50% or so supposedly opposed to the bill itself were opposed because it was not liberal enough. That should be no shock since it was such a moderate bill that incorporated about 200 Republican amendments.”
You’re funny HistorianDude, you point out ONE poll out of many that claims the bill has(d) support:
http://www.realclearpolitics.com/epolls/other/obama_and_democrats_health_care_plan-1130.html
If you average the polls, as RCP does it shows an average of 5 polls taken AFTER the bill passed at 10:45 last Sunday night at 48% opposed to the bill, with only 43.8% in favor of the bill.
It doesn’t matter if they were opposed because it didn’t go far enough, or if they were opposed because it went too far, opposed is opposed.
HD then comments this:
“You do know (I hope) that even the insurance mandate was originally a Republican idea right?”
Why do you throw me in with Republicans? I don’t consider myself a Republican, I consider myself a staunch conservative. Just because I vote Republican, doesn’t mean I agree with ANYTHING they do, it only means that of the two parties available to vote for, the Republicans better support my beliefs than the Democrats do.
Just so you know, I believe that the insurance mandate shouldn’t be in the bill. Heck, I don’t believe ANYTHING in the bill should be in the bill. I believe the Feds should keep it’s nose out of free enteprise all together, and let the chips fall where they fall.
HD concludes with this:
“What the American people opposed was a conservative fabrication. Like you, they were just angry because their puppeteers had pulled the anger string. The right wing has been very successful in getting people pissed off, but it has had to repeatedly tell lies to do so. American businesses are not so emotional. They are run by grown-ups.”
No, HD, unlike YOU I am not led by some “puppeteers”, I have my own brain, and think for myself, I’ve not been indoctrinated like YOU have been.
Businesses support the bill? Where did you learn that? When I searched for “American Businesses support Obama’s health care plan”, all I got was this:
http://www.upi.com/Top_News/International/2010/03/19/AMA-AARP-endorse-healthcare-plan/UPI-44481269027910/
So by “American businesses” are you commenting about the AARP, or the AMA?
March 28, 2010 at 12:17 pm
Interested Bystander
HistorianDude,
And the AARP is losing membership BECAUSE they endorsed the bill:
http://www.breitbart.tv/150k-seniors-drop-aarp-membership-in-revolt-over-health-care-endorsement/
This is s breibart link, but it is a CNN video.
March 28, 2010 at 12:20 pm
Interested Bystander
My first reply to your comment is awaiting moderation because of two links in the comment.
March 28, 2010 at 12:18 pm
Interested Bystander
HistorianDude,
One thing we know for SURE, is that Fidel Castro supports the bill:
http://www.washingtonpost.com/wp-dyn/content/article/2010/03/25/AR2010032501309.html
March 28, 2010 at 8:15 pm
HistorianDude
Why do you keep calling it a “bill” IB? It’s not a bill. It is a law
March 29, 2010 at 1:57 am
Interested Bystander
HistorianDude,
Well, the Congress calls it a “bill”. Even the President called it a “bill” when he was signing it, and when he was out campaigning for it AFTER he signed it.
Why don’t you ridicule THEM also?
Oh no, you just pick on little old me.
At least you are leaving someone else alone, if your efforts are concentrated on me.
Besides, your “digs” don’t bother me in the slightest, shows just how arrogant you REALLY are.
And another thing, isn’t it many different “laws”, not just one? I mean it changes many different laws that are currently on the books.
And lastly, if it takes over 2000 pages to explain a “law”, then how is ANYONE supposed to understand it?
April 2, 2010 at 9:36 am
HistorianDude
I pick on you because you deserve it. No other reason.