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.