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Author Topic: AT&T to Book $1 Billion Cost on Health-Care Reform  (Read 1568 times)

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Offline ColonialMarine0431

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AT&T to Book $1 Billion Cost on Health-Care Reform
« on: March 26, 2010, 06:24:26 PM »
And how will they compensate? Layoffs, increased rates to the consumer and a decline in benefits for the remaining workers.


Quote
AT&T to Book $1 Billion Cost on Health-Care Reform
By Amy Thomson and Ian King

March 26 (Bloomberg) -- AT&T Inc. will book $1 billion in first-quarter costs related to the health-care law signed this week by President Barack Obama, the most of any U.S. company so far.

A change in the tax treatment of Medicare subsidies triggered the non-cash expense, and the company will consider changes to the benefits it offers current and retired workers, Dallas-based AT&T said today in a regulatory filing.

AT&T, the biggest U.S. phone company, joins Caterpillar Inc., AK Steel Holding Corp. and 3M Co. in recording non-cash expenses against earnings as a result of the law. Health-care costs may shave as much as $14 billion from U.S. corporate profits, according to an estimate by benefits consulting firm Towers Watson. AT&T employed about 281,000 people as of the end of January.

MORE
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Offline Hawkgirl

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Re: AT&T to Book $1 Billion Cost on Health-Care Reform
« Reply #1 on: March 26, 2010, 06:27:06 PM »
And so it begins....
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Offline ColonialMarine0431

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Re: AT&T to Book $1 Billion Cost on Health-Care Reform
« Reply #2 on: March 26, 2010, 06:33:43 PM »
Quote from: Hawkgirl on March 26, 2010, 06:27:06 PM
And so it begins....

Amazing. I was going to use the same words in my post.

Great minds and all that.... :-)
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Offline JohnnyReb

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Re: AT&T to Book $1 Billion Cost on Health-Care Reform
« Reply #3 on: March 26, 2010, 06:53:01 PM »
Wonder if CAT and DEERE would loan us some equipment to flatten Washington? ....and all the DUmmies in it?
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Offline ColonialMarine0431

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Re: AT&T to Book $1 Billion Cost on Health-Care Reform
« Reply #4 on: March 26, 2010, 07:00:03 PM »
Quote
AT&T employed about 281,000 people as of the end of January.

Not much longer. How's that Hope & Change workin' out for ya America?  :lmao: :lmao: Union SUCKERS!!! :lmao: :lmao: :lmao: :lmao: :lmao:
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Offline ColonialMarine0431

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Re: AT&T to Book $1 Billion Cost on Health-Care Reform
« Reply #5 on: March 26, 2010, 07:02:36 PM »
Quote from: JohnnyReb on March 26, 2010, 06:53:01 PM
Wonder if CAT and DEERE would loan us some equipment to flatten Washington? ....and all the DUmmies in it?

Quote
On Thursday, Deere & Co. announced that the Patient Protection and Affordable Care Act will adversely impact its expenses for fiscal 2010. As a result of the legislation, expenses for the farm equipment manufacturer are expected to be about $150 million higher on an after-tax basis, mainly in the second quarter.

At issue is the new tax the health care bill imposes on subsidies paid to corporations for 28% of their retiree prescription costs under a 2003 Medicare bill.
:lmao: :lmao: :lmao: :lmao: :lmao: :lmao:
http://www.investors.com/NewsAndAnalysis/Article.aspx?id=528616
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Offline bkg

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Re: AT&T to Book $1 Billion Cost on Health-Care Reform
« Reply #6 on: March 27, 2010, 09:58:39 PM »
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Offline PatriotGame

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Re: AT&T to Book $1 Billion Cost on Health-Care Reform
« Reply #7 on: March 27, 2010, 11:43:18 PM »
Oops!
Never saw that coming either.
With the global economy et al what does the United States produce that will add value and income into our national treasury?
Farmers can produce milk and sell it at subsidized (tax payer dollar supported) values to the workers. That real value is non-existent.
We do not produce DVD players, autos that other nations buy, or widgets for other nations. I am at a loss. What do we produce that has added value when sold to other nations that will help our economy?
Wheat?

When U.S. companies are stripped of their profits for federal mandates programs, why should or WOULD they remain in business?
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Offline PatriotGame

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Re: AT&T to Book $1 Billion Cost on Health-Care Reform
« Reply #8 on: March 27, 2010, 11:46:13 PM »
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Offline The Village Idiot

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Re: AT&T to Book $1 Billion Cost on Health-Care Reform
« Reply #9 on: March 28, 2010, 01:24:32 AM »
It means Congress will now drag companies in front of hearings if they claim this will lead to higher costs or losses and punish them. Of course companies are required to make this known by the SEC but they embarrass the Democrats.
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Offline bkg

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Re: AT&T to Book $1 Billion Cost on Health-Care Reform
« Reply #10 on: March 28, 2010, 09:18:42 AM »
It means the dems really have no idea what is in this bill and how it will affect the economy.

Millions of jobs lost... starting soon.
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Offline thundley4

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Re: AT&T to Book $1 Billion Cost on Health-Care Reform
« Reply #11 on: March 28, 2010, 09:31:52 AM »
Quote from: bkg on March 28, 2010, 09:18:42 AM
It means the dems really have no idea what is in this bill and how it will affect the economy.

Millions of jobs lost... starting soon.

Pelosi said that we had to pass the bill to know what was in it. She was right.
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Offline bkg

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Re: AT&T to Book $1 Billion Cost on Health-Care Reform
« Reply #12 on: March 28, 2010, 09:46:49 AM »
Quote from: thundley4 on March 28, 2010, 09:31:52 AM
Pelosi said that we had to pass the bill to know what was in it. She was right.

If only she, or anyone else, had read the bill.

Transparency at it's best.
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Offline NHSparky

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Re: AT&T to Book $1 Billion Cost on Health-Care Reform
« Reply #13 on: March 28, 2010, 10:17:06 AM »
It's flag@whitehouse.gov--taken to the next level.  If you bitch, you might be dragged out, but it won't be in front of Congress.
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Offline bkg

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Re: AT&T to Book $1 Billion Cost on Health-Care Reform
« Reply #14 on: March 28, 2010, 11:48:20 AM »
Do I have my math right?

Companies currently can deduct healht insurance as an expense on their taxes. So if they pay $15K/year for me (I have amazing insurance), they can deduct $15K, and save about 6K (35%) in taxes.

Now, that Cadillac Health plan will see a tax hit of 40% as part of this bill.

That's a $6k tax on top of the $15K of insurance costs, for a total out of pocket of $21K. Previous out of pocket was $9K, after taxes.

That's, effectively, a 130% tax increase - a 13K spend - over the model prior to the bill.

Is that math correct? If so, I can see why the SEC filings are so large.

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Offline Chris_

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Re: AT&T to Book $1 Billion Cost on Health-Care Reform
« Reply #15 on: March 28, 2010, 12:49:31 PM »
Very interesting letters indeed.
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Offline Chris

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Re: AT&T to Book $1 Billion Cost on Health-Care Reform
« Reply #16 on: March 29, 2010, 03:10:32 PM »
Amazing... the CEO of AK Steel says that existing financial regulations require them to take a non-cash charge (theirs is $31 million).  I wonder if Pigface Waxman has any clue.
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Offline JohnnyReb

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Re: AT&T to Book $1 Billion Cost on Health-Care Reform
« Reply #17 on: April 06, 2010, 03:43:40 AM »
Quote from: Chris on March 29, 2010, 03:10:32 PM
Amazing... the CEO of AK Steel says that existing financial regulations require them to take a non-cash charge (theirs is $31 million).  I wonder if Pigface Waxman has any clue.

Son tuned into Rush for a few minutes yesterday and Rush was saying that it is required. Law was passed due to the ENRON affair and requires them to do it in the first quarter that a new law is passed.

Pigman will probably wish he had kept his snout out of this.
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"America is like a healthy body and its resistance is threefold: its patriotism, its morality, and its spiritual life. If we can undermine these three areas, America will collapse from within."  Stalin

Offline formerlurker

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Re: AT&T to Book $1 Billion Cost on Health-Care Reform
« Reply #18 on: April 06, 2010, 05:13:02 AM »
Obamacare is going to bankrupt municipalities -- they are the ones who offer the Cadillac BC/BS plans, and they are not allowed to change it without union approval. 

The insurance carriers have already sent a shot across the bows of their customers that insurance premiums will increase an additional 8-20%  due to this new legislation.   The premium increases were already unsustainable to local governments.   This is disaster, Titanic level disaster, that is coming for FY11 (which for local governments is July 1st). 

The midterm elections are going to be landslide GOP.   Epic loss of seats for the Democratic party. 
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Offline littlelamb

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Re: AT&T to Book $1 Billion Cost on Health-Care Reform
« Reply #19 on: April 06, 2010, 05:43:10 AM »
Just amazing what a few DUmmies with power are able to do
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Offline Thor

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Re: AT&T to Book $1 Billion Cost on Health-Care Reform
« Reply #20 on: April 06, 2010, 07:58:14 AM »
The really sad and scary thing is that all of these "taxes" will be passed on to the consumer. WE ALL know that corporations don't REALLY pay taxes, it's their customers that pay the taxes for them through increased prices. I think that the "Amero" is quickly closing in on the US.
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