{"id":702164,"date":"2010-03-26T17:21:06","date_gmt":"2010-03-26T21:21:06","guid":{"rendered":"http:\/\/www.szone.us\/f95\/obamacare-day-2-1-billion-tax-bill-just-one-employer-41433\/"},"modified":"2010-03-26T17:21:06","modified_gmt":"2010-03-26T21:21:06","slug":"obamacare-day-2-a-1-billion-tax-bill-for-just-one-employer","status":"publish","type":"post","link":"https:\/\/mereja.com\/index\/702164","title":{"rendered":"Obamacare Day 2: A $1 Billion Tax Bill? for Just One Employer"},"content":{"rendered":"
On 03.26.10 12:36 PM posted by Conn Carroll<\/p>\n

\n<ahref="http:\/\/blog.heritage.org\/wp-content\/uploads\/taxes.jpg">\"\"<\/p>“AT&T Inc. will take a $1 billion non-cash charge in the first quarter” the <ahref="http:\/\/hosted.ap.org\/dynamic\/stories\/U\/US_TEC_ATT_HEALTH_CARE?SITE=VARIT&SECTION=BUSINESS &TEMPLATE=DEFAULT&CTIME=2010-03-26-14-42-16">Associated Press reported today. And by “take a non-cash charge” what they really mean is that President Barack Obama’s health spending plan just ate $1 billion out of AT&T’s bottom line. And that’s to pay for just one of the tax hikes wrought by Obamacare.<\/p>\n

AT&T is just one of many companies that subsidize Medicare drug coverage for their retirees. The new health law slaps a tax on those subsidies, effective next year. In addition to costing the communications giant a cool billion, the tax is likely to cost workers and retirees a cherished benefit. AP notes that, because of the legislation, AT&T is now “looking into changing the health care benefits it offers to active and retired workers.”<\/p>\n

So much for the promise about being able to keep the health care you have!<\/p>\n

AT&T is not the first company warning stockholders to expect earnings to plunge due to the new law. Yesterday, as President Obama celebrated his health “triumph” by taking a victory lap in Des Moines, Iowa’s largest manufacturer, Deere & Co, <ahref="http:\/\/www.desmoinesregister.com\/article\/20100325\/NEWS09\/100325023\/1007\/news05\/Obama-in-Iowa-City-President-lauds-Dems-health-care-bill">announced it would have to take a first-quarter charge of $150 million. Caterpillar Inc. and AK Steel Holding Corp have <ahref="http:\/\/www.businessweek.com\/news\/2010-03-26\/at-t-to-take-1-billion-charge-on-health-care-reform-update1-.html">announced similar charges as well.<spanid="more-29987"><\/span><\/p>\n

Many more earnings “shoes” will be dropped next week. Keep checking The Foundry for up-dates about this and other troublesome “Side Effects” of Obamacare.<\/p>\n

http:\/\/blog.heritage.org\/2010\/03\/26\/…-one-employer\/<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"

On 03.26.10 12:36 PM posted by Conn Carroll <ahref="http:\/\/blog.heritage.org\/wp-content\/uploads\/taxes.jpg"><\/p>“AT&T Inc. will take a $1 billion non-cash charge in the first quarter” the <ahref="http:\/\/hosted.ap.org\/dynamic\/stories\/U\/US_TEC_ATT_HEALTH_CARE?SITE=VARIT&SECTION=BUSINESS &TEMPLATE=DEFAULT&CTIME=2010-03-26-14-42-16">Associated Press reported today. And by “take a non-cash charge” what they really mean is that President Barack Obama’s health spending plan just ate $1 billion out of AT&T’s bottom line. And […]<\/p>\n","protected":false},"author":2748,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"advanced_seo_description":"","jetpack_seo_html_title":"","jetpack_seo_noindex":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[4821],"tags":[],"class_list":["post-702164","post","type-post","status-publish","format-standard","hentry","category-news"],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9NivD-2WFe","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/mereja.com\/index\/wp-json\/wp\/v2\/posts\/702164","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/mereja.com\/index\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mereja.com\/index\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mereja.com\/index\/wp-json\/wp\/v2\/users\/2748"}],"replies":[{"embeddable":true,"href":"https:\/\/mereja.com\/index\/wp-json\/wp\/v2\/comments?post=702164"}],"version-history":[{"count":0,"href":"https:\/\/mereja.com\/index\/wp-json\/wp\/v2\/posts\/702164\/revisions"}],"wp:attachment":[{"href":"https:\/\/mereja.com\/index\/wp-json\/wp\/v2\/media?parent=702164"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mereja.com\/index\/wp-json\/wp\/v2\/categories?post=702164"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mereja.com\/index\/wp-json\/wp\/v2\/tags?post=702164"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}