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View Full Version : More Obamcare Fallout. AT&T, AK Steel and 3M.



Sev
03-26-2010, 08:22 PM
The fallout continues.
Higher rates and layoffs coming.

http://news.yahoo.com/s/afp/20100326/bs_afp/uspoliticshealthtelecomcompanyatt_20100326215602

<span style="color: #000099">AT&T sees billion-dollar-hit from health care reform



Fri Mar 26, 5:55 pm ET

NEW YORK (AFP) Telecoms giant AT&T on Friday became the latest US company to claim President Barack Obama's landmark health care reform would swell costs, as it set aside a billion dollars for projected expenses.

The 155-billion-dollar firm said it took a one billion dollar charge in the first quarter of 2010 to cover changes in US health care law, just days after Obama signed the reforms into law.

AT&T said it would need the sum to cover a cut in subsidies received by firms for providing prescription drug coverage to seniors.

"AT&T Inc. intends to take a non-cash charge of approximately one billion in the first quarter of 2010 to reflect the impact of this change," the firm said in a filing with the Securities and Exchange Commission.

"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 Dallas, Texas-based company joins at least four other firms who have projected high costs because of the reforms, which would spread health care coverage to around 32 million more Americans.

Earlier Caterpillar announced it had set aside 100 million dollars after tax, while AK Steel predicted a charge of 31 million dollars and John Deere said it might cost the firm 150 million dollars.

On Friday, manufacturing powerhouse 3M also joined the list. The Minnesota firm said health care reform would cost it 85 to 90 million dollars after tax.</span>

llotter
03-26-2010, 09:00 PM
Not to worry, it is all deductible. Once they cut excess employees, their profits will, no doubt, sky rocket along with federal tax receipts. We are on the right track so stop trying to make waves.

Sev
03-26-2010, 09:05 PM
HAHHAHHAHAHA!!!
There is a wave tax in the works.

cushioncrawler
03-27-2010, 04:13 AM
<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: Sev</div><div class="ubbcode-body">The fallout continues. Higher rates and layoffs coming. http://news.yahoo.com/s/afp/20100326/bs_afp/uspoliticshealthtelecomcompanyatt_20100326215602
<span style="color: #000099">AT&T sees billion-dollar-hit from health care reform
Fri Mar 26, 5:55 pm ET
NEW YORK (AFP) Telecoms giant AT&T on Friday became the latest US company to claim President Barack Obama's landmark health care reform would swell costs, as it set aside a billion dollars for projected expenses.

The 155-billion-dollar firm said it took a one billion dollar charge in the first quarter of 2010 to cover changes in US health care law, just days after Obama signed the reforms into law.

AT&T said it would need the sum to cover a cut in subsidies received by firms for providing prescription drug coverage to seniors.

"AT&T Inc. intends to take a non-cash charge of approximately one billion in the first quarter of 2010 to reflect the impact of this change," the firm said in a filing with the Securities and Exchange Commission.

"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 Dallas, Texas-based company joins at least four other firms who have projected high costs because of the reforms, which would spread health care coverage to around 32 million more Americans.

Earlier Caterpillar announced it had set aside 100 million dollars after tax, while AK Steel predicted a charge of 31 million dollars and John Deere said it might cost the firm 150 million dollars.

On Friday, manufacturing powerhouse 3M also joined the list. The Minnesota firm said health care reform would cost it 85 to 90 million dollars after tax.</span></div></div>Sev -- This iz komplete bullshit. The only possible reason a company hazta komplain iz if that company hazta pay costs that other companys donthavta.
Companys havta inkreec their charges, thats all.
They dont havta lay off workers if their competitors dont lay off.
madMac.

Sev
03-27-2010, 10:41 PM
They have an obligation to their share holders to make a reasonable profit.
The new bill has closed a tax cut for prescription drugs benefit. That was a tax incentive for businesses.

The increased cost will now be made up by the customer, dropping of the prescription drug benefit and layoffs.

eg8r
03-28-2010, 02:17 PM
This is just the tip of the iceberg. When these companies drop the benefits and leave it to the government to cover we will again see the lefties of the board calling those companies facist for making sound business decisions.

eg8r

Sev
03-28-2010, 02:34 PM
Actually it will all be dumped into Medicare and Medicaid.
Once that begins to happens the last of its underpinnings will be gone.

Enter the VAT tax on top of all other taxes.

Read my lips.

95% of Americans received a tax cut.

HAHHAHHAHHAAHA!!!

cushioncrawler
03-28-2010, 04:15 PM
<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: Sev</div><div class="ubbcode-body">They have an obligation to their share holders to make a reasonable profit. The new bill has closed a tax cut for prescription drugs benefit. That was a tax incentive for businesses. The increased cost will now be made up by the customer, dropping of the prescription drug benefit and layoffs.</div></div>It duznt matter who or what or how any costs are payd -- a company will charge a fair price -- and the only possible gripe iz when some other company haz an unfair advantage -- in the usofa this duznt arize.
So, the only possible gripe iz that some non'usofa company haz an advantage -- eg from korea or china etc.
madMac.