Wow, health care reform is going to cost AT&T a whopping $1BLN
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i feel sorry for all of the workers mentioned in that article. this was a bad idea that now allows our government to own our auto industry, banks, and now our health care.
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"A change in the tax treatment of Medicare subsidies triggered the non-cash expense".
It's an opportunistic write-down, because they really don't know what their tax burden will be, they just don't want to be surprised. And, this is the ideal way to eventually push the costs off to someone else.
In some future quarter, AT&T will find that billion dollars.
Or put another way, it's a numbers game.
It's an opportunistic write-down, because they really don't know what their tax burden will be, they just don't want to be surprised. And, this is the ideal way to eventually push the costs off to someone else.
In some future quarter, AT&T will find that billion dollars.
Or put another way, it's a numbers game.
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Who do you *think* pays for it? You and I do, either in the price of the products we buy, out of our paychecks or out of our pockets.
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They lost a tax break on retiree drug benefits. They know exactly what the cost is. The only question is will the costs be the lost tax break or the costs of closing down their retiree drug benefit and dumping their retiree drug costs on Medicare. The tax break was an incentive for companies to not do just that. Now they have no incentive not to dump them. Congratulations, Obumble. You've saved the country money by converting a $600 per person tax break into a $1200 per person Medicare cost. Good job!
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