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Friday, March 26, 2010

More Good News from ObamaCare: AT&T May Cut Benefits Due to Coming ObamaCare Taxes

Here is more good news on the ObamaCare front. AT&T has announced it will take a "$1 Billion non-cash charge" in anticipation of new taxes they will have to pay for retirees prescription drug coverage as a result of ObamaCare. They also said they may cut benefits being offered to workers as a result of the new law:

AT&T Inc. will take a $1 billion non-cash charge in the first quarter because of the health care overhaul and may cut benefits it offers to current and retired workers.

The charge is the largest disclosed so far. Earlier this week, AK Steel Corp., Caterpillar Inc., Deere & Co. and Valero Energy announced similar accounting charges, saying the health care law that President Barack Obama signed Tuesday will raise their expenses. . . . MORE


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