The telecommunications giant AT&T said on Friday that it would take a $1 billion noncash accounting charge in the first quarter because of the health care overhaul and might cut benefits it offers.
New York Times
At issue is the closing of a 2003 Medicare prescription drug program loophole that allowed companies to receive subsidies of 28 percent of eligible costs, while allowing them to deduct the entire amount - including subsidies - from their taxable income. The new law allows companies to deduct only the 72 percent they spent.
AT&T said that it was also looking into changing the health care benefits it offered because of the law. Analysts say retirees could lose the prescription drug coverage provided by their former employers as a result of the overhaul.
So let me see if I have this straight. Bush's 2003 Medicare law included a loophole which allowed companies to deduct as expenses money that was handed over to them by the federal government (taxpayers - us). And now because businesses are being asked to (rightfully) deduct only out-of-pocket expenses as part of the new health-care law, AT&T is threatening to take away retiree (taxpayers - former employees) prescription drug coverage.
Newborn babies denied health-care treatment, seniors threatened with losing prescription drug coverage. It goes on and on. The more these immoral "too-big-to-fail" leeches continue with their current practices, the more they will be held in the light for what they really are.
Ultimately, the truth always emerges. Maybe, just maybe, we'll get financial protections, government health care and other anti-corporatist relief sooner rather than later. We can always hope. But we have to keep shining the light on the roaches.