Obamacare to cost Verizon $970 Million in first quarter

[Recliner Pilot 61]

Obamacare cutting costs already.

 

April 1 (Bloomberg) -- Verizon Communications Inc., the second-largest U.S. phone company, will incur $970 million in expenses related to the U.S. health-care overhaul signed into law last month.

 

The one-time, non-cash expense will be taken in the first quarter, New York-based Verizon said late today in a regulatory filing.

 

Verizon follows AT&T Inc., the biggest U.S. carrier, Deere & Co., Caterpillar Inc. and other companies in disclosing similar costs after losing a tax benefit for retiree plans. The costs may reduce corporate profits by as much as $14 billion as companies factor in the impact of the health-care reforms, according to benefits consulting firm Towers Watson.

 

http://www.bloomberg.com/apps/news?pid=206...id=acOdGHWujF9I

[gocolts 300]

They better watch it or Obama will drag them in front of congress to explain themselves like they are children.

[MDC 5,892]

Major corporations reporting lower profits as a way to reduce benefits - GET OUTTA DODGE!!!!

[Recliner Pilot 61]

Major corporations reporting lower profits as a way to reduce benefits - GET OUTTA DODGE!!!!

 

More like Obamacare having his intended consequences of making it cost prohibitive for companies to offer the benefits they always have in order to lead to Obama's long-term goal of complete govt takeover with a single-payer system.

 

Statism 101, my moronic friend.

[Skiptown 0]

More like Obamacare having his intended consequences of making it cost prohibitive for companies to offer the benefits they always have in order to lead to Obama's long-term goal of complete govt takeover with a single-payer system.

 

Link to Obama saying he wants a single payer government controlled system?

 

Just taking a page out of your playbook.

[Vikings4ever 496]

Link to Obama saying he wants a single payer government controlled system?

 

Just taking a page out of your playbook.

http://www.youtube.com/watch?v=p-bY92mcOdk

 

http://www.huffingtonpost.com/2010/03/04/o...i_n_486426.html

[Recliner Pilot 61]

Link to Obama saying he wants a single payer government controlled system?

 

Just taking a page out of your playbook.

 

 

One of the Obama voters who is clueless about his track record and got all moist over the ol' Hopey Changey stuff, are ya?

 

[Skiptown 0]

http://www.youtube.com/watch?v=p-bY92mcOdk

 

http://www.huffingtonpost.com/2010/03/04/o...i_n_486426.html

 

Thanks, I'll check it out when I get home; no sound here at the office.

[Vikings4ever 496]

Thanks, I'll check it out when I get home; no sound here at the office.

The second link is text.

[Reality 2,710]

Link to Obama saying he wants a single payer government controlled system?

 

Just taking a page out of your playbook.

 

Don't worry, there were millions of other people just like you who had no idea who they were voting for.

 

 

Awesome for the rest of us who try to pay attention.

[IAMWood 6]

Seriously guys, you have to look beyond what you hear and consider the source. None of these stocks are tanking with these added "costs"? You need to be smart enough to ask yourself why.

 

Loren Steffy blog, March 31...

 

 

 

 

Is health care reform puncturing inflated profits?

 

Just days after it was enacted, large companies are decrying the unintended consequences of health care reform. Apparently, it's exposing inflated profits at companies such as AT&T, Caterpillar, and Deere & Co.

 

On Friday, three days after the law was signed, AT&T made a filing with the Securities and Exchange Commission saying it would take a $1 billion non-cash charge in the first quarter to reflect changes in the tax treatment for its Medicare Part D subsidy.

AT&T, though, was a little slow in its corporate fear-mongering. Caterpillar made its filing one day after the law was signed, warning of a $100 million after-tax charge. Deere, meanwhile, said its tax expense would be about $150 million higher.

 

And we're probably just getting started. A strict reading of accounting rules require companies to book the charge in the quarter in which the law changed, even though the rules won't take effect for several years.

 

Accountants I spoke with noted these are non-cash charges, but it will affect companies' reported net income. That, in turn, may erode the companies' market value. Already, some are predicting this will gut the stock market's recently rally. So far, though, shares of each of the companies have actually risen.

 

The tax issues involved are complex. When Congress enacted the Medicare prescription drug plan in 2003, it offered employers both a subsidy and a tax credit to continue providing their own benefits to retirees rather than shifting them to the government plan. The new health care law eliminates the tax benefit, but not the subsidy.

 

So what these filings are really saying is that for the past seven years, companies like AT&T have actually been inflating their income through tax benefits for retiree health care. It's not unlike the way companies padded profits from overfunded pensions plans in the 1990s, or goosed their reported income by not reporting employee stock options as a compensation expense.

 

So are these companies really reflecting a "cost" of health care reform, or finally coming clean with shareholders about yet another corporate welfare benefit?

[NorthernVike 2,080]

Thanks, I'll check it out when I get home; no sound here at the office.

Hey Skiptown, you may want to...you know...skip town

[NewbieJr 540]

Seriously guys, you have to look beyond what you hear and consider the source. None of these stocks are tanking with these added "costs"? You need to be smart enough to ask yourself why.

 

Loren Steffy blog, March 31...

Another great benefit that may come of this. The cleansing of these companies and the truth that will be revealed all of a sudden.

[Skiptown 0]

The second link is text.

So the Huffington article is nothing but a bunch of second hand observations; no direct quotes from Obama.

 

The youtube video is a bunch of soundbites. Hard to put a whole lot of credibility in that

 

I guess that is airtight evidence though...for some people.

[NewbieJr 540]

So the Huffington article is nothing but a bunch of second hand observations; no direct quotes from Obama.

 

The youtube video is a bunch of soundbites. Hard to put a whole lot of credibility in that

 

I guess that is airtight evidence though...for some people.

Welcome to the wonderful imagination of Recliner Pilot.

[surferskin 30]

So the Huffington article is nothing but a bunch of second hand observations; no direct quotes from Obama.

 

The youtube video is a bunch of soundbites. Hard to put a whole lot of credibility in that

 

I guess that is airtight evidence though...for some people.

Yeah, the soundbite at the 1 minute mark where he flat out says, he's for single payer is pretty inconclusive.

[MDC 5,892]

I hate to break the news to you idiots, but corporations were cutting benefits and crying poor for decades before Obama turned the US into a socialist welfare state.

[Recliner Pilot 61]

Yeah, the soundbite at the 1 minute mark where he flat out says, he's for single payer is pretty inconclusive.

 

Yeah, those direct quotes always befuddle Newbie and his ilk.

[Recliner Pilot 61]

Welcome to the wonderful imagination of Recliner Pilot.

 

Did I imagne Obama saying I favor a single payer system?

 

Did I imagine Obama saying it may take 15-20 years?

 

More knots on Lumpy's haid.

[swamp dog 0]

i'm sorry, i seem to have misplaced my violin...but i've got a giant middle finger for them and for you.

 

you're welcome.

 

it's funny these companies came out with these outrageous numbers...and then when the dems called them on it the gop is all like "gee, don't question them ever!!!! meanies!!!"

 

i smell BULLSHIAT. and if congress drags the ceos to washington we'll find out just how much these companies have been lying their asses off.

 

fock them.

[swamp dog 0]

They better watch it or Obama will drag them in front of congress to explain themselves like they are children.

 

what's wrong with that? no one threatened them with any legal action. they simply want an explanation of how they came up with those figures.

 

if the figures are legit, these companies should be happy to cry their story in front of the television cameras and congress. heck, that's even MORE publicity for them--*if* they're being honest.

 

if they're being honest they'll take the first flight to washington and be all to tell their story to as big of an audience as possible. and the gop will fly them first-class there if they're telling the truth.

 

the fact the gop is running massive interference should tell you something.

 

these companies never ever lie or never ever engage in creative accounting, so they have nothing to worry about at all :wink:

[swamp dog 0]

Did I imagne Obama saying I favor a single payer system?

 

Did I imagine Obama saying it may take 15-20 years?

 

More knots on Lumpy's haid.

 

fock, i hope it doesn't take that long. i want to say "fock you" a lot sooner to you and your ilk than 15-20 years from now.

[Recliner Pilot 61]

So Swampy thinks these public announcements of how these public companies are going to file their public tax returns are hiding something.

 

Gotcha.

 

It's hard for you Obamabots to admit you've been duped.

[gocolts 300]

what's wrong with that? no one threatened them with any legal action. they simply want an explanation of how they came up with those figures.

 

if the figures are legit, these companies should be happy to cry their story in front of the television cameras and congress. heck, that's even MORE publicity for them--*if* they're being honest.

 

if they're being honest they'll take the first flight to washington and be all to tell their story to as big of an audience as possible. and the gop will fly them first-class there if they're telling the truth.

 

the fact the gop is running massive interference should tell you something.

 

these companies never ever lie or never ever engage in creative accounting, so they have nothing to worry about at all :wink:

This isn't a dictatorship where everyone has to explain themselves to the Dictator Obama because he doesn't like what they said/say. I am not sure if these guys' numbers are correct or not. However, I would certainly believe them over Obama at this point.

 

How about these guys go in front of Congress and explain this stuff right after Obama goes in front of them and explains the lies he has spewed daily for at least a year???

 

Are really under the impression that this healthcare bill is not going to cost big business any money???

[IAMWood 6]

what's your point of this thread recliner puzzy? Because if it is what your title of the thread says, there is no point. So what are you trying to say now? I am not sure you understand what you want to say.

 

[Recliner Pilot 61]

what's wrong with that? no one threatened them with any legal action. they simply want an explanation of how they came up with those figures.

 

Those companies have to justify their numbers to the IRS.

 

I would like to see Waxman call Obama, Pelosi, and Reid to testify in front of him how the fukk they came up with the numbers on Obamacare.

[swamp dog 0]

This isn't a dictatorship where everyone has to explain themselves to the Dictator Obama because he doesn't like what they said/say. I am not sure if these guys' numbers are correct or not. However, I would certainly believe them over Obama at this point.

 

How about these guys go in front of Congress and explain this stuff right after Obama goes in front of them and explains the lies he has spewed daily for at least a year???

 

Are really under the impression that this healthcare bill is not going to cost big business any money???

 

you're missing the point (as usual). if the numbers are correct, this would be a great opportunity for them to get even more free publicity for their plight. fox could set up right there on the steps of the capitol building. then you'd have a dual pr bonanza of congress questioning (er "persecuting") the honest businessmen of the country. and what a double whammy when their numbers are found to be true!

 

again, if the numbers are correct, the dems have fallen right into the trap! these ceos should be dancing a jig on the way to the airport.

 

the fact the gop is running massive interference for them should raise questions for american taxpayers.

 

it's a free country. don't show up. but what a golden opportunity for these folks

[swamp dog 0]

Those companies have to justify their numbers to the IRS.

 

I would like to see Waxman call Obama, Pelosi, and Reid to testify in front of him how the fukk they came up with the numbers on Obamacare.

 

the problem is they're the ones that went to the PUBLIC AND THE MEDIA to justify their numbers. perhaps they should have kept their mouths shut and just interacted with the irs in private?

[NorthernVike 2,080]

you're missing the point (as usual). if the numbers are correct, this would be a great opportunity for them to get even more free publicity for their plight. fox could set up right there on the steps of the capitol building. then you'd have a dual pr bonanza of congress questioning (er "persecuting") the honest businessmen of the country. and what a double whammy when their numbers are found to be true!

 

again, if the numbers are correct, the dems have fallen right into the trap! these ceos should be dancing a jig on the way to the airport.

 

the fact the gop is running massive interference for them should raise questions for american taxpayers.

 

it's a free country. don't show up. but what a golden opportunity for these folks

 

 

The only "opportunity" they and others are going to take advantage of is to use this to raise the rates they charge you and me.

 

Thanks alot Obama

[NewbieJr 540]

The only "opportunity" they and others are going to take advantage of is to use this to raise the rates they charge you and me.

 

Thanks alot Obama

Why do you hate free enterprise?

[NorthernVike 2,080]

Why do you hate free enterprise?

I don't. I hate Government interference in free enterprise that only serve to increase MY cost.

 

 

How do you raise taxes on the masses without a straight out tax increase? I'll tell ya. Blackmail employers to due your bidding.

[parrot 789]

Can someone please explain why it is such a travesty - i.e "SOCIALISM!!!" - for government to directly subsidize healthcare, but if they do it by way of subsidies and tax breaks to a corporate middle-man, that's okay?

[NewbieJr 540]

Can someone please explain why it is such a travesty - i.e "SOCIALISM!!!" - for government to directly subsidize healthcare, but if they do it by way of subsidies and tax breaks to a corporate middle-man, that's okay?

bump

[Recliner Pilot 61]

the problem is they're the ones that went to the PUBLIC AND THE MEDIA to justify their numbers. perhaps they should have kept their mouths shut and just interacted with the irs in private?

 

What part of their free speech rights do you want to take away? Gotta love you Obamabots..........if someone puts out ANY info that makes The Messiah look bad you want them to shut up.

 

Obamacare is costing this economy billions....it ain't saving sh!t. Deal with it.

[BudBro 117]

Another great benefit that may come of this. The cleansing of these companies and the truth that will be revealed all of a sudden.

truth!

 

could result in a short term hit to the market, but a chance to get real traction for a long-term gain across the board.

[JT 137]

I typically stay out of these threads, as they typically degenerate into the ridiculous crap in the posts above.

 

It is interesting that the only post that addresses the topic...

 

 

Loren Steffy blog, March 31...

 

QUOTE

Is health care reform puncturing inflated profits?

 

Just days after it was enacted, large companies are decrying the unintended consequences of health care reform. Apparently, it's exposing inflated profits at companies such as AT&T, Caterpillar, and Deere & Co.

 

On Friday, three days after the law was signed, AT&T made a filing with the Securities and Exchange Commission saying it would take a $1 billion non-cash charge in the first quarter to reflect changes in the tax treatment for its Medicare Part D subsidy.

 

AT&T, though, was a little slow in its corporate fear-mongering. Caterpillar made its filing one day after the law was signed, warning of a $100 million after-tax charge. Deere, meanwhile, said its tax expense would be about $150 million higher.

 

And we're probably just getting started. A strict reading of accounting rules require companies to book the charge in the quarter in which the law changed, even though the rules won't take effect for several years.

 

Accountants I spoke with noted these are non-cash charges, but it will affect companies' reported net income. That, in turn, may erode the companies' market value. Already, some are predicting this will gut the stock market's recently rally. So far, though, shares of each of the companies have actually risen.

 

The tax issues involved are complex. When Congress enacted the Medicare prescription drug plan in 2003, it offered employers both a subsidy and a tax credit to continue providing their own benefits to retirees rather than shifting them to the government plan. The new health care law eliminates the tax benefit, but not the subsidy.

 

So what these filings are really saying is that for the past seven years, companies like AT&T have actually been inflating their income through tax benefits for retiree health care. It's not unlike the way companies padded profits from overfunded pensions plans in the 1990s, or goosed their reported income by not reporting employee stock options as a compensation expense.

 

So are these companies really reflecting a "cost" of health care reform, or finally coming clean with shareholders about yet another corporate welfare benefit?

 

...has been summarily ignored by those supporting the doom & gloom of the OP.

 

Not an Obamabot, not sold by the spin or proslytizing of either side. Just interesting from the standpoint of one who thinks both sides are perfectly content to have nothing to say, as long as they get to say it loud and repeatedly.

[Flashover 0]

Can someone please explain why it is such a travesty - i.e "SOCIALISM!!!" - for government to directly subsidize healthcare, but if they do it by way of subsidies and tax breaks to a corporate middle-man, that's okay?

[swamp dog 0]

I typically stay out of these threads, as they typically degenerate into the ridiculous crap in the posts above.

 

It is interesting that the only post that addresses the topic...

Loren Steffy blog, March 31...

 

QUOTE

Is health care reform puncturing inflated profits?

 

Just days after it was enacted, large companies are decrying the unintended consequences of health care reform. Apparently, it's exposing inflated profits at companies such as AT&T, Caterpillar, and Deere & Co.

 

On Friday, three days after the law was signed, AT&T made a filing with the Securities and Exchange Commission saying it would take a $1 billion non-cash charge in the first quarter to reflect changes in the tax treatment for its Medicare Part D subsidy.

 

AT&T, though, was a little slow in its corporate fear-mongering. Caterpillar made its filing one day after the law was signed, warning of a $100 million after-tax charge. Deere, meanwhile, said its tax expense would be about $150 million higher.

 

And we're probably just getting started. A strict reading of accounting rules require companies to book the charge in the quarter in which the law changed, even though the rules won't take effect for several years.

 

Accountants I spoke with noted these are non-cash charges, but it will affect companies' reported net income. That, in turn, may erode the companies' market value. Already, some are predicting this will gut the stock market's recently rally. So far, though, shares of each of the companies have actually risen.

 

The tax issues involved are complex. When Congress enacted the Medicare prescription drug plan in 2003, it offered employers both a subsidy and a tax credit to continue providing their own benefits to retirees rather than shifting them to the government plan. The new health care law eliminates the tax benefit, but not the subsidy.

 

So what these filings are really saying is that for the past seven years, companies like AT&T have actually been inflating their income through tax benefits for retiree health care. It's not unlike the way companies padded profits from overfunded pensions plans in the 1990s, or goosed their reported income by not reporting employee stock options as a compensation expense.

 

So are these companies really reflecting a "cost" of health care reform, or finally coming clean with shareholders about yet another corporate welfare benefit?

 

...has been summarily ignored by those supporting the doom & gloom of the OP.

 

Not an Obamabot, not sold by the spin or proslytizing of either side. Just interesting from the standpoint of one who thinks both sides are perfectly content to have nothing to say, as long as they get to say it loud and repeatedly.

 

lol...recliner's going to read this and the cognitive dissonance caused by it will make his head explode. he blindly trusts wall street, the enron accountants, and any and all conglomerate memos.

 

and this is EXACTLY why the gop is in such a rabid panic to denounce the dems plan to have these corporations "explain" to the american people just what is and isn't true about their surface, head-line claims.

 

once the public gets wind of the insincerity of these outrageous claims the tar and feathers will come out.

 

recliner will still be sending company ceos crayon-scribbled "i love you" notes, though.

[surferskin 30]

Can someone please explain why it is such a travesty - i.e "SOCIALISM!!!" - for government to directly subsidize healthcare, but if they do it by way of subsidies and tax breaks to a corporate middle-man, that's okay?

Wait, are you asking why it's worse for the government to directly subsidize healthcare insurance for the poor by raising taxes on the productive people in this country vs. letting companies deduct health insurance from their taxes?

 

Gee...let me think about this one....

[KSB2424 3,083]

Wait, are you asking why it's worse for the government to directly subsidize healthcare insurance for the poor by raising taxes on the productive people in this country vs. letting companies deduct health insurance from their taxes?

 

Gee...let me think about this one....

For some reason parrot thinks that a tax credit, or a business incentive via tax breaks, (from taxes they already pay which is their own damn money) is the same thing as mandating that every single person have healthcare or be charged a fine.

 

He's right. It's the exact same thing. Apples to Apples.