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UPDATE – Dem Health “Reform” Doing Damage – TOLD YOU IT WOULD!

Obamacare is going to crash the economy, but the democrats and the idiots who support them just wouldn’t listen.  Here is another shovel full on the mounting pile of evidence that conservatives were absolutely right.


Verizon Joins AT&T in Booking Costs From Health-Care (Update1)

By Amy Thomson and Olga Kharif

April 2 (Bloomberg) — Verizon Communications Inc., the second-largest U.S. phone company, became the latest company to record a cost related to the U.S. health-care overhaul, saying it will incur a $970 million expense.

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

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

AT&T said March 26 it would record $1 billion in costs in the first quarter related to the changes.

The almost $1 trillion program is meant to provide medical coverage to uninsured Americans and force insurance companies to lift restrictions, such as denying coverage based on pre- existing conditions.

The federal government pays a subsidy to companies that provide retiree prescription drug coverage. Under prior law, those subsidies were tax-exempt. The new law eliminates the tax break starting in 2013. Verizon said in February that it had about 213,000 retirees at the end of last year. …

… In a note to employees after the law was passed, Verizon said that the law would make the federal subsidy to provide retiree benefits less valuable to employers and so “may have significant implications for both retirees and employers.” …

“The money is going to come from somewhere,” Mathias said. “Guess where it’s going to come from? Us customers.”

(Read complete article HERE)


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