Examples include Caterpillar, which said Obamacare will cost it an additional $100 million in the first year; Medtronic, which warned that the new tax on its products "could force it to lay off a thousand workers;" and Verizon, which has told its employees that it "will likely have to cut healthcare benefits to offset the new costs."
Here’s one more:
AT&T on Friday said it will record a $1 billion non-cash expense in the first quarter related to the newly passed health-care law, joining a growing list of large U.S. companies. …
Among its many changes, the new health-care law eliminated a tax deduction that companies used to cut the cost of drug-benefit programs for retired workers. … companies that still offer retiree drug benefits, mostly older industrial concerns or those with unionized employees, say the end of the deduction could force them to alter their benefit plans. In other words, they might curtail or even cancel them.
"As a result of this legislation, including the additional tax burden, AT&T will be evaluating prospective changes to the active and retiree health care benefits offered by the company," AT&T said in a filing with the government on Friday.
Archive for March 26, 2010