Telecommunications giant AT&T will record a $1 billion charge for the first quarter of 2010 due to the tax implications of the recently passed health care legislation, according to the Atlanta Business Journal. According to the Journal:
In the filing, AT&T added, “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.”
So much for helping to rebuild our economy. The tax implications of this bill are already having a detrimental effect on employee compensation and retiree benefits. Before the legislation was even passed, Caterpillar, Inc. sent a letter to members of Congress urging them to vote against this bill, which they estimated would cost the company over $100 million per year. Because America didn’t know fully what was in the bill before it was passed, both small and large businesses are only just now able to start coming to grips with what the legislation really means for them. Read the rest of this entry »
Filed under: economics, health care, insurance, taxes, at&t, cost, employee, employment, labor, price, small business, tanning, tax, taxes
15 November, 2009 • 09:04
It seems the writers and editors at Time Magazine can’t comprehend why small business owners would not want to have the Democrat’s House Health Care “Reform” bill enacted into law. Why wouldn’t these small business owners want to increase their regulatory and financial burden? Don’t they realize that we have 5-10 million people who legitimately cannot afford health insurance? Don’t they realize that their profits and the future of their businesses are just gifts given them by our magnanimous Federal Government?
I apologize for the sarcasm, but the article from Time’s website is ridiculous:
When it comes to finding quality, affordable health insurance, few have it worse than small-business owners and their workers shopping for coverage on the open market. They are charged the most per person, have the least amount of choice and, as a result, are some of the most likely to be uninsured.
Lawmakers know this, which is why many of the key elements in the health care bill just passed by the House — and being considered in the Senate — are aimed squarely at small business. A wide array of economists and health-policy experts say insurance reforms (like prohibiting insurers from denying coverage because of pre-existing conditions), a new transparent marketplace to shop for coverage and a government-run insurance plan all have the potential to help small business.
Nowhere does the article cite any source for its assertion that “a wide array of economists and health-policy experts” say these reforms will be helpful to business. This is simply presented as accepted common knowledge. Read the rest of this entry »
Filed under: economics, insurance, media, taxes, Chamber of Commerce, health care, insurance, NFIB, small business, Time Magazine