Companies Push to Repeal Provision of Health Law

[IndianaGreen]

Companies Push to Repeal Provision of Health Law

By STEVEN GREENHOUSE
Published: March 29, 2010

An association representing 300 large corporations urged President Obama and Congress on Monday to repeal a provision of the health care overhaul that prompted AT&T, Caterpillar and other companies to announce substantial charges for the current quarter.

The association, the American Benefits Council, said the provision — which reduces the tax deductions for companies with drug coverage for their retired employees — would deal a significant blow to corporate profits and would discourage companies from hiring more workers.

AT&T announced last week that it was taking a $1 billion charge because of the provision. Deere & Company announced a $150 million charge, Caterpillar a $100 million charge, and 3M a $90 million charge.

Many companies said they were taking these charges now, before the current quarter ended, to comply with accounting rules. But some corporate critics asserted that the companies’ rapid response to the health legislation was aimed at pressing the administration to repeal the provision.

James A. Klein, the president of the American Benefits Council, called the provision “a serious mistake that is having negative and unintended consequences.”

http://www.nytimes.com/2010/03/30/business/30subsidy.html?hp

This wouldn't have happened under single payer, Medicare for all.

[DCKit]

1. Drama queens looking to sway public opinion.

Sorry folks, but that'll only work on 29% of U.S., and they already hate the bill.

[DJ13]

2. Corporate crybabies

There was never any guarantee you would forever keep those tax credits.

Just like those hundreds of thousands of workers you fire to prop up your profits, suck it up.

[teknomanzer]

4. Corporations don't ever suck it up...

They might sock it to you though. Corporations always find a way to externalize costs to increase profit. Its what they do. That is why this "reform" is not the end of this story. The insurance companies probably have teams assembled right now to figure out how to fleece that great big flock of marks out there that are now required to buy thier bullshit service.

[AllyCat]

3. Oh dear! We can't have this cut into their corporate profits! They might cut jobs!

Oh wait, they already have. Whiners. They would have been helped by single payer, but instead they fought it, got this mess instead, and now are throwing a temper tantrum.