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Thread: Verizon: Obamacare to cost 970 million

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    Verizon: Obamacare to cost 970 million

    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.

    ..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.

    ...“This is having an impact on the bottom line and that can cut jobs,” said Chetan Sharma, an independent wireless analyst in Issaquah, Washington. “I am not sure the final story has been told on this” because most companies still don’t know exactly how the new law will affect them, he said.

    Verizon had about 223,000 workers at the end of December, with about 35 percent represented by labor unions including the Communication Workers of America. About 58 percent of Dallas- based AT&T’s workforce has union representation.

    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.”
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    Re: Verizon: Obamacare to cost 970 million

    Many people may lose their jobs. But at least the ones that still got a job can go visit the doctor differently now right? Fewer people workin + overburdenign government healthcare > More people with jobs and letting capatilism do its work.
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    Re: Verizon: Obamacare to cost 970 million

    You guys realize that tax benefit they are losing amounted to nothing more than corporate welfare. The government provided them a subsidy for the company to provide drug coverage for retirees. The companies were still allowed to right off the expense even though it was taxpayer subsidized. What the Obama administration did was look at that and say why should a company be able to write off an expense when is taxpayer subsidized.

    It would be like allowing a food stamp recipient to write off their grocery bills.
    Last edited by SouthernDemocrat; 04-02-10 at 01:49 PM.
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    Re: Verizon: Obamacare to cost 970 million

    Personally, I don't get why those who are so against gov't entitlement programs are so in favor of corp American continuing to get subsidized retiree health benefits. You can't have it both ways and still say that "government shouldn't be involved in 'my health care'" or insist that employee-sponsored health care should be done away with but get upset when a subsidized health benefit that is used by Corp American as a tax right-off is taken away.

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    Re: Verizon: Obamacare to cost 970 million

    Quote Originally Posted by SouthernDemocrat View Post
    You guys realize that tax benefit they are losing amounted to nothing more than corporate welfare. The government provided them a subsidy for the company to provide drug coverage for retirees. The companies were still allowed to right off the expense even though it was taxpayer subsidized. What the Obama administration did was look at that and say why should a company be able to write off an expense when is taxpayer subsidized.

    It would be like allowing a food stamp recipient to write off their grocery bills.
    well it took them a week, but it looks like they finally came out with their talking point answer to this.

    so if everyone knew this was coming, and it's no big deal, just ceasing corporate welfare, so on and so forth, why was the original reaction by Waxman & Co. shock and fury?
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    Re: Verizon: Obamacare to cost 970 million

    Quote Originally Posted by SouthernDemocrat View Post
    You guys realize that tax benefit they are losing amounted to nothing more than corporate welfare. The government provided them a subsidy for the company to provide drug coverage for retirees. The companies were still allowed to right off the expense even though it was taxpayer subsidized. What the Obama administration did was look at that and say why should a company be able to write off an expense when is taxpayer subsidized.

    It would be like allowing a food stamp recipient to write off their grocery bills.
    I think this is misunderstanding what actually happens here. There are some retirees that have very good medical benefits from their former company. So they use their insurance, which the company pays for rather than use the federal medicare which may cost them more.

    So if people get this benefit taken away by their companies which could happen, then the cost of this bill goes up once again as people that were not charging their medicine to the government will have to.

    People would be better off when debating this stuff to think through the arguement before spouting how the other side is a crook. This is a weakness I see from both sides of this discussion.

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    Re: Verizon: Obamacare to cost 970 million

    Quote Originally Posted by cpwill View Post
    well it took them a week, but it looks like they finally came out with their talking point answer to this.

    so if everyone knew this was coming, and it's no big deal, just ceasing corporate welfare, so on and so forth, why was the original reaction by Waxman & Co. shock and fury?
    This is not a "talking point" its a fact. These companies were previously able to write off an expense that was subsidized. Do you believe that companies or individuals should be able to write off expenses they incur that were subsidized by taxpayers?
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    Re: Verizon: Obamacare to cost 970 million

    Quote Originally Posted by washunut View Post
    I think this is misunderstanding what actually happens here. There are some retirees that have very good medical benefits from their former company. So they use their insurance, which the company pays for rather than use the federal medicare which may cost them more.

    So if people get this benefit taken away by their companies which could happen, then the cost of this bill goes up once again as people that were not charging their medicine to the government will have to.

    People would be better off when debating this stuff to think through the arguement before spouting how the other side is a crook. This is a weakness I see from both sides of this discussion.
    I am sorry, but you are misunderstanding how this works. When Medicare Part D passed, there was a subsidy provided to large companies to help those companies to provide drug coverage to retirees. The problem is that they were still allowed to write off that expense, even though it was taxpayer subsidized. All that changed was the tax code was updated to not allow these companies to write off the subsidy as an expense. We did away with some corporate welfare and the right wingers are now screaming foul.

    The health care overhaul takes back a lucrative tax break first offered in 2003 to entice companies to continue offering drug benefits. Companies were allowed to write-off a tax-free government subsidy of 28 cents for every dollar spent on their programs. Today, hundreds of companies take a tax deduction for the cost of their prescription drug benefits for retirees. The subsidized benefits kept many from having to rely on Medicare.
    Under the new health care law, companies will continue to receive a 28 percent tax-free subsidy but they no longer get the double benefit of deducting the value of the subsidy. The government estimates this change will generate about $4.5 billion over the next decade to help pay for the health care overhaul.
    Reform has firms rethinking benefits | - NJ.com

    Health care reform is kind of pointless if we are not trying to get the best bang for the taxpayers buck.
    “We cannot have freedom without wilderness, we cannot have freedom without leagues of open space beyond the cities, where men and women can live at least part of their lives under no control but their own desires and abilities, free from any and all direct administration by their fellow men.”

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    Re: Verizon: Obamacare to cost 970 million

    Quote Originally Posted by SouthernDemocrat View Post
    I am sorry, but you are misunderstanding how this works. When Medicare Part D passed, there was a subsidy provided to large companies to help those companies to provide drug coverage to retirees. The problem is that they were still allowed to write off that expense, even though it was taxpayer subsidized. All that changed was the tax code was updated to not allow these companies to write off the subsidy as an expense. We did away with some corporate welfare and the right wingers are now screaming foul.



    Reform has firms rethinking benefits | - NJ.com

    Health care reform is kind of pointless if we are not trying to get the best bang for the taxpayers buck.
    Thank you I stand corrected.

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    Re: Verizon: Obamacare to cost 970 million

    Quote Originally Posted by SouthernDemocrat View Post
    I am sorry, but you are misunderstanding how this works. When Medicare Part D passed, there was a subsidy provided to large companies to help those companies to provide drug coverage to retirees. The problem is that they were still allowed to write off that expense, even though it was taxpayer subsidized. All that changed was the tax code was updated to not allow these companies to write off the subsidy as an expense. We did away with some corporate welfare and the right wingers are now screaming foul.



    Reform has firms rethinking benefits | - NJ.com

    Health care reform is kind of pointless if we are not trying to get the best bang for the taxpayers buck.
    Wait what? Waxman is a right winger???
    Somethings always never change, for the better or worse.

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