What's your point? I pay whatever the tax code says I owe for my business. I didn't write the tax code, neither did this administration. I'm merely glad that whatever temporal exceptions that special cases large tax contributors are done away with.
WTF...
Money that should have gone to the government?
I suppose the deer in the forest belong to the King too?
Oh wait, I forgot...
Big government liberals like yourself are thankful the government lets us keep as much money as they do. Think we should be thankful for what our nannies give us also.
Last I checked money collected through taxes goes to government coffers...
Maybe you know something we don't?
Looks like Henry Waxman is calling for congressional hearings on the health care writedowns.
AT&T gets called before congress. Apparently Waxman thinks that the CBO knows AT&T's health care costs better than AT&T does.
http://www.powerlineblog.com/archive...ATTpageone.jpg
I don't know where I read it but there seems to be some thought that they are doing this to use as a negotiating tool with thier union. It is my understanding they were getting govt subsidies to provide prescription coverage for their seniors. Now those subsidies go away...
I'm sure they will use this as a negotiating tool against the union, but that doesn't make the financial hit they're going to take any less real. Their financial statements have to account for what they think their future obligations are going to cost them. If they lose some subsidies, or end up having to pitch in more to fund a retiree health care plan that will be hit with new taxes come 2018, then those obligations will cost them more and they're required to adjust their financials accordingly.
Now it's fair game to question whether or not in AT&T's case that hit really does equate to $1B dollars. Like evay said earlier in the thread, this is a good time to take a writeoff. But there's definitely going to be some kind of hit for companies when the government starts taking subsidies and/or tax breaks away.
And I think it is fair to say that they know the political ramifications and public reaction of the write off. If they wanted to affect the 2010 mid term elections I cannot think of any better way to do it.
No doubt. The health care bill is going to hurt AT&T's bottom line so they're lashing out by making a public spectacle out of this. The politicians don't like AT&T casting a bad light on their health care bill so they're going to drag AT&T into a congressional hearing where they can take shots at them. In the end, everyone is out to protect their own interests.
I wonder if AT&T will show up.
They will. No point in turning down an "invite" from an en y that can subpoena you.
I'm not sure but this sounds like a no win situation for AT&T. On one hand they can refuse but they can be issued a subpoena to show. if they show then they will have to explain , under oath, the business reason why they are taking the hit now.
The solution is single-buyer/single-payer medicare-care-for-all public option and get the corps out of the health insurance business.
It's definitely no-win for them in the sense that they are writing off $1 billion dollars.
As far as the hearing goes, other than making some AT&T executives spend a day in front of congress when they'd rather be doing something else, it's not going to hurt them.
AT&T will go in and say "here's what your health care bill is going cost us". They'll have numbers to back up their case.
Congress will lecture them, boast about how great the bill is for the american people, call AT&T a bunch of meanines and say "we don't believe your numbers".
AT&T will say "we know our business better than you know our business". They'll be 100% right about that BTW.
Congress will lecture them some more, get their soundbites in, and that will be that. The day still ends with AT&T taking their $1 billion write-down.
Is anyone annoyed that the Congress thinks they can send for private owned co.'s anytime the co. makes a business decision?
If I were AT&T CEO, I would send them a copy of my annual report. All within the GAAP.
"Send for" what? Please clarify.
LOL...
Put that one in with a very long line of items I'm annoyed with kangaroo court congress about.
It's nothing more than pointless political theater and I for one definitely find political theater annoying. But such is politics in America these days.
I'm annoyed by your ignorance
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