Next surprise! If you are retired and your former employer pays for your prescription drugs, the just signed bill makes the amount your employer is paying subject to a tax to help pay for Obamamcare. accounting rules require companies to take a charge against future earnings to reflect these taxes. The result of this could be that companies will try to dump the benefit.
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AT&T announced a $1 billion charge for this today. It’s non-cash – it is recognizing a future obligation to pay the tax