You are right, but they need not run to the press with the expenses. If we had some good journalists still, they wouldn’t have to release it to the press. The REAL journalists would dig it up for themselves. One problem, no two problems with this. One, they won’t dig up a story that might prove negative for Obama. Two, most journalists don’t know how to read financial statements with their journalism degrees.
press release:
AT&T said Friday that the charge reflected changes to how Medicare subsidies are taxed. Companies say the health care overhaul will require them to start paying taxes next year on a subsidy they receive for retiree drug coverage.
A White House spokesman, Robert Gibbs, said Thursday that the tax law closed a loophole.
Under the 2003 Medicare prescription drug program, companies that provide prescription drug benefits for retirees have been able to receive subsidies covering 28 percent of eligible costs. But they could deduct the entire amount they spent on these drug benefits — including the subsidies — from their taxable income.
The new law allows companies to deduct only the 72 percent they spent.