Corporate America Forced to Pay Millions for Health Care Reform (NYSE:T),(NYSE:CAT),(NYSE:AKS)

Health Care Industry

AT&T (NYSE:T) has to cough up $1 billion, Caterpillar Inc (NYSE:CAT) is on the hook for $100 million and AK Steel Corp. (NYSE:AKS) will be hit with $31 million in charges.  Part of the new healthcare law places a federal income tax on government subsidies given to companies that provide retirees and their spouses with drug benefit plans. The 28% subsidy was created as Medicare Part D, adding a prescription plan for senior citizens to the Medicare Act of 2003.

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