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Companies push to repeal provision of health law

New York Times, March 30, 2010

An association representing 300 large corporations urged President Obama and Congress to repeal a provision of the healthcare overhaul that prompted AT&T, Caterpillar, and other companies to announce substantial charges for the current quarter. The American Benefits Council said the provision, which reduces the tax deductions for companies with drug coverage for their retired employees, would deal a significant blow to corporate profits and would discourage companies from hiring more workers, the New York Times reports.