The American Benefits Council is urging the repeal of a healthcare reform provision that reduces the tax deductions for companieswith retiree drug coverage. Large companies have announced they expect to take an immediate substantial hit toaccount for smaller tax deductions in the future.

The hit on earnings will prompt employers to drop their retireedrug coverage, according to the American Benefits Council, and move retired employeesinto the Medicare Part D program.

The council claims the provision will also discourage new hires- another major hit to a nation reeling from millions of joblosses.

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