[Chairman_December_19th_Society]

The Intolerable Act Diaries - Day 1

VERIZON Strikes Back
CATERPILLER Identifies Corporate Costs
EXPERTS weigh in on the effects of the legislation

Well, the ink is barely dry on the Intolerable Act, and maybe one or two of those dozen or so pens used to sign it have already been lost, but two corporate giants have let it be known that it ain't they that are going to pay for this abomination.

Caterpillar indicated that the Intollerable Act would cost the company some $100 million this year alone. While there are no further details, it's not a big reach to say the company is warning both its stockholders that the bottom line has been dinged by the POTUS, or in the alternative, "look, labor unions, you were on board with the POTUS on this, open wide - here comes payback!"

Verizon, who employs a fair number of union workers, was more direct. In a e-mail to employees, styled "[The POTUS] Signs Health Care Legislation", the telecommunications corporation:

** warned employees about the 40% tax on high-end health plans and that retirees would have costs above the tax threshold and be subject to the 40% tax and that the tax burden would be spread across all employees

** indicated the compnay would have additional costs insofar as there are certain benefits that would accrue to the company that would be taxed at corporate rates (35%)

There are also other implications:

** Companies will start dropping drug coverage rather than pay additional taxes (so much for "if you like your plan you can keep it" - dead on day 1!!)

** Companies will end up with lower earnings, and thus lower stock prices, due to the accounting rules under Sarbanes-Oxley that require the new costs of long-term retiree health liability to be accounted for, in full, immediately.

Basically, the point is this:

The economic geniuses associated with the Communists still don't understand that corporations don't pay taxes.

This is a summarization of a Wall Street Journal article, here.

[Chairman_December_19th_Society]

Recently, Communist party member John Conyers was asked what was the Constitutional authority was for Congress to enact health care reform.

Conyers, the ever-highly esteemed Consitutional scholar, opined:

Under several clauses; the good and welfare clause and a couple others.

Hmmm. He could be right - the Good and Welfare Clause.

It does go to show, we must NOT have the most up-to-date version of the Constitution.

Good and Welfare Clause...

ROTFLOL!!!

(It does make me wonder what the "couple other" are. Perhaps the Commerce Creation clause and the Wealth Distribution clause, perhaps?)

Full article from the Denver Post

[prairiebreeze]

don't understand that corporations don't pay taxes.

So far......

I'm off to read your link.

[tillacum]

It’s good to have you back..you can put in a few words, it takes a reporter a whole page to say.