Posted on 03/30/2010 3:25:48 AM PDT by Scanian
Henry Waxman is peeved. He expects corporate America to swallow health-care reform without a peep of protest -- and, apparently, without revealing new costs to shareholders or the Securities and Exchange Commission.
Last week, AT&T announced it will take an immediate $1 billion write-down thanks to a new tax in the health bill that will cause Caterpillar ($100 million) and Deere & Co. ($150 million), among other large employers, to do the same. The benefits consultancy Towers Watson estimates that the change may reduce corporate profits by as much as $14 billion over time.
That's real money. For comparison: It's enough to bribe Sen. Ben Nelson of the Cornhusker Kickback 140 times over; it's three times the amount Democrats poured into a (failing) weatherization program that once was a highlight of the stimulus bill; it represents 10 percent of the supposed deficit reduction of health-care reform over 10 years.
(Excerpt) Read more at nypost.com ...
I think he’ll insist on being addressed as “Your Excellency”....but the CEO’s should refer to him as “...dude...”.
Yes. That's the case for AT&T. Out of that billion a bunch of it is related to union retiree benefits which they cannot mess with as a three year contract was just signed.
Gee, how do you think the government is going to get the tax money to replace it?
Those taxed away “profits” would otherwise go back into growing business, hiring people, innovating, and paying shareholders - Including pension and retirement funds
But wait, zerO has a better idea what to do with all that “unearned income”
ditto
My more pointed question was whether GM would be hit with this tax on Rx subsidies? Do you know?
Sounds like us peasants aren’t getting the message of how wonderful it it what they just did to us.
In November they’ll hear our message.
If there were a tax on ugly, Wacksman alone could pay off the debt.
Here’s a recent announcement from 3M Corp:
We recognize that many of you have questions about how the new health care bill will impact your 3M benefits. We need to take time to understand and analyze the new laws before we make any changes to our medical programs.
A provision that will impact the company immediately relates to the Medicare Part D subsidy. 3M will be subject to federal income taxes on the subsidies it receives for providing prescription drug benefits for our retirees and their eligible dependent(s). The government provided this subsidy to help offset the financial burden of offering prescription drug benefits to retirees and with the goal that retirees would be less likely to rely on the Medicare Part D program.
Although the tax doesn’t take effect until 2013, 3M is required to recognize the impact in the period in which the law was signed. 3M will record a one-time non-cash charge to earnings in the first quarter of 2010 of approximately $85 to $90 million after tax, or approximately 12 cents per share. 3M issued a press release today describing this adjustment.
The scope of the bill is far reaching and complex. We will be providing updates once we understand the provisions more clearly.
GM is now part of the government and as such has absolutely no obligation to open up their books for inspection.
Because they have retirees they will obviously be hit w/ this expense. It won't make any difference though because they're off the books like Amtrak and the Post office. Any loss by them will be absorbed by you.
LOL
he doesn't like it and yet he proposes to give these CEO's a national platform to announce what they have to say and legally MUST say to the entire nation.
Waxman is a total fool and cannot think past the next soundbite his staff manufactures for him.
I remember back when the dims were about to take over last year an article about henry nostrilitus waxman that detailed his hobbies and interests, They were writing laws, period. Anyone that ANAL should not be anywhere near the lawmaking process
I remember back when the dims were about to take over last year an article about henry nostrilitus waxman that detailed his hobbies and interests, They were writing laws, period. Anyone that ANAL should not be anywhere near the lawmaking process
I remember back when the dims were about to take over last year an article about henry nostrilitus waxman that detailed his hobbies and interests, They were writing laws, period. Anyone that ANAL should not be anywhere near the lawmaking process
Mo. Ron.
Sewer rat Waxman and his ilk are so anti-corporation, they don’t even bother to understand the rules that those corporations have to follow in order to conduct business...like disclosure! Let him call for Congressional hearings, that’s ALL HE HAS DONE FOR THIRTY YEARS! Can’t wait for them to be televised. What an idiot.
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