Posted on 03/30/2010 10:13:19 AM PDT by Behind Liberal Lines
The news on healthcare reform this week is that right off the bat, the major corporations are discovering they will be losing stunning amounts to taxes as a result of Obamacare.
Caterpillar, the first to speak out, reported it will take a one-time write-down of $100 million in order to account for the elimination of a federal tax refund it has been receiving for providing drug benefits to its retired employees. In the following days, AT&T, Verizon, 3M, Deer & Co., and AK Steel Holdings announced they would take similar write downs. AT&T's new tax bill will come to over $1 billion. The news is a body blow to major companies hoping to recover profitability and add jobs.
If all this sounds familiar, it should. It is exactly what Republicans predicted would happen if Obamacare became law....
All this, however, was too much for Henry Waxman, chairman of the House Energy and Commerce Committee. He demanded that CEOs from the major companies appear before him on April 21 to explain just what's going on. "These assertions appear to conflict with independent analyses," said the chairman, "which show that the new law will expand coverage and bring down costs."
(Excerpt) Read more at spectator.org ...
| And when the Insurance Industry crashes because they will have to triple Insurance Cost Rates to cover those with Pre-existing Conditions, Obama will dust off the speech that says, "as much as I hate to do it, we have to take over all of the Insurance Industry, too." Obama and his speechwriter have likely already concocted the script ...
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Oh, for the man with the stones to tell him that under oath. Or, simply, "Congressman, I'm under oath and your estimates do not labor under that burden."
I'd vote to put that man's image on the dollar bill.
The Pubbies would be wise to invite all the CEOs to a press conference ahead of the hearings and lay it all out for the American public.
That's true for union workers, as the company has a contractual obligation to fulfill. That is not true of the non-union & management employees. Some of these big companies have already declared that any medical benefit they provide to non-union retirees will be subordinate to Medicare.
The one I work for provides precious little medical benefit these days, just a high deductible policy that you can (on your own dime) supplement with an FSA.
On another website some clown liberal was arguing that without unions we'd have illegal aliens flying airplanes and unlicensed doctors and dentists. We need a test where someone has to have at least an 80 IQ to vote...of course the libs would never agree to lose 80% of their voter base.
ROFL!
“We may soon need to bear this distinction in mind.”
As long as we bear in mind that authority will NEVER recognize such a distinction.
My sympathy gland for these corporations is running a little dry. They knew these numbers two weeks ago at least. That would have been more than a little helpful then, but not now.
Valid authority respects the distinction between dissent and disloyalty.
No matter how many times I read the last part of that sentence, it doesn't make sense. You can't expand coverage and reduce costs at the same time. Waxman and Co. do not live in the real world, but that is no surprise to Freepers.
It's like that nasty letter Jay Rockefeller and Olympia Snowe sent to the CEO of Exxon, demanding Exxon stop forthwith giving grants to global-warming skeptics.
Drink the Kool-Aid or .... or..... or ..... we'll make you drink the Kool-Aid!
I don't think Henry is going to get a lot of respect about this. This is serious money, and he's talking to serious men.
Ping to article & reply #17
Absolutely brilliant point!
They get one chance to stick together and squeeze him back harder than he dreamed of. If they fold, he will smash them.
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