UPDATE 1-Hartford Financial healthcare-related tax charge

Reuters ^ | April 2, 2010 | Reporting by Ilaina Jonas; Editing by Andrew Hay

[Need4Truth]

NEW YORK, April 2 (Reuters) - Insurance company Hartford Financial Services Group Inc (HIG.N), which recently repaid $3.4 billion of U.S. government bailout aid, said it expected to incur a $20 million first-quarter charge related to tax changes under the new federal healthcare act.

In a filing with the Securities and Exchange Commission, the company said on Friday it expects to incur the charge due to recent federal legislation that will reduce the tax deduction related to retiree health care costs beginning in 2013.

[Need4Truth]

Henry Waxman will preach to the CFO's of these companies on the errors of their ways. Perhaps Waxman thinks they should use Social Security/Medicare accounting methods for funding retirement benefits.

Obamacare charges so far: 3M 90 million, AK Steel 31 million, Allegheny Tech 5 million, ATT 1 billion, Boeing 150 million, Caterpillar 100 million, Carpenter Technology 5.9 million, Deere & Co. 150 million, Eaton Corp 25 million, Excelon Corp 65 million, Goodrich Corp 10 million, Hartford Financial Services Group Inc 20 million, Honeywell 13 million, Illinois Tool Works $22 Million, Ingersoll-Rand $41 Million, Lockheed Martin Corp 96 million, Prudential 100 million, Valero Energy 20 million, Verizon 970 million, Xcel Energy 17 million

[Mike Darancette]

Won’t this be a pretty list to enter into the Congressional Record. I wouldn’t be surprised to see Waxman cancel the hearing.

[upchuck]

I suspect that list will grow several times over. I’ll not be surprised of 1/2 of the S&P 500 end up on that list. Maybe more.

Pigface Waxman may have to move his hearing to a football stadium to accomodate all the requestees.