Let the taxes and the cost begin! For the next four years Americans will pay a lot for nothing.
Now remember my fine liberals when you go to get some of that Obama money and entitlements, the taxes, fees and expenses will begin right away and for the next four years will continue to increase the cost all all goods and decrease profits of American corporations. In case you don’t understand that means your pensions funds will continue to decrease. Job outlooks will continue to remain poor. Your IRA will decrease. Everything will cost more and you will get nothing! Open your wallets and search for some of that change Obama promised. You wont find it and if you do he will take it.
Now the first rounds of those expenses are rolling in with government mandated losses of up to $1billion per corporation so far. Now how can that be? Those corporations must be playing a political game or so says Obama.
Well Mr. President must this ordinary citizen explain it to you? These corporation are forced to write down those expenses by the government regulation like the ones you want more of. they are not playing a political game they are following your orders! Here area a few examples and it’s just the beginning. Now my fine union friends understand these losses are due to the regulation in the health care bill that Obama did not tell you about that disallows the contributions corporation make to your retirees health care prescription plans. I’ll explain this to you… It means it will be harder for corporation to continue to fund your health care! So now go get some of the Obama money… Read this and weep!
Starting in 2013, companies that provide prescription-drug benefits for retirees under Medicare can no longer deduct this subsidy from their taxes, due to the federal health-care overhaul signed into law on March 23.
Since companies had created an asset based on these expected deductions, they will now need to take a charge to reflect the fall in the asset’s value.
The following companies have announced the amount of their health-care-related charges. Search the subject code N/HCC for the latest news on this topic.
PPF Industries (PPG) — $85 million in 1Q
United States Steel Corp. (X) — $27 million in 1Q
CNH Global NV (CNH) — $20 million in 1Q
AT&T Inc. (T) — $1 billion in 1Q
3M Co. (MMM) — $85 million to $90 million in 1Q
Exelon Corp.(EXC) — $65 million in 1Q
Verizon Communications Inc.(VZ) — $970 million in 1Q
Carpenter Technology Corp.(CRS) — 13 cents a share in 3Q
Ingersoll-Rand Co. Ltd. (IR) — $41 million in 1Q
Lockheed Martin Corp. (LMT) — $96 million in 1Q
Valero Energy Corp. (VLO) — $15 million to $20 million in 1Q
Deere & Co. (DE) — $150 million in 1Q
Boeing Co. (BA) — $150 million in 1Q
Caterpillar Inc. (CAT) — $100 million in 1Q
Prudential Financial (PRU) — $100 million in 1Q
Xcel Energy Inc. (XEL) — $17 million in 1Q
Goodrich Corp. (GR) — $10 million in 1Q
AK Steel Holding Corp. (AKS) $31 million in 1Q
