Well, it’s costing Caterpillar $100,000,000 so far:
Caterpillar Inc. said Wednesday it will take a $100 million charge to earnings this quarter to reflect additional taxes stemming from newly enacted U.S. health-care legislation.
The world’s largest construction equipment manufacturer by sales, warned last week that provisions in the legislation would subject the company to federal income taxes on the subsidies it receives for providing prescription drug benefits for its retirees and their spouses.
Thanks to Hot Air for the pointer.
That’s just an isolated incident, right?
Yesterday I posted a memo that Verizon sent to its employees concerning its view that the Democrats’ health-care bill would probably cause its costs to go up. Specifically, the memo keyed in on a change in the tax treatment of the Medicare Part D retiree drug subsidy. This is a subsidy that the government pays to employers that offer prescription-drug coverage to their retirees; it was created as part of the Medicare prescription-drug entitlement to encourage employers not to dump their retirees into the public system. As the Wall Street Journal editorial board reports today, the subsidy costs taxpayers $665 per person, “while the same Medicare coverage would cost $1,209.”
There are going to be many stories like this coming down the pike.
According to a CBS poll, most people want the Republican party to continue to fight ObamaCare.
Oh, and the Obamessiah Brain Trust who brought you the national horror story we call ObamaCare forgot to add kids with pre-existing conditions. You’d think that this brilliant, principled group of individuals would have added that bit.
Bottom line is that the socialist wing of the Democrat party has imposed a vastly unpopular law upon us that has already done some damage. The party of “spread the wealth around” is spreading it around, that’s certain.
My only consolation is the imagining of the butthurt of any Caterpillar and Verizon employees who voted for Obama.
UPDATE: One thing I forgot to add is the one greatest thing that ObamaCare has done so far is force the American citizen to buy a service that he doesn’t want from the federal government. That’s huge. While I understand that there are many of us who feel that the government does know best, that the government should be in charge of your life. That your personal freedom should take a backseat to what the government says is best for you. It’s a little unfair for you to demand that the rest of us bend over, spread the national cheeks, and hope that it doesn’t hurt too much, however.
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