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Currently, the government pays 28% and the company pays 72%, but it gets to deduct 100%. Now, it will only get to deduct the 72% that it actually paid. No more deducting cash that the government handed to them to start out with. As to how such a screwy deal got there? One letter...W.
And again, these are one-time non-cash charges that represent the present value of the estimated difference in payouts under the new tax treatment when applied over the expected lifetimes of employees and retirees.
"One time cash charges"? Sorry Saggy- this is a continued additional expense that industry must now endure. The net result- fewer jobs. Thanks barry!
The reason that this was done was to relieve industry of a portion of the healtcare burden currently provided by 3,500 corporations in the US as a part of a retirement package.
The plan acutally saved the feds cash, Sag. It is estimated that the programs cost $650 per benificiary, while the Medicare Drug Progams cost $1,200 per beneficiary. This was an ongoing and annual expense, not a one time charge.
The net result? Deere will lose $150 million as a result of this and CAT $100 million. The result of that is layoffs and fewer new hires. We live in John Deere country and they announced it in the paper today.
Barry the brilliant is a gift that keeps on giving.
1. $1.2 to $3 trillion additional expenditures for the government over ten years, virtually insuring insolvency for the nation. This is even before barry tacks on "cap and trade" as well as granting the illegals citenzhip.
2. Increased unemployment
a. large companies through loss of the medicare prescription benefit thrown back in thier lap
b. small industry unable to hire new employees or retain existing employees due to increased healthcare expense
3. Worse medicare coverage for seniors. Currently, manyh practices no longer see medicare patients due to low reimbursement. The proposed 21% pay cuts will eliminate more and more practices, barring seniors from access to care.
4. Increased taxes. Bush tax cuts expire and increased payroll tax. The Dems today refused to add an amendment to the healthcare bill which would INSURE that income taxes would not go up for people making less than $250K per year. The Dems, of course, shot it down.
Thanks for further wrecking the economy, Barry, and for saddling our kids with a debt that can never be paid. Rent that house in DC, Sag. I think you will need to dump it in 2012.
"One time cash charges"? Sorry Saggy- this is a continued additional expense that industry must now endure. The net result- fewer jobs. Thanks barry!
Hey, Mr. Math, the non-cash charges are the present value of every year going forward that there would be any difference as the result of the tax change. Everything there ever will be is all charged off at one time. Now.
A company can and does change it's retirement/pension benefits both to current and future enrollees.
Maybe the execs have a contract but us slug workers have no such guarantees.
"One time cash charges"? Sorry Saggy- this is a continued additional expense that industry must now endure. The net result- fewer jobs. Thanks barry!
The reason that this was done was to relieve industry of a portion of the healtcare burden currently provided by 3,500 corporations in the US as a part of a retirement package.
The plan acutally saved the feds cash, Sag. It is estimated that the programs cost $650 per benificiary, while the Medicare Drug Progams cost $1,200 per beneficiary. This was an ongoing and annual expense, not a one time charge.
The net result? Deere will lose $150 million as a result of this and CAT $100 million. The result of that is layoffs and fewer new hires. We live in John Deere country and they announced it in the paper today.
Barry the brilliant is a gift that keeps on giving.
1. $1.2 to $3 trillion additional expenditures for the government over ten years, virtually insuring insolvency for the nation. This is even before barry tacks on "cap and trade" as well as granting the illegals citenzhip.
2. Increased unemployment
a. large companies through loss of the medicare prescription benefit thrown back in thier lap
b. small industry unable to hire new employees or retain existing employees due to increased healthcare expense
3. Worse medicare coverage for seniors. Currently, many practices no longer see medicare patients due to low reimbursement. The proposed 21% pay cuts will eliminate more and more practices, barring seniors from access to care.
4. Increased taxes. Bush tax cuts expire and increased payroll tax. The Dems today refused to add an amendment to the healthcare bill which would INSURE that income taxes would not go up for people making less than $250K per year. The Dems, of course, shot it down.
Thanks for further wrecking the economy, Barry, and for saddling our kids with a debt that can never be paid. Rent that house in DC, Sag. I think you will need to dump it in 2012.
This is all Obama's and the Dems' baby. Let the consequences begin...
The reason that this was done was to relieve industry of a portion of the healtcare burden currently provided by 3,500 corporations in the US as a part of a retirement package.
The reason this was done the way it was done was to provide some good old Republican welfare to the rich. All the while lying about the projected costs and ordering those who knew the true numbers to shut up.
Quote:
Originally Posted by hawkeye2009
The net result? Deere will lose $150 million as a result of this and CAT $100 million. The result of that is layoffs and fewer new hires. We live in John Deere country and they announced it in the paper today.
That's over the lifetime of the projected longest living current beneficiary. These charges are NON-CASH. They are bookkeeping entries. They are not obviously causing investors any trouble.
Quote:
Originally Posted by hawkeye2009
1. $1.2 to $3 trillion additional expenditures for the government over ten years, virtually insuring insolvency for the nation. This is even before barry tacks on "cap and trade" as well as granting the illegals citenzhip.
First you complain about expenditures, and below you will complain about the taxes that offset them. You know that "cake" saying at all???
Quote:
Originally Posted by hawkeye2009
2. Increased unemployment
a. large companies through loss of the medicare prescription benefit thrown back in thier lap
b. small industry unable to hire new employees or retain existing employees due to increased healthcare expense
You realize that the extreme high-end estimated total non-cash charges if all 3,500 affected business were to post them comes to $14 billion? Is this one of those numbers that frighten you?
Quote:
Originally Posted by hawkeye2009
3. Worse medicare coverage for seniors. Currently, manyh practices no longer see medicare patients due to low reimbursement. The proposed 21% pay cuts will eliminate more and more practices, barring seniors from access to care.
LOL. There is no proposed 21% cut to Medicare, as has been explained many times before.
Quote:
Originally Posted by hawkeye2009
4. Increased taxes. Bush tax cuts expire and increased payroll tax. The Dems today refused to add an amendment to the healthcare bill which would INSURE that income taxes would not go up for people making less than $250K per year. The Dems, of course, shot it down.
There were no votes in either the House or Senate today. The Bush tax credits are set to expire at the end of the year for the top two brackets only. As everyone knows. Except for a few.
Quote:
Originally Posted by hawkeye2009
Thanks for further wrecking the economy, Barry, and for saddling our kids with a debt that can never be paid.
No one intends to repay it. Ever. We haven't repaid it since 1836. You'd think people would have gotten used to it by now.
Quote:
Originally Posted by hawkeye2009
Rent that house in DC, Sag. I think you will need to dump it in 2012.
I don't think so. So convenient to Eastern Market and Barracks Row...
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