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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.
“From our point of view, a tax increase like this cannot come at a worse time,” said Jim Dugan, a Caterpillar spokesman.
Yeah, there were plenty of voices saying the same thing. To implement this kind of tax increase when the economy is so weak is disastrous policy, but what does that matter, as long as obama gets his perceived "victory"?
Farm equipment maker Deere expects after-tax expenses to rise by $150 million this year as a result of the health care reform law President Barack Obama signed this week.
How many other businesses like these two will suffer massive expenses like this? How soon will slashing jobs follow?
More proof that liberal, radical ideas are ruinous to the economy.
Are you shocked that corporations are sandbagging the legislation?
We're losing money and most of the legislative requirements don't even go through for 4 years!!! It's wild out here! He hasn't even SIGNED THE BILL and we're losing all kinds of money!
Yeah, there were plenty of voices saying the same thing. To implement this kind of tax increase when the economy is so weak is disastrous policy, but what does that matter, as long as obama gets his perceived "victory"?
How many other businesses like these two will suffer massive expenses like this? How soon will slashing jobs follow?
More proof that liberal, radical ideas are ruinous to the economy.
Exactly. The Wall Street journal had an article about this in the weekend edition.
I wonder how many of these idiot liberals, who are literally giddy about the passage of Obama care, will be enraged when unemployment goes up (or heaven forbid- they lose thier job) as a result of the layoff which "necessarily" will have to occur.
Exactly. The Wall Street journal had an article about this in the weekend edition.
I wonder how many of these idiot liberals, who are literally giddy about the passage of Obama care, will be enraged when unemployment goes up (or heaven forbid- they lose thier job) as a result of the layoff which "necessarily" will have to occur.
Are these people insane, or just that stupid?
That's a tough one, but I'd have to go with ...the latter.
The expense is primarily due to the change in the Medicare Part D drug subsidy, Ken Golden, a Deere spokesman, said today in an interview.
Ah yes, our rates are going up due to an unsustainable entitlement program being modified. And yet, conservatives aren't actually for this? I mean do you guys want government to shoulder corporate costs or not? Make up your minds.
For far too long companies like John Deere have been circumventing the Tax system to BENEFIT THEM....they've been riding the wave too long...it's time to pay up.
For far too long companies like John Deere have been circumventing the Tax system to BENEFIT THEM....they've been riding the wave too long...it's time to pay up.
circumventing the tax system????? Bet you don't have any Ag equipment to buy! These cost increases will hit you at the grocery store.......
For far too long companies like John Deere have been circumventing the Tax system to BENEFIT THEM....they've been riding the wave too long...it's time to pay up.
You understand this means LAYING OFF workers. I assume you are not unemployed. I have been unemployed and the job market has gotten worse since this bill was passed. Why should JOB CREATORS be punished? Do you want to be poor? Do you want to be on welfare? Do you want to be homeless? I am guessing the answer is no. If you don't want to be homeless, then why do you want the millions of unemployed in this country to be homeless? Liberals just don't think about things.
Are you shocked that corporations are sandbagging the legislation?
We're losing money and most of the legislative requirements don't even go through for 4 years!!! It's wild out here! He hasn't even SIGNED THE BILL and we're losing all kinds of money!
Did you expect corporations, who are already losing money, to just shut up and pay it and not be effected by 4 years of taxation ?
For far too long companies like John Deere have been circumventing the Tax system to BENEFIT THEM....they've been riding the wave too long...it's time to pay up.
Proof ? Or is this just your opinion of how JD operates ?
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