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Catepillar Predicts 100 MILLION dollar hit in 2011 over Obamacare

oreo

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Some of our major corporations are just starting to estimate Obamacare. First out of the box is Catepillar--stating that their corporation will be paying an additional 100 million--(of which they cannot afford in this economy.)

Heres the story:

"Heavy-equipment maker Caterpillar says the new health care reform law will create a $100 million drag on its first-quarter earnings because of tax law changes.

The Peoria company said Wednesday that the health care overhaul President Barack Obama signed this week will reduce the tax deduction it receives for its retiree health care program.

Caterpillar says even though the change won’t take effect until 2011, its liabilities for retiree health care are already reflected in its financial statements.

So Caterpillar expects to record an after-tax charge of $100 million in the first quarter.

And the company says the tax-law change is not reflected in its already cautious 2010 profit outlook of about $2.50 per share."

Now to you liberals: What do corporations DO when they have addiitonal liability for TAXES--that they have to meet?

Any guesses out there--from you liberal economic Einsteins---:lol::lol:



Caterpillar predicts $100M health care reform costs | Chicago Press Release Services
 
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editec

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The Peoria company said Wednesday that the health care overhaul President Barack Obama signed this week will reduce the tax deduction it receives for its retiree health care program.

I'm curious how that works.

Any idea?
 

chanel

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China should have zero unemployment by year end.


(Do I win too???)
 

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