Post by Abracadabra on Mar 29, 2010 18:17:25 GMT -5
After the passage of Obamacare, companies around the country are preparing themselves for their next earnings reports. Here is a list of companies that, just within the last week, have outlined how they expect to change their ways in order to compensate for Obamacare.
*Farm-equipment manufacturer John Deere "said it expects its expenses to rise by around $150 million on an after-tax basis, mainly in the second quarter, as a result of the legislation."
*Verizon "told employees in an email Tuesday that Verizon's costs will go up in the near term, pinpointing a tax-subsidy reduction for retiree health benefits."
*Heavy-equipment manufacturer Caterpillar "said that its first-quarter earnings will be hit with a $100 million after-tax charge under tax law changes attached to the new health care reform legislation."
*AK Steele Holding Corp., "the third largest U.S. steelmaker by sales, said it will record a non-cash charge of about $31 million resulting from the health-care overhaul signed into law by President Barack Obama. The charge will be recorded in the first quarter of 2010."
*Valero Energy "will take a $15 million to $20 million charge to second-quarter earnings for the same reason."
*Medical-device maker Medtronic "warned that new taxes on its products could force it to lay off a thousand workers."
Let's add the biggest one to the list ... *AT&T. It says that it will take a $1 billion charge against earnings in the first quarter because of Obamacare. That's "billion," folks, with a "b." This is because of changes to how Medicare subsidies are taxed. AT&T also says that it may cut benefits offered to current and retired workers. Analysts are predicting that retirees could lose their prescription drug coverage altogether.
Then, as you would expect, here come the Democrats. Our masters aren't happy that some of these companies have come out of the gate so quickly with their predictions of negative economic consequences under ObamaCare.
boortz.com/nealz_nuze/2010/03/private-companies-to-explain-t.html
*Farm-equipment manufacturer John Deere "said it expects its expenses to rise by around $150 million on an after-tax basis, mainly in the second quarter, as a result of the legislation."
*Verizon "told employees in an email Tuesday that Verizon's costs will go up in the near term, pinpointing a tax-subsidy reduction for retiree health benefits."
*Heavy-equipment manufacturer Caterpillar "said that its first-quarter earnings will be hit with a $100 million after-tax charge under tax law changes attached to the new health care reform legislation."
*AK Steele Holding Corp., "the third largest U.S. steelmaker by sales, said it will record a non-cash charge of about $31 million resulting from the health-care overhaul signed into law by President Barack Obama. The charge will be recorded in the first quarter of 2010."
*Valero Energy "will take a $15 million to $20 million charge to second-quarter earnings for the same reason."
*Medical-device maker Medtronic "warned that new taxes on its products could force it to lay off a thousand workers."
Let's add the biggest one to the list ... *AT&T. It says that it will take a $1 billion charge against earnings in the first quarter because of Obamacare. That's "billion," folks, with a "b." This is because of changes to how Medicare subsidies are taxed. AT&T also says that it may cut benefits offered to current and retired workers. Analysts are predicting that retirees could lose their prescription drug coverage altogether.
Then, as you would expect, here come the Democrats. Our masters aren't happy that some of these companies have come out of the gate so quickly with their predictions of negative economic consequences under ObamaCare.
boortz.com/nealz_nuze/2010/03/private-companies-to-explain-t.html