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Shut up, he argues: Don't dare whine on O'Care taxes
NY Post ^ | March 30, 2010 | Rich Lowry

Posted on 03/30/2010 3:25:48 AM PDT by Scanian

Henry Waxman is peeved. He expects corporate America to swallow health-care reform without a peep of protest -- and, apparently, without revealing new costs to shareholders or the Securities and Exchange Commission.

Last week, AT&T announced it will take an immediate $1 billion write-down thanks to a new tax in the health bill that will cause Caterpillar ($100 million) and Deere & Co. ($150 million), among other large employers, to do the same. The benefits consultancy Towers Watson estimates that the change may reduce corporate profits by as much as $14 billion over time.

That's real money. For comparison: It's enough to bribe Sen. Ben Nelson of the Cornhusker Kickback 140 times over; it's three times the amount Democrats poured into a (failing) weatherization program that once was a highlight of the stimulus bill; it represents 10 percent of the supposed deficit reduction of health-care reform over 10 years.

(Excerpt) Read more at nypost.com ...


TOPICS: Business/Economy; Front Page News; Government; News/Current Events; Politics/Elections
KEYWORDS: 111th; capitalism; corporations; democrats; dsa; economy; healthcare; healthcarecosts; liberalfascism; obamacare; profits; progressives; socialisthealthcare; taxes; waxman
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1 posted on 03/30/2010 3:25:49 AM PDT by Scanian
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To: Scanian

Newsflash, Congressman Pig Nose—corporations don’t pay taxes. They collect them.


2 posted on 03/30/2010 3:26:42 AM PDT by OCCASparky (Obama--Playing a West Wing fantasy in a '24' world.)
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To: OCCASparky

Yep....and another news flash for ‘im: These corporations can and should tell him to shove it up his a**.

He has no right to summon them to grovel at his feet for forgiveness for telling the truth about the real costs of Obamacare to their companies and, therefore, their shareholders.

Guess Waxman never heard of “fiduciary duties”.


3 posted on 03/30/2010 3:30:38 AM PDT by RightOnline
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To: Scanian

Your links don’t go to the story.


4 posted on 03/30/2010 3:31:58 AM PDT by COBOL2Java (Big government more or less guarantees rule by creeps and misfits.)
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To: RightOnline

Obama is quickly becoming the biggest mistake this nation ever made.


5 posted on 03/30/2010 3:44:47 AM PDT by GlockThe Vote
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To: GlockThe Vote

“Quickly”?? He’s already there!


6 posted on 03/30/2010 3:47:11 AM PDT by Ladysmith ("A community organizer can't bitch when communities organize." Rush Limbaugh)
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To: RightOnline
He has no right to summon them to grovel at his feet for forgiveness for telling the truth about the real costs of Obamacare to their companies and, therefore, their shareholders.

If they have sines they will happily go. It's another very real soap box. At such a meeting they should refer to waxman as Henry or Hank. That is already more respect than he deserves.

7 posted on 03/30/2010 3:48:19 AM PDT by stevem
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To: stevem

I don’t know if anyone has noticed this, but given that the CEOs and CFOs are LEGALLY OBLIGATED to precisely report their financial condition the moment it becomes clear to them what it is, for them to hide the effects of health care financing would be a federal crime and land them in prison...

...and not so coincidentally open up a lot of corporate leadership positions, even expose companies to federal take-over.

Could it be that this is what “Hank” has in mind?


8 posted on 03/30/2010 3:50:39 AM PDT by BelegStrongbow (Dear Leader: you have two ears and one mouth. Start using them in proportion.)
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To: GlockThe Vote

becoming?...


9 posted on 03/30/2010 3:56:26 AM PDT by Doogle (USAF.68-73..8th TFW Ubon Thailand..never store a threat you should have eliminated)
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To: BelegStrongbow
Could it be that this is what “Hank” has in mind?

There isn't one of the Nazis that don't have that in mind.

10 posted on 03/30/2010 3:59:05 AM PDT by stevem
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To: BelegStrongbow

AMEN...it’s Sarbanes/Oxley LAW that the corps have to report this, and now PIG WAXMAN doesn’t like this!!


11 posted on 03/30/2010 3:59:56 AM PDT by Ann Archy (Abortion,,,,,,the Human Sacrifice to the god of Convenience.)
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To: Scanian

...and what if corporate America “just said no”?


12 posted on 03/30/2010 4:00:19 AM PDT by Doogle (USAF.68-73..8th TFW Ubon Thailand..never store a threat you should have eliminated)
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To: stevem

Exactly right. If they are going to have to go there anyway, come loaded for bear. Lay out every last cent of cost this monstrosity will incur. Put it out in cold hard numbers and shove it right back in Waxman’s ugly, ugly face. Let him bang his gavel. I say go there and tell it like it is. No more lying down for these scumbags.


13 posted on 03/30/2010 4:00:32 AM PDT by chimera
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To: Ladysmith

I personally think medicare and ss take that prize, but obama is right there.

Every day is another nitghtmare under this communist pofs.

I wake up and its like “let’s see what insanity the maoist is going to try today”.


14 posted on 03/30/2010 4:01:02 AM PDT by GlockThe Vote
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To: GlockThe Vote
Obama is quickly becoming the biggest mistake this nation ever made.

He's the affirmative action candidate. He's proof of why we should not judge a man by the color of his skin, but by the nature of his character. And the nature of his character is very, very poor.

15 posted on 03/30/2010 4:06:37 AM PDT by meyer (It's time...)
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To: chimera

If they just sit in front of these lefties and take the abuse then maybe they don’t deserve to be in charge. They should take this opportunity to do something for America and slam Waxman and his fellow big brother-ites and tell them off.


16 posted on 03/30/2010 4:14:16 AM PDT by TNCMAXQ
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To: OCCASparky
...corporations don’t pay taxes. They collect them.

This basic truth seems to have eluded most Congress Critters both Democrat and Republican

17 posted on 03/30/2010 4:16:07 AM PDT by mort56
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To: GlockThe Vote
I wake up and its like “let’s see what insanity the maoist is going to try today”.

ugh, no kidding! Feels like a punishment just for getting out bed and checking the latest each morning.

18 posted on 03/30/2010 4:18:46 AM PDT by Ladysmith ("A community organizer can't bitch when communities organize." Rush Limbaugh)
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To: meyer; All

Does anyone know if this Rx subsidy goes to union retirees? I’m thinking GM and the UAW.

IOW, will GM be hit with this new tax? Will they disclose? Will Waxman call OBAMA to testify? LOL! Just kidding!

But, really, will the union retirees’ plans be hit just like Caterpillar?


19 posted on 03/30/2010 4:19:03 AM PDT by Timeout (Brits have the royals. Russia, the Nomenklatura. WE have our Privileged "Public Servant" class.)
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To: Scanian

Did somebody mention Henry Waxman?

20 posted on 03/30/2010 4:19:12 AM PDT by Rocko
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To: stevem

I think he’ll insist on being addressed as “Your Excellency”....but the CEO’s should refer to him as “...dude...”.


21 posted on 03/30/2010 4:24:48 AM PDT by RightOnline
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To: Scanian
Waxman has been in the House for 35 years, and was in the California State Assembly for six years before that. 41 years without a real job, drunk with self-importance. In a just world he would have to spend the next 6 years in a real job, perhaps one involving some physical labor. What a POS.
22 posted on 03/30/2010 4:32:27 AM PDT by pieceofthepuzzle
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To: Timeout
Does anyone know if this Rx subsidy goes to union retirees? I’m thinking GM and the UAW.

Yes. That's the case for AT&T. Out of that billion a bunch of it is related to union retiree benefits which they cannot mess with as a three year contract was just signed.

23 posted on 03/30/2010 4:34:05 AM PDT by plain talk
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To: Scanian
Fortunately, their loss will only actually be half. The other half will be in the taxes they would have paid but now will not have to pay.

Gee, how do you think the government is going to get the tax money to replace it?

24 posted on 03/30/2010 4:35:50 AM PDT by McGavin999
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To: Scanian

Those taxed away “profits” would otherwise go back into growing business, hiring people, innovating, and paying shareholders - Including pension and retirement funds

But wait, zerO has a better idea what to do with all that “unearned income”


25 posted on 03/30/2010 4:40:52 AM PDT by silverleaf (Karl Marx was NOT one of America's Founding Fathers)
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To: GlockThe Vote

ditto


26 posted on 03/30/2010 4:41:21 AM PDT by silverleaf (Karl Marx was NOT one of America's Founding Fathers)
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To: plain talk

My more pointed question was whether GM would be hit with this tax on Rx subsidies? Do you know?


27 posted on 03/30/2010 5:01:53 AM PDT by Timeout (Brits have the royals. Russia, the Nomenklatura. WE have our Privileged "Public Servant" class.)
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To: Scanian

Sounds like us peasants aren’t getting the message of how wonderful it it what they just did to us.

In November they’ll hear our message.


28 posted on 03/30/2010 5:04:59 AM PDT by Brett66 (Where government advances, and it advances relentlessly , freedom is imperiled -Janice Rogers Brown)
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To: Scanian

If there were a tax on ugly, Wacksman alone could pay off the debt.


29 posted on 03/30/2010 5:10:50 AM PDT by crosshairs
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To: Scanian

Here’s a recent announcement from 3M Corp:

We recognize that many of you have questions about how the new health care bill will impact your 3M benefits. We need to take time to understand and analyze the new laws before we make any changes to our medical programs.

A provision that will impact the company immediately relates to the Medicare Part D subsidy. 3M will be subject to federal income taxes on the subsidies it receives for providing prescription drug benefits for our retirees and their eligible dependent(s). The government provided this subsidy to help offset the financial burden of offering prescription drug benefits to retirees and with the goal that retirees would be less likely to rely on the Medicare Part D program.

Although the tax doesn’t take effect until 2013, 3M is required to recognize the impact in the period in which the law was signed. 3M will record a one-time non-cash charge to earnings in the first quarter of 2010 of approximately $85 to $90 million after tax, or approximately 12 cents per share. 3M issued a press release today describing this adjustment.

The scope of the bill is far reaching and complex. We will be providing updates once we understand the provisions more clearly.


30 posted on 03/30/2010 5:11:06 AM PDT by wolfcreek (http://www.youtube.com/watch?v=Lsd7DGqVSIc)
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To: Timeout
"........whether GM would be hit with this tax"

GM is now part of the government and as such has absolutely no obligation to open up their books for inspection.

Because they have retirees they will obviously be hit w/ this expense. It won't make any difference though because they're off the books like Amtrak and the Post office. Any loss by them will be absorbed by you.

31 posted on 03/30/2010 5:11:47 AM PDT by Pietro ("I am not an idealouge" BHO; "I am not a crook" RMN)
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To: RightOnline
”....but the CEO’s should refer to him as “...dude...”.

LOL

32 posted on 03/30/2010 5:36:26 AM PDT by VRW Conspirator (There is no such thing as a conservative democrat - Rinse - Repeat)
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To: Ann Archy
"AMEN...it’s Sarbanes/Oxley LAW that the corps have to report this, and now PIG WAXMAN doesn’t like this!!"

he doesn't like it and yet he proposes to give these CEO's a national platform to announce what they have to say and legally MUST say to the entire nation.

Waxman is a total fool and cannot think past the next soundbite his staff manufactures for him.

33 posted on 03/30/2010 5:38:22 AM PDT by 101voodoo
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To: Scanian

I remember back when the dims were about to take over last year an article about henry nostrilitus waxman that detailed his hobbies and interests, They were writing laws, period. Anyone that ANAL should not be anywhere near the lawmaking process


34 posted on 03/30/2010 5:42:24 AM PDT by mapmaker77
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To: Scanian

I remember back when the dims were about to take over last year an article about henry nostrilitus waxman that detailed his hobbies and interests, They were writing laws, period. Anyone that ANAL should not be anywhere near the lawmaking process


35 posted on 03/30/2010 5:42:34 AM PDT by mapmaker77
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To: Scanian

I remember back when the dims were about to take over last year an article about henry nostrilitus waxman that detailed his hobbies and interests, They were writing laws, period. Anyone that ANAL should not be anywhere near the lawmaking process


36 posted on 03/30/2010 5:42:47 AM PDT by mapmaker77
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To: Scanian
He expects corporate America to swallow health-care reform without a peep of protest -- and, apparently, without revealing new costs to shareholders or the Securities and Exchange Commission.

Mo. Ron.

37 posted on 03/30/2010 5:44:56 AM PDT by Wyatt's Torch (I can explain it to you. I can't understand it for you.)
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To: RightOnline

Sewer rat Waxman and his ilk are so anti-corporation, they don’t even bother to understand the rules that those corporations have to follow in order to conduct business...like disclosure! Let him call for Congressional hearings, that’s ALL HE HAS DONE FOR THIRTY YEARS! Can’t wait for them to be televised. What an idiot.


38 posted on 03/30/2010 5:45:05 AM PDT by SueRae
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To: Scanian
The corporations should throw that rat faced SOB a piece of cheese and tell him the STFU.
39 posted on 03/30/2010 5:47:24 AM PDT by Americanexpat
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To: Rocko
Henry "The Nose" Waxman or brother of the Phantom?
40 posted on 03/30/2010 6:27:52 AM PDT by Jack Hydrazine
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To: Scanian

When will General Motors properly disclose their share of these costs?

Are they exempt from the taxation and additional costs?

Stockholders want to know!


41 posted on 03/30/2010 6:33:16 AM PDT by LachlanMinnesota
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To: mapmaker77

Absolutely the best triple post I have ever witnessed here
on FR.


42 posted on 03/30/2010 7:21:12 AM PDT by hyperconservative (Og Mandino for Education Secretary!)
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To: Scanian

You know, obamma is starting to act more and more like chavez, his buddy! Where will this country be in 3 years?


43 posted on 03/30/2010 7:23:46 AM PDT by rawhide
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To: wolfcreek
I love this part:

The government provided this subsidy to help offset the financial burden of offering prescription drug benefits to retirees and with the goal that retirees would be less likely to rely on the Medicare Part D program

So the government is giving money away to avoid giving money away? That makes a lot of sense.

44 posted on 03/30/2010 7:30:33 AM PDT by Disambiguator (Progressivism, Socialism, Marxism, Communism - it's all shades of black.)
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To: GlockThe Vote

One
Big
A$$
Mistake
America!


45 posted on 03/30/2010 7:39:38 AM PDT by ilovesarah2012
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To: Scanian

Hey Waxman, have you ever heard of Sarbanes-Oxley you DUMBASS! You know, the law that YOU HELPED PASS that REQUIRES CEO’s to IMMEDIATELY disclose anything that is going to negatively affect earnings or financial condition of the company?


46 posted on 03/30/2010 8:14:03 AM PDT by VRWCmember (Give them 2.54 cm and they'll take 1.61 km.)
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To: ilovesarah2012
Well put!

That "rushing" sound you hear is former employers fleeing Obamastan!

47 posted on 03/30/2010 8:14:28 AM PDT by GWConservative (It's 11:12 a.m. in DC. Do you know where your Congress-critter is?)
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To: Scanian

Apparently somebody at these companies has actually read the bill even if idiots like Waxman still haven’t.


48 posted on 03/30/2010 8:14:41 AM PDT by VRWCmember (Give them 2.54 cm and they'll take 1.61 km.)
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To: VRWCmember

Hopefully, some of these attending CEOs will have the man dangles to conrfront Waxman on Sarbanes-Oxley.......


49 posted on 03/30/2010 9:02:43 AM PDT by cranked
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To: Scanian
I can't stand Waxman, but where were these companies before this bill was voted into law? They just found out about this now?
50 posted on 03/30/2010 9:06:51 AM PDT by Major Matt Mason (ClimateScandal.org)
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