U.S. Rep. Gary Peters' 'Yea' Vote on Obamacare: An Overdose of Job Killing Taxes & Costs

ObamaCare Flatlines: An Overdose of Job Killing Taxes and Costs
April 01, 2010

Since our initial ObamaCare Flatlines on Monday, several more U.S. employers have come out against President Obama’s government takeover of health care that will destroy American jobs and stifle our economy. Our nation's hard-working employers are already experiencing the real-life impact of ObamaCare’s job-killing tax hikes and health care costs on their businesses.

$150,000,000 CHARGE: Boeing: “Boeing Co. will take a charge of $150 million due to the recent health care overhaul legislation, the aircraft maker said Wednesday. The charge will hurt earnings by 20 cents per share in the first quarter of 2010. In 2013 Boeing will no longer be able to claim an income tax deduction related to certain prescription drug benefits for retirees. Accounting rules require that the company take the charge during the period the legislation is enacted.” (The Washington Post, Boeing to Take Charge on Health Care Reform, 3/31/10)

ANOTHER BURDEN: Minnesota Small Business Owners: “Some business owners, like Joe Meese, aren't sure that's going to change. Meese runs Prescription Specialties Pharmacy in east Duluth. He has three employees, without health insurance. ‘We haven't been able to afford it,’ he said. ‘In small business, it's going to be another burden which [has] got to come from somewhere, and consumers will end up paying for it in the end.’” (Minnesota Public Radio, Small Businesses Wary of Health Care Reform Law, 3/30/10)

EARNINGS DOWN: Goodrich: “Aerospace supplier Goodrich Corp. on Wednesday became the latest large company to announce an earnings hit due to the recently passed health care reform legislation. The Charlotte company said it will incur a one-time charge of about $10 million, or 8 cents per share, in the first quarter. Companies have said the tax increase could significantly raise government health care costs because companies may drop their retiree coverage.” (Bloomberg, Goodrich Sees Health Reform Tax Charge of $10M, 3/31/10)

TAXABLE COVERAGE: Illinois Tool Works: “Illinois Tool Works Inc. today announced that as a result of certain provisions in the recently enacted Patient Protection and Affordable Health Care program, future Medicare prescription drug subsidies received by the Company for retiree prescription drug coverage will now be taxable. As a result, the Company expects to record a discrete tax adjustment of $22 million, or 4 cents of diluted income per share from continuing operations, in its 2010 first quarter results to reflect this change in tax treatment.” (PR Newswire, ITW Announces a Revision to First Quarter 2010 Earnings Forecast Due to Recently Enacted Health Care Legislation, 3/30/10)

http://www.gop.gov/blog/10/04/01/obamacare-flatlines-an-overdose-of