Tractor Related

Learned today that the new socialist health care program will cost Deere and Cat each a cool hundred million the first year alone.

Our anti-capitalist gooberment thinks its great to make the big corps pay when in reality the cost is added to the sticker price of the tractor. The farmer ends up paying for it just as we've paid for the demands of unions all these years. On top of that, say goodbye to even more jobs as companies try to cut these costs.

Liberals will never understand- the end used (us) pays ALL the costs of doing business, including the taxes on the corporations. It's no different than taxing us directly, it just sounds better to the idiots that don't know any better.

Those costs are directly related to the people that they don't cover with health insurance.
Why does this big corporation not have a percentage of their employees covered and how did these people get health care?
There's your way to look at it, but these people might be getting it from the emergency room or welfare which we're already paying for.

Sorry, but you are wrong. Read how Deere and CAt explained it.

toolz, oh they understand it okay they just don't think you do.

actually there are taxes and other costs. some companies will face up to 3 billion in costs. If a company pays for better than minimum care benifits, the excess benifits package now become taxable at 40%.

this new wonderful legislation could make a company drop it benifits down to the minimum.. so lots of employees will see a cut or the companies will have to pay the taxes.

Its actually cheaper now to not pay the benifits and just pay the penalty per employee.

Wow... what an wonderful ideal.. congress passes a law that destroy american business.

Look up the facts. The $100 million well result because the Government had been subsidizing the retiree's medical drug coverage all these years.
They did this to keep the cost off medicade.
Deere will now pay, or not, the full cost. Deere's profit for 2010 was $1.3 Billion. If I read this correctly we the tax payers had been paying for this. Deere will probably add the cost to the product and we will continue to pay just as we always have. Go to google put in Deere and tax. Always check it out for yourself.

Anyone know how this new mess applies to self-employed? We've been self-insured for years now. It's kind of precarious, but it works. Am I going to have to start paying through the nose for health care I have not been using and have not been needing and probably won't be using?

Christopher

I feel so bad for the corporations, the way I read this is a loop hole was closed that the coporations were s@cking off the gov's hind t@@t for prescription drugs for retirees.



$150 million cost tied to health law, Deere says

By DAN PILLER • [email protected] • March 26, 2010

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Buzz up!Twitter FarkIt Type Size A A A Deere & Co., Iowa's largest manufacturing employer, said Thursday that the new health care law will cost it $150 million after taxes this year.

Deere, Caterpillar and others have warned that a new tax on retiree drug coverage "would negatively impact both retirees and companies."

White House spokesman Robert Gibbs, traveling with President Barack external_link on Thursday in Iowa City, said the law "closes a loophole that was created in the Medicare Part D prescription drug benefit."




The health care bill imposes a tax on subsidies corporations receive on 28 percent of their retiree prescription costs under a 2003 Medicare bill.

"The 2003 legislation encouraged companies to stay in the game and continue to fund their retirees' prescriptions," Deere spokesman Ken Golden said. "Otherwise, the retirees would go onto the Medicare prescription program, which would cost the government more money."

Golden said the charge to second-quarter earnings would be taken as a one-time cost. The impact of the legislation had not been included in its forecast for a profit of $1.3 billion for this year.

Deere's stock dropped 29 cents per share to $60.20 Thursday on the New York Stock Exchange.

Another employer in Iowa, Valero Energy of San Antonio, will take a $15 million to $20 million charge to second-quarter earnings for the same reason, Valero spokesman Bill Day said Thursday.

Valero owns ethanol refineries at Albert City, Charles City, Fort Dodge and Hartley.

This week, Caterpillar of Peoria, Ill., said it would take a $100 million charge to second-quarter earnings to cover the new tax.

In its filing with the U.S. Securities and Exchange Commission, Caterpillar referred to the health care law as a "tax increase."

"Although this tax increase does not take effect until 2011, Caterpillar is required to recognize the full accounting impact in its financial statements in the period in which the act is signed," the filing said.

Deere, Caterpillar, Verizon and other big employers had protested the proposed tax in a letter to Senate Majority Leader Harry Reid, D-Nev., and House Speaker Nancy Pelosi, D-Calif., on Dec. 11.

"The change would make the 28 percent subsidy taxable to employers, effectively reducing the value of the subsidy," the letter said.

"Taxing the subsidy means that more companies will eliminate or reduce the coverage and more retirees will shift to Medicare Part D, which will create more cost for both the government and retirees," the letter said.

The letter also was signed by Boeing, Con-Way, Exelon, Met Life, Navistar, Public Service Enterprise Group and Xerox.

Golden said the fact that external_link traveled to Iowa City on Thursday to discuss the health care law "was not a factor in the timing of the announcement."

just like harry reid saying Bush's tax cuts were never paid for. hey it was MY MONEY in the first place. harry reid or princess nancy didn't earn it or work for it i did so how do they think tax cut wasn't paid for G. Bush let rightful owners keep the money those that earned it.

yeah, deer made over a billion in net profit last year...lettem pay for scripts like the rest of us..


so the conservatives are worried about this cost? funny while bush was racking up 100s of billions in debt fighting terrorism? no comments from the right....6 billion alone lost 'training' afghans police officers...nothing to show for that...

the list goes on and on

for my money, I'll take the new health bill over an imperialistic dynasty that was washington for 8 years, hundreds of thousands of dead 'collateral damage' brother and sisters overseas...billions of uncountable tax dollars wasted by cheny and his buddies..(oh we know where it is)

so put a sock in it...the health bill is here to stay.

You are one sick SOB. Why don't you move to another country and let ours get back to normal. You certainly aren't a farmer,AZZhole.

Like someone else said, If you think medical insurance is high now, wait until it's free!!

Hey disgusted- notice this whack-job's handle? He's a Communist thru and thru.