Repeal This Health Care Bill!
by Norman Adams on March 30, 2010 at 9:08 PM
There is quite a bit of pessimism among conservatives about the prospects of repealing the monstrosity that is Obamacare. Some are ready to declare this battle lost and work on preventing more catastrophes from President Obama and the Democratic Congress (e.g., Cap and Trade, Employee Free Choice Act, Freedom of Choice Act, etc.).
Folks, some tasks are too important not to attempt. The fallout from this legislation is just now becoming clear. Look at the list of corporations now coming out to declare what Obamacare will do to them:
3M will be taking a one-time non-cash charge to 3M's earnings in the first quarter of 2010 of about $85 to $90 million after tax, which is about 12 cents per share.
AT&T(T) said in an SEC filing that it intends to take a non-cash charge of about $1 billion in the first quarter of 2010 to reflect the impact of a change in the tax treatment of the Medicare Part D subsidy under the health care reform law.
AK Steel(AKS) has said that it will record a non-cash charge of about $31 million in the first quarter of 2010 resulting from the new health care law. The charge is due to a reduction in the value of the company's deferred tax asset as a result of a change to the tax treatment of Medicare Part D reimbursements.
Medical technology company Medtronic(MDT) said the company "supports patient access to affordable, quality health coverage and the health care bill takes our country in this direction. We helped to form several elements of this legislation, but there is no doubt it will have an impact on our business." "The impact of the tax, we estimate, will be roughly $150 million to $200 million on Medtronic annually beginning in 2013[.]"
Verizon(VZ) has also warned of the side effects of the new health care reform law. 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, according to The Wall Street Journal.
On March 23, industrial equipment manufacturer Caterpillar(CAT) 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.
Agricultural equipment maker Deere announced Thursday that the legislation will "adversely impact" the company's expenses for fiscal 2010. 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.
Could this legislation have come at a worse time? It must be repealed. As difficult at that seems, we have no choice. I think of the men who came through D-Day and the Ardennes. None of them wanted to be there. All of them wanted to go home. But they knew that the way home went through Berlin, not around it. In 1942, the Allied High Command had no idea how it would retake Western Europe, but they knew it had to be done. We cannot compromise with Obamacare. It must be turned back and repealed. America hangs in the balance. How do we repeal it? We start by throwing out every man and woman in Texas who voted for this beast. Here they are! Get to work!