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As companies large and small begin analyzing the impact of the recently enacted (2,400 page) healthcare bill, Congress is stirring up controversy with mixed signals to the business community on how the IRS will be enforcing compliance and putting pressure on large corporations who have announced negative earnings impact from the bill.
Read these interesting pieces form the Wall Street Journal:
The Tax Police – IRS’s Role in Monitoring Healthcare: http://online.wsj.com/article/SB10001424052702304370304575152181030785348.html?mod=WSJ_newsreel_opinion
Corporate Impact and Barney Frank’s Pressure:
The following was recently posted by House Minority Leader John Boehner (R-Ohio) http://www.johnboehner.house.gov/blog/?postid=179018
Silence! DemsTrying to Bully Employers on ObamaCare’s Job-Killing Impact
Posted by Press Office on March 30, 2010 Washington Democrats want the nation’s employers to think twice about alerting their workers, customers, shareholders, and the publicat large to the financial impact of President Obama’s new health care law, whether it’s AT&T ($1 billion), Deere & Co. ($150 million), Caterpillar ($100 million), 3M ($90 million), AK Steel ($31 milllion), and Valero Energy (up to $20 million.) The White House blog has been used to question the credibility of these statements. A Cabinet secretary called these public disclosures “irresponsible.” House Energy and Commerce Committee Chairman Henry Waxman (D-CA) wants to hold hearings and issue subpoenas. These scare tactics are not surprising. Last fall, the Obama Administration issued a gag order designed to keep seniors in the dark about ObamaCare’s massive Medicare cuts. America’s workers have a right to know how this new law will affect them. As do the millions of retirees who may lose their drug benefits. As do the customers who may have to pay higher prices to cover these losses. As do the small businesses who rely on these companies for telecommunications (AT&T), office supplies (3M), gasoline (Valero), and equipment (Caterpillar, John Deere)? These are the very valid questions House Republicans are discussing with their constituents this week while Democrats are attacking companies having a hard enough time trying to survive this recession without Washington getting in the way.
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Posts Tagged ‘Cadillac Tax’
Healthcare Costs, The Tax Police (IRS), And Congressional Pressure to Silence Critics.
Tuesday, March 30th, 2010Tags: at&t healthcare, Barney Frank Healthcare, Cadillac Tax, california healthcare costs, Health costs, healthcare tax, obamacare
Posted in Healthcare, Politics, Tax - General, Tax - State & Federal Hiring and Equipment Credits | 1 Comment »
Obama Updates His Healthcare Plan – Third Time’s The Charm?
Monday, February 22nd, 2010$950 billion over 10 years, imposition of excise tax on “Cadillac” medical plans (excluding dental and optical), and expanded Social Security taxes on wages, rent and interest income (yes you heard right) for taxpayer making more than $200,000 (single) or $250,000 (joint).
Read the Heritage Foundation’s summary of the major tax provision:
http://blog.heritage.org/2010/02/23/obama%E2%80%99s-health-plan-has-dangerous-new-taxes/
In preparation for the bi-partisan healthcare conference later this week, President Obama released his revised healthcare proposal, which incorporates portions of both the Senate and House versions passed late last year.
With the recent pick up of a key seat in the Senate (Scott Brown- – MA) by the GOP, the Democrats are scrambling to either win over some Republican votes – or resort to the nuclear option of Reconciliation.
The following link from WSJ summarizes the key points of the latest $950 billion proposal:
http://online.wsj.com/public/resources/documents/WHhealth20100222.pdf
The Democrats are threatening the use of the ”Reconciliation” procedure to avoid additional House and Senate debate and votes. Read about the history and the Reconciliation procedures:
http://www.rules.house.gov/archives/bud_rec_proc.htm
As reflected in the attached articles, there are a number of hurdles to overcome for the two parties to get beyond the current impasse and President Obama’s legacy and the mid-term elections hang in the balance.
Obama’s weekend healthcare video laying out Thurday Summit’s objectives:
http://www.youtube.com/watch?v=g9NMc3gOBr8
Feb. 22, 2010 Washington Post (Blog) – Obama is the Real Obstructionist:
http://voices.washingtonpost.com/postpartisan/2010/02/obama_is_the_real_obstructioni.html
From the U.K. side of the Pond – President Obama Doubles Down on Healthcare:
http://www.ft.com/cms/s/0/586131b2-1fdf-11df-8deb-00144feab49a.html?ftcamp=rss
Tags: Cadillac Tax, Obama Healthcare Proposals, Public Option, Reconciliation, Tax Increase; Social Security Tax Increase
Posted in Finance/ Retirement, General Business Matters, Healthcare, Politics, Tax - General | No Comments »
