Health Care Bill Draining U.S. Based companies of Profits

Remember the scene President Obama standing in front of the camera's the day after he signed the new Health Care Bill into law, saying nobody pulled the plug on grannie, insurance rates did not sky rocket, the economy did not collapse. The President and his Democart cronnies are doing their best to put America to sleep that everything is going to be OK but it is not! We are begining to see the fall.

ATT $1 Billion write off.
Boeing, Caterpiller, Verizon, John Deere to write off $100- $150 Million each.
What does congress began to do: Call a hearing FOR April 21 bring the CEO's demonize big business, the only true job creators, and begin to tell them they are trying to scare the American People with unjustified fear tactics. Excuse me government, but if anyone of these companies did what you did with your vodoo economics, you would do everything in your power to have them thrown in jail.

CHICAGO, March 31, 2010 /PRNewswire via COMTEX/ -- Boeing (NYSE: BA) today announced that it expects to recognize an income tax charge of approximately $150 million as a result of the recently enacted Patient Protection and Affordable Care Act, as modified by the Health Care and Education Reconciliation Act. Beginning in 2013, Boeing will no longer be able to claim an income tax deduction related to prescription drug benefits provided to retirees and reimbursed under the Medicare Part D retiree drug subsidy. Although this tax increase does not take effect until 2013, accounting standards require that a deferred income tax asset be written down in the period legislation changing the tax law is enacted.
The charge is expected to reduce net earnings by approximately $150 million, or $0.20 per share, in the first quarter of 2010 as an increase to income tax expense and a reduction to the deferred income tax asset. Cash impacts of this charge will be realized over many years beginning in 2013.
This impact was not contemplated in the guidance issued by the company on January 27, 2010. Guidance will be updated when results for the first quarter are released.

AT&T said Friday it would record a $1 billion non-cash charge for the current quarter related to the new U.S. health care reform law, as lawmakers called on the company and three other large employers to testify about expected cost hikes.

AT&T's charge appeared to be the largest in a series of charges announced by U.S. companies this week. A House Energy and Commerce subcommittee said on Friday it will call on the chief executives of AT&T, Caterpillar, Verizon and John Deere to testify on April 21 about how the reform might adversely affect their ability to provide health insurance.
"The new law is designed to expand coverage and bring down costs, so your assertions are a matter of concern," the subcommittee said in the letters.
AT&T, whose annual revenue is expected to be $124.1 billion this year, said the charge is the result of a provision in the law related to the tax treatment of Medicare subsidies. As a result of the legislation, the company, which ended 2009 with 282,000 employees, said it will be evaluating prospective changes to the health care benefits it offers to employees at retirees.
Under the health care overhaul large ranks of retirees can no longer deduct from their taxes the subsidies paid by the federal government for retiree drug benefits.

Nobody was allowed to see the bill until it was too late. U.S. Companies are now discovering just how bad it is going to hurt!
Rate changes for insurance providers will not take effect until around January 1, 2011.
The American people need to say close to this and see how it unfolds and make sure you understand exactly what the latest socialist agenda is doing to fleece America!

DONT BE SLEEPING WHEN YOU SHOULD BE SHARPENING YOUR SWORD!

Michael Mack
An American