Sunday, March 28, 2010

Henry Waxman Summons Executives

Once again the Democrat party is out to silence dissent.  A few days after the passage of Obamacare, several major US corporations released statements that tax provisions in the new law would make it difficult for companies to continue to provide prescription coverage to retirees.  Under former President George W. Bush's passage of Medicare Prescription Drug coverage, the government gave tax breaks to companies that continued to provide coverage for retirees.  Those tax breaks have been eliminated under the new bill.

So far, AT&T, Verizon, Caterpillar, Deere, Valero Energy, AK Steel and 3M have announced that the new tax provision will make it far more expensive to continue providing prescription benefits to retirees.  They have said that in the future they may have to reduce or even cancel the benefit.  AT&T announced that they will be taking a charge of $1 billion (that is billion with a b) against earnings because of the provision.  That does not sit well with House Energy and Commerce Committee Chairman Henry "Bat Boy" Waxman.

Waxman has sent letters to company executives calling them to Washington to defend their assessment that the legislation will cost them millions.  He is also demanding any internal documents related to health care finances, including their analysis of the new legislation.  The letter states, “The new law is designed to expand coverage and bring down costs, so your assertions are a matter of concern...They also appear to conflict with independent analyses.”

So let this be a lesson to you, America.  Release any news that in any way contradicts legislation passed by the politburo and you will be summoned to appear before them. 
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  1. This just sucks. It isn't surprising, but it sucks. I'd still really appreciate it if someone would explain to me where all the money is going to come from.

  2. don't you believe them when they say it will reduce the deficit? me neither



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