DEERE SAYS NEW HEALTH CARE REFORM LAW WILL INCREASE 2010 EXPENSE BY $150 MILLION AFTER-TAXBut wait, I thought health care costs were going to go down?
MOLINE, Illinois (March 25, 2010) — Deere & Company announced today that the Patient Protection and Affordable Care Act signed into law this week will adversely impact its expenses for fiscal 2010. As a result of the legislation, the company's expenses are expected to be about $150 million higher on an after-tax basis, primarily in the second quarter. This impact was not included in the 2010 outlook for net income attributable to Deere & Company of approximately $1.3 billion disclosed in the company's first-quarter earnings report on February 17th.
Thursday, March 25, 2010
Obamacare Gets a John Deere Letter
American manufacturers of heavy equipment are getting pounded by the new requirements in Obamacare. First Caterpillar reported the impact on it, and now John Deere:
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Perhaps the collection of taxes for the 'new health care' on top of the cost of current health care for employees is a bit much?
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