A Democratic senator I can't name, who reluctantly voted for the health-care bill out of loyalty to his party and his admiration for Barack Obama, privately complained to me that the measure was political folly, in part because of the way it goes into effect: some taxes first, most benefits later, and rate hikes by insurance companies in between.You know that if it was a Republican voting for a bill as unpopular as Obamacare his name would have been all over the piece. Why is Howard Fineman hiding this coward?
And speaking of folly, how will this play with the folks in Obama's home state (Illinois, not Hawaii, Kenya or Indonesia):
Illinois Tool Works Inc. (NYSE: ITW) today announced that as a result of certain provisions in the recently enacted Patient Protection and Affordable Health Care program, future Medicare prescription drug subsidies received by the Company for retiree prescription drug coverage will now be taxable. As a result, the Company expects to record a discrete tax adjustment of $22 million, or 4 cents of diluted income per share from continuing operations, in its 2010 first quarter results to reflect this change in tax treatment. This discrete tax adjustment was not included in the Company's March 15, 2010 revised earnings forecast.The hits just keep on coming.
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