New York (CNNMoney.com) – A growing number of major U.S. corporations are expecting to take tax charges in the first quarter related to the recently enacted health care reform law.
But while some companies are fretting about the charges, defenders of the law say the new rules merely close a loophole that allowed a double-dip benefit.
On Wednesday, Boeing became the latest company to disclose that the law, which was signed by President Obama last week, will negatively impact its financial results.
The aeronautics company expects to take an income tax charge of roughly $150 million, or 20 cents per share, in the first quarter of 2010 as a result of the law.
Socialized medicine will negatively impact a company's financial results? Whaaaaaaat?
My company will pay more because of tax charge and Health Care Law which is just signed. We employees will get less for our benefits and bonus. Obama is a liar who said HIS health care law will not have any negative impact on middle class. He is the biggest liar in history!
The only people complaining are rich, old, white men. Boo Hoo-the government is taking away my tax loop holes. Boo Hoo.
Let us take this with a grain of salt. Corporate accounting is more of a magical act than it is a reflection of the corporation's expenditures and income. We will see a series of announcements by corporations that, fearful of the wrath of stockholders, wish to blame their poor performance on the Worldwide Socialist Conspiracy to Overthrow Capitalism. Maybe they are telling the truth. Maybe they are not. There is no way to tell, actually.
We just have to play the odds. What are the odds that a global corporation is telling the truth? Think about that and you'll see why I tend to disbelieve.
Yes, AT&T will write off a billion to cover the TAX CREDITS they have been getting to "subsidize" retirement benefits.
1. The quarterly profit is now ONLY 2 BILLION instead of 3 BILLION.
2. Why, since 2003 has the American tax payers been subsidizing these huge companies??
Any tax credit AT&T posted since 2003 had "profits" footed by the taxpayers. If IRS did not take in that 1 billion due to the tax credit, that means when the defense plan needed 1 billion(that you war-mongers insisted we use in your "christian crusades"), there was nothing in the Treasury because all you Reds care about are the AT&T SHAREHOLDERS not the American working class!
Just the beginning.. thanks libs