Wednesday, March 31, 2010

Caterpillar Wants Caterpillar Profits Boost Reform

I heard on NPR this morning that the billionaires who run Caterpillar are complaining that the health care reform law that just passed will cost them $100 million - and they say they may have to cut retiree benefits!

Oh no! We better repeal that law now!

Hold on a sec. Let's take a look at this:

• Caterpillar has been getting free money from the government - from us - to pay for prescription drugs:

When Congress and President George W. Bush enacted a prescription drug plan for seniors in 2003, the legislation encouraged companies to continue providing prescription coverage to retirees, instead of shifting retirees to Medicare Part D, by having the government give those companies large subsidies for each retiree — and also allowing them to deduct those subsidies from their income taxes.

• Caterpillar got free money - and they got to deduct that money from their taxes - costing us even more money.

• The health care reform law says, "That's stupid," and now Caterpillar and other companies will still get the free money, but they don't get to deduct it from their taxes anymore.

• For that Caterpillar is threatening to cut retiree drug benefits altogether.

• Hey Caterpillar: F*ck You.


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