UPDATE 1-Boeing to take charge for healthcare reform
* Boeing to take $150 mln charge
* Charge must be taken when period legislation was enacted
* Wall St expected Boeing to earn 86 cents/share in Q1
CHICAGO, March 31 (Reuters) - Boeing Co (BA.N) on Wednesday said it would take an income tax charge of about $150 million, or 20 cents per share, against first-quarter results due to recently enacted U.S. healthcare reform.
Starting in 2013, Boeing will no longer be able to claim an income tax deduction related to prescription drug benefits provided to retirees and reimbursed under Medicare, the company said.
Although the change does not take effect until 2013, accounting rules require that the charge be taken in the period the legislation was enacted.
Boeing said the impact of the change was not factored into the company's previous forecasts.
Boeing has been expected to earn 86 cents per share in the first quarter, according to Thomson Reuters I/B/E/S. (Reporting by Kyle Peterson, editing by Gerald E. McCormick)
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Ramming a healthcare bill the American people clearly did not want into law is certainly reason enough to REMEMBER IN NOVEMBER…VOTE THEM OUT!!!
However, we the American people must remember the PROCESS that was used to ram it into law against our will. To pass this law, the Congress and Administration had to use countless, secret back room deal that rewarded the constituents of one Congressmen to buy his vote while the rest of the American people paid for it. The Administration and Congress used every legislative trick they could find to ram this bill into law against the will of the American people. The American people demanded TRANSPARENCY and BI-PARTISANSHIP instead we got SECRECY and complete PARTISANSHIP. The PROCESS used to ram this bill into law is a complete affront to our system of government. The American people cannot stand by and let this Congress and this Administration destroy our system of government because they think the process does not matter. This abusive process should scare us all and that is why we must REMEMBER IN NOVEMBER…VOTE THEM OUT!!! The time has come to take our government back.
Congress and this Administration have put the country on a course of reckless government spending that has mortgaged the future of all Americans especially future generations. The only way to fix this long term structural problem is to create a pro-growth atmosphere for business. To do this we must reduce taxes NOW. How many different taxes does a business or individual pay on a regular basis? We must eliminate number and complexity of all these taxes and reduce the tax burden. REMEMBER IN NOVEMBER…VOTE THEM OUT!!!
We also need to eliminate much of the complexity of government regulation. How many different regulations does a business have to try to comply with? How many forms does a business fill out to comply with government regulations? All of that effort has a cost and the cost is very high. That inhibits growth and jobs. REMEMBER IN NOVEMBER…VOTE THEM OUT!!!
How many government programs to help the poor and others are so riddled with paperwork and regulation that much of the money spent on them actually goes to pay for the paperwork and regulations. We need to greatly reduce the number and complexity of government programs and eliminate the ineffective ones. REMEMBER IN NOVEMBER…VOTE THEM OUT!!!
Most of all we need to eliminate the dirty backroom politics and deal making. A law should be for one purpose without unrelated “pork” included to buy votes in the Congress. All bills and meetings should be held and debated with complete transparency. REMEMBER IN NOVEMBER…VOTE THEM OUT!!!
Obama does not think the American people are competent enough to manage their own affairs so he wants government to do it for us. REMEMBER IN NOVEMBER…VOTE THEM OUT!!!
We are witnessing the greatest intrusion into the private lives of individuals and business in history. It is time to take our government and Country back. REMEMBER IN NOVEMBER…VOTE THEM OUT!!!
REMEMBER IN NOVEMBER…VOTE THEM OUT!!!
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