Caterpillar: Health care bill would cost it $100M in the first year alone

[OnePimpTiger]

Caterpillar: Health care bill would cost it $100M

Caterpillar Inc. said the health-care overhaul legislation being considered by the U.S. House of Representatives would increase the company's health-care costs by more than $100 million in the first year alone.

In a letter Thursday to House Speaker Nancy Pelosi (D-Calif.) and House Republican Leader John Boehner of Ohio, Caterpillar urged lawmakers to vote against the plan "because of the substantial cost burdens it would place on our shareholders, employees and retirees."

Caterpillar, the world's largest construction machinery manufacturer by sales, said it's particularly opposed to provisions in the bill that would expand Medicare taxes and mandate insurance coverage. The legislation would require nearly all companies to provide health insurance for their employees or face large fines.

The Peoria-based company said these provisions would increase its insurance costs by at least 20 percent, or more than $100 million, just in the first year of the health-care overhaul program.

At a time when unemployment is over 10%, let's raise the cost of business for just one company by $100 million...that should help employment, right?

[pr0phet]

I would love to hear how much in tax cuts they are actually getting. They are just posting the costs to them and not the tax breaks provided for those who provide insurance