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Caterpillar: Health care bill would cost it $100M

Posted By admin On March 19, 2010 @ 7:03 am In World News | Comments Disabled

Dow Jones Newswires [1]
Friday, March 19, 2010Caterpillar Inc. said the health-care overhaul legislation being considered by the U.S. House 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.”

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Caterpillar: Health care bill would cost it $100M 110310banner1 [2]

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.

Full story here. [1]

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URLs in this post:

[1] Dow Jones Newswires: http://www.chicagobreakingbusiness.com/2010/03/caterpillar-health-care-bill-would-cost-it-100m.html

[2] Image: http://infowars-shop.stores.yahoo.net/post4rioffe.html

[3] Critics React To Passage Of Health Care Bill: http://www.prisonplanet.com/critics-react-to-passage-of-health-care-bill.html

[4] NRF Calls Senate Health Care Bill Unwanted Gift, Says Passage Could Force Retail Job Losses: http://www.prisonplanet.com/nrf-calls-senate-health-care-bill-unwanted-gift-says-passage-could-force-retail-job-losses.html

[5] Health Care Bill Gives Obama Power to Appoint Government ‘Commissioner’ With Sweeping Power to Dictate Health Coverage: http://www.prisonplanet.com/health-care-bill-gives-obama-power-to-appoint-government-commissioner-with-sweeping-power-to-dictate-health-coverage.html

[6] Health Care Bill Could Face String of Legal Challenges: http://www.prisonplanet.com/health-care-bill-could-face-string-of-legal-challenges.html

[7] House Democrats pass health-care bill: http://www.prisonplanet.com/house-democrats-pass-health-care-bill.html

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