RED ALERT: Iowa’s Largest Manufacturing Employer Smacked by Obamacare

Company Takes $150 Million Hit Thanks to New Taxes

“Deere & Company, Iowa’s largest manufacturing employer, said in a statement this morning that the recently-passed health care legislation will cost the company $150 million after tax this year.”

“[Spokesman Ken] Golden said Deere and other companies warned congress in a letter last December that the imposition of a tax on the prescription costs would force publicly-traded corporations like Deere to publicly account for the extra costs.”

“Deere employs about 12,000 workers in plants at Waterloo, Ankeny, Ottumwa, Davenport and Dubuque and at its credit operations in Johnston.”

(Dan Piller, “Deere Says Health Care Bill Will Cost it $150 Million,” Des Moines Register blog, 3/25/10)

By Code Red