Bush Acts to Reward Companies Who Cut off Seniors' Drug Coverage
Late last year, President Bush promised retirees that "if there's a Medicare reform bill signed by me, corporations have no intention to dump retirees [from their existing drug coverage]...What we're talking about is trust."1 The White House and its congressional allies backed up Bush's assertion by claiming the bill included a special tax subsidy to "encourage employers' to retain prescription-drug coverage" for their retirees' and not to cut them off.2
But just three months after Bush's pledge, the Wall Street Journal now reports that the White House quietly added "a little-noticed provision" to the bill that allows companies to severely reduce - or almost completely terminate - their retirees' drug coverage "without losing out on the new subsidy."3 In other words, the president did not just break his promise to sign a bill that prevents seniors from losing their existing drug coverage. He actually acted to reward companies who cut off their retirees with a lavish new tax break.
The provision was no mere oversight by the president. The major backers of the provision were Lucent Technologies, General Motors, Dow Chemical and SBC Communications - all major campaign contributors to the president. According to the non-partisan Center for Responsive Politics, executives from those companies have donated almost $140,000 in hard money and $2.5 million in soft money to Bush and his party since 2000.
Lucent hard money contributions to Bush since 2000: $14,4154
Lucent soft money contributions to RNC since 2000: $27,0005
Dow hard money contributions to Bush since 2000: $23,2006
Dow soft money contributions to RNC since 2000: $631,3547
GM hard money contributions to Bush since 2000: $92,0508
GM soft money contributions to RNC since 2000: $95,2609
SBC hard money contributions to Bush since 2000: $9,45010
SBC soft money contributions to RNC since 2000: $1,762,20611
http://www.misleader.org/daily_misle...f01082004.html
This is what I've been talking about Bush says one thing... and then sells out to his big donors.
Tax breaks that are supposed to keep corporations from dropping prescription coverage for their senior employees... mysteriously now do the opposite... they can get the tax credit and still drop the coverage.
But just three months after Bush's pledge, the Wall Street Journal now reports that the White House quietly added "a little-noticed provision" to the bill that allows companies to severely reduce - or almost completely terminate - their retirees' drug coverage "without losing out on the new subsidy."3 In other words, the president did not just break his promise to sign a bill that prevents seniors from losing their existing drug coverage. He actually acted to reward companies who cut off their retirees with a lavish new tax break.
The provision was no mere oversight by the president. The major backers of the provision were Lucent Technologies, General Motors, Dow Chemical and SBC Communications - all major campaign contributors to the president. According to the non-partisan Center for Responsive Politics, executives from those companies have donated almost $140,000 in hard money and $2.5 million in soft money to Bush and his party since 2000.
Lucent hard money contributions to Bush since 2000: $14,4154
Lucent soft money contributions to RNC since 2000: $27,0005
Dow hard money contributions to Bush since 2000: $23,2006
Dow soft money contributions to RNC since 2000: $631,3547
GM hard money contributions to Bush since 2000: $92,0508
GM soft money contributions to RNC since 2000: $95,2609
SBC hard money contributions to Bush since 2000: $9,45010
SBC soft money contributions to RNC since 2000: $1,762,20611
http://www.misleader.org/daily_misle...f01082004.html
This is what I've been talking about Bush says one thing... and then sells out to his big donors.
Tax breaks that are supposed to keep corporations from dropping prescription coverage for their senior employees... mysteriously now do the opposite... they can get the tax credit and still drop the coverage.
Comments
"Big corporations need a tax break... they deserve it for keeping those old fogies employed in the first place."
You know -- SCLM!
Originally posted by Northgate
Actually, I predict one of our favorite winger's to say, "It's all LIES!"
You know -- SCLM!
Actually I've noticed that they haven't been too vocal lately. The sh@t is starting to hit the fan on many fronts. I think they were planning on it being long gone before the election year started.
They might be able to impress themselves into thinking " It's all lies! " but I don't think the voters will be impressed in a similar fashion.
Originally posted by chu_bakka
GM hard money contributions to Bush since 2000: $92,0508
GM soft money contributions to RNC since 2000: $95,2609
Tax breaks that are supposed to keep corporations from dropping prescription coverage for their senior employees... mysteriously now do the opposite... they can get the tax credit and still drop the coverage.
Sick Sick Sick!!!!!!!!!
I had dinner with my neighbors out for steaks and one set is retired from GM. They get great coverage and he was worried this would happen!!!
This is bad politics.
Fellowship
Originally posted by Scott
Vote for Dean. 4 more years
Great. So four more years of destruction. I can't wait.
Originally posted by ast3r3x
I say change the constitution and get Clinton in there for another 8!
We don't need to change the constitution to get four more years of a Clinton....