Waxman Realizes Blunder; Canceles Meeting With CEOs

Wow Waxman; you don't even know the rules that you put into place? I wonder what you would do if you had to actually follow all of the rules you put into place for the rest of us to follow? I do believe you would go as mad as the rest of us have become. I do find it interesting that you, and the rest of Congress, have made yourselves exempt from this legislation. Why?

clipped from www.wral.com The cancellation came after they realized what everyone already knew - that the companies were required to do what they did because of accounting rules. Waxman and others had reacted with outrage and accused the companies of doing it - in essence, to make health care reform look bad. The Democratic memo cancelling the hearing notes, "These one-time charges were required by applicable accounting rules. Under Generally Accepted Accounting Principles as determined by the FASB, companies are required to take a noncash charge against current earnings to recognize a tax liability for the estimated future tax effects of a new law." The Chairman of the Senate Finance Committee apparently knows less about the health care bill that he helped author than the executives who are now faced with tax penalties built into the legislation.  Waxman's ignorance, coupled with Pelosi's arrogance and Obama's corrupting influence, suggests more surprises are ahead for taxpayers as Obamacare is phased into law.