Congressman Peter Roskam released the following statement today following the John Deere company's announcement that the new healthcare legislation signed by President Obama this week will increase their taxes by $150 million in the first year, after Caterpillar announced it would cost them $100 million in their first year:
"It's been 48 hours since the Democrats' partisan health bill was signed into law, and the American public, which overwhelmingly opposed it, is already hearing news that confirms what they knew would happen all along: the legislation will increase costs and taxes for businesses and individuals. When two pillars of the Illinois business community, Caterpillar and John Deere, are forced to pay hundreds of millions of dollars in new costs for next year alone thanks to the health bill, it sends an ominous message about Illinois' economic future.
My home state already suffers from 11% unemployment, and the state can ill afford more job loss, much less the increased burden of complicated regulation and new taxes on its businesses. Unfortunately, and despite consistent and massive public opposition to it, this bill is now law. John Deere will not be the last company to announce crushing new costs as a result of this health care takeover."