GOP Tax Cut a Bonanza for Big Pharma

Read more on this subject: TAXES: Federal
Opinion Column by Stephen Lendman
GOP Tax Cut a Bonanza for Big Pharma

by Stephen Lendman (stephenlendman.org – Home – Stephen Lendman)

According to Americans for Tax Fairness (ATF), "(t)he Pharma Big 10 owe an estimated $133 billion on their $506 billion in offshore profits if they are repatriated to the US at the 35% rate (virtually no US corporate giants pay) less credit for foreign taxes paid."

House and Senate bills on these profits would cut their tax liability "to 14% in the House and to 14.5% in the Senate (rates…based on cash assets…much lower if based on non-cash assets such as plants and equipment)," said ATF.

The Pharma giants would pay an "estimated $55 billion in taxes," saving $80 billion based on the current 35% corporate rate.

They'll be one of the largest beneficiaries of the great GOP tax heist. For years, they've been price-gouging US consumers, forcing them to pay double or more the amount charged people in other
Read More or Make a Comment

Bookmark the permalink.

Leave a Reply