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FEDS LET BIG PHARMA LEGALLY LOOT AMERICAN TAXPAYERS
Lawrenceville, NJ (Dr Simone) – Big Pharma can merge with an Ireland-based pharmaceutical company and reduce their U.S. corporate tax rate from 35% to 7.7% in Ireland, the second lowest tax rate in the world. This is an easy legal tax evasion of their fair share of taxes. They call it tax inversion, a term they hope most Americans won’t fully understand and therefore ignore the news clip.
Big Pharma can dodge paying their fair share of taxes but they still want and get American tax dollars for:
Tax free health insurance premiums to both employees and employers – American taxpayers subsidize this.
Substantial revenue from purchases made by Medicare, Medicaid, and the Veterans Health Administration at higher prices for their brand name medicines than anywhere else in the world.(International Federation of Health Plans. 2013. Comparative price report: variation in medical and hospital prices by country). In fact, the US government will NOT negotiate to lower the prices. Significant dollars are involved. In March 2015 the American taxpayer, funded Medicare $250 billion, and that number will rise to $542 billion in 2025. Parts B and D of Medicare that pays for most prescription medications, receive 76% to 80% of their funding from American taxpayer dollars – that’s right, you the taxpayer subsidizes this also.
The U.S. Government has always protected Big Pharma:
Congress made permanent a tax credit to Big Pharma for research and development
Aggressively negotiated in behalf of Big Pharma the Trans Pacific Partnership that lengthens the patent monopoly for prescription drugs, and also other negative consequences for the American ( BIG PHARMA AND THE TRANS PACIFIC PARTNERSHIP)
In 2004, the FEDS gave corporations a repatriation holiday, letting overseas cash return to the US with a 5.25% effective tax rate. Pfizer repatriated $35.5 billion but didn’t invest that money in research, and instead fired 11,748 people between 2004 and 2007 ( S. Senate Permanent Subcommittee on Investigations. Repatriating offshore funds: 2004 tax windfall for select multinationals. October, 2011. http://www.gpo.gov/fdsys/pkg/CPRT-112SPRT70710/pdf/CPRT-112SPRT70710.pdf ).
Big Pharma minimize their tax payments while enjoying aggressively priced products in the United States.
Dr Simone Recommendation:
Stop this legal tax evasion
The Federal Government (American taxpayer) should pay less than anywhere else in the world for prescription drugs that are bought for Medicare, Medicaid, and the Veterans Health Administration
Tax health insurance premiums
Stop access to funding from the National Institutes of Health (another source of American tax dollars). Regarding new cancer drugs, the costs to Big Pharma is low because most of the basic science research and thousands of clinical trials have been paid for by the National Cancer Institute and foundations – your tax dollars.
Stop the Trans Pacific Partnership
(c) 2017 Charles B. Simone, M.MS., M.D.