Termination of Pfizer Inversion is Good News for American Taxpayers

[SassySue]

The prevention of Pfizer’s inversion is great news for all American taxpayers: individuals, small businesses and large domestic corporations. Pfizer’s inversion would have meant that the pharmaceutical giant could have dodged as much as $35 billion it already owes in U.S. taxes on its offshore profits.


Full article:

http://www.americansfortaxfairness.o...can-taxpayers/

[Jackie S]

Originally Posted by SassySue

The prevention of Pfizer’s inversion is great news for all American taxpayers: individuals, small businesses and large domestic corporations. Pfizer’s inversion would have meant that the pharmaceutical giant could have dodged as much as $35 billion it already owes in U.S. taxes on its offshore profits.


Full article:

http://www.americansfortaxfairness.o...can-taxpayers/

It's a great headline.......as long as the next headline isn't....."drug cost sore".

But I doubt that will happen. That's not exactly petty cash for these huge drug companies, but they will make it up somewhere else.

The old lady that's been putting those cotton balls in the top of the pill bottles might be out.

[DSK]

Originally Posted by SassySue

The prevention of Pfizer’s inversion is great news for all American taxpayers: individuals, small businesses and large domestic corporations. Pfizer’s inversion would have meant that the pharmaceutical giant could have dodged as much as $35 billion it already owes in U.S. taxes on its offshore profits.


Full article:

http://www.americansfortaxfairness.o...can-taxpayers/

I agree with you here, SassySue. Hopefully, GE might pay some taxes someday, also!!

[Jackie S]

Originally Posted by DSK

Hopefully, GE might pay some taxes someday, also!!

Not as long as Hillary is on the payroll.

[SassySue]

Originally Posted by Jackie S

Not as long as Hillary is on the payroll.

Look at this article I found from The Rolling Stone.

Just a few excerpts:

Many in corporate America justify this rampant tax dodging by arguing that the 35 percent corporate tax rate in the U.S. is too high. In reality, our system offers big corporations so many other tax favors that the effective tax multinationals pay on their U.S. profits is often lower than what the same companies pay in other developed nations. "The constant corporate whining that they're overtaxed in the United States," McIntyre says, "is bullshit.

With no change to its core business, Caterpillar began booking earnings from its U.S.-managed parts business in Geneva – after first negotiating a deal with Swiss authorities to tax those earnings at four to six percent. From 2000 to 2012, Caterpillar shifted more than $8 billion in taxable income to Europe, deferring $2.4 billion in U.S. taxes. "In the fantasyland that is international tax law," Levin said, "tax lawyers waved a magic wand to make millions of dollars in U.S. taxes disappear.

Over the next decade, corporate inversions could cost the U.S. Treasury nearly $20 billion – revenues that could otherwise pay for Head Start programs, to rebuild roads and bridges, or just bring down the deficit. The wave of inversions is threatening "to hollow out the U.S. corporate income tax base," Lew warned in a July letter to the chief tax writers in the House and Senate. But inversions are just the tip of the iceberg. The crisis of corporate tax avoidance is far more pervasive – and destructive – than either Obama or Lew is letting on. At a moment when Congress appears impossibly divided, a strong, bipartisan consensus has, in fact, emerged in Washington: The world's richest corporations will get away with fleecing hundreds of billions of tax dollars from the rest of us.

Full article below.

http://www.rollingstone.com/politics...-ever-20140827

The American people want change: Two-thirds of Americans believe large corporations should be paying higher taxes, and 80 percent believe corporate loopholes should be closed. But Washington isn't listening. The kid-glove treatment of corporate tax offenders by both parties is exhibit A in America's shift from a functioning democracy to a nascent oligarchy. It aligns with a recent study conducted by Princeton and Northwestern that concluded "organized groups representing business interests have substantial independent impacts" on federal decision making, while the interests of average Americans "appear to have only a minuscule, statistically nonsignificant impact."

[gnadfly]

Taint or I'm not reading

[Rey Lengua]

Originally Posted by DSK

I agree with you here, SassySue. Hopefully, GE might pay some taxes someday, also!!

When will Al Sharptongue be paying his ?

[CuteOldGuy]

Democrats and Republicans created this system. They will not fix it. They are owned by the people they lie about regulating.