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Pfizer Inversion Plan Puts Tax Code Under Microscope (Drug Giant to Move Legal Address to London)
Fox Business News ^ | 05/09/2014 | By Dunstan Prial

Posted on 05/09/2014 6:53:38 AM PDT by SeekAndFind

The U.S. corporate tax code has come under far more scrutiny than Pfizer in the wake of the giant drug maker’s announcement last week that it hopes to avoid billions of dollars in federal taxes by moving its legal address to London.

“The quotes we’ve seen from the politicians so far don’t in any way seem to be criticizing Pfizer. They’re laying the blame on the tax system that Pfizer has to work with,” said corporate tax expert Robert Willens.

“Historically the company itself got blamed,” Willens added. “There’s been a shift in that dynamic. Now the system seems to be the culprit and that’s got to be something (Pfizer) is breathing a sigh of relief over.”

While relocating a company’s legal address outside the U.S. for tax purposes (known as an inversion) is hardly a new phenomenon, Pfizer is by far the largest and most high-profile company to ever attempt the move. The companies say the comparatively-high U.S. corporate tax rate leaves them at a competitive disadvantage to their overseas competitors.

Paying a lower tax rate, they say, helps the company reinvest in itself and ultimately benefits shareholders.

(Excerpt) Read more at foxbusiness.com ...


TOPICS: Business/Economy; Culture/Society; News/Current Events; United Kingdom
KEYWORDS: inversion; london; pfizer; tax; taxes

1 posted on 05/09/2014 6:53:38 AM PDT by SeekAndFind
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To: SeekAndFind
CORPORATIONS DO NOT PAY TAXES!

All taxes are paid by consumers. And look at all the tax preparers working in those corporations, when they could be doing a real job. Eliminate the Corporate tax.

2 posted on 05/09/2014 6:57:41 AM PDT by FatherofFive (Islam is evil and must be eradicated)
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To: SeekAndFind
Paying a lower tax rate, they say, helps the company reinvest in itself and ultimately benefits shareholders.

Ya think?

The less the government bleeds off, the more that left for the company, both to distribute to shareholders, and for R&D. The stream of large companies reincorporating in friendlier jurisdictions will become a flood as the punitive corporate taxes of the US in relation to other countries increase.

3 posted on 05/09/2014 6:59:02 AM PDT by Pearls Before Swine
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To: SeekAndFind

The Kelo’s are deeply saddened. < sarcasm off >...


4 posted on 05/09/2014 7:03:58 AM PDT by taildragger (The E-GOP won't know what hit them, The Party of Reagan is almost here, hang tight folks....)
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To: SeekAndFind

I might remember wrong, but don’t American pharmaceutical companies charge a lot more for their products in America while practically giving away those same products in other countries?


5 posted on 05/09/2014 7:17:20 AM PDT by Age of Reason
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To: SeekAndFind

Hey, the law is the law. Congress wrote it and Pfizer is taking advantage of it.

Just another reason to get rid of the 70,000 pages of our tax code and abolish the corrupt IRS.


6 posted on 05/09/2014 7:17:46 AM PDT by unixfox (Abolish Slavery, Repeal the 16th Amendment)
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To: FatherofFive
Eliminate the Corporate tax AND THE IRS.
7 posted on 05/09/2014 7:19:31 AM PDT by Cheerio (Barry Hussein Soetoro-0bama=The Complete Destruction of American Capitalism)
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To: SeekAndFind

Eventually Uncut UK and the British Left will catch up to them and they’ll rue the day.


8 posted on 05/09/2014 7:23:01 AM PDT by Buckeye McFrog
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To: Age of Reason

Yes. I bought a large tube of Retin-A in Bolivia for $5.00.
Here, it was $45.00.


9 posted on 05/09/2014 7:28:28 AM PDT by goosie
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To: taildragger
Unfortunately your Kelso reference will go over the heads of alot of people, they don't know or remember that the Goverment with the courts blessing stole Private property from taxpaying citizens in order to further Pfizers viability.
10 posted on 05/09/2014 9:18:32 AM PDT by ABN 505
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