Skip to comments.Pfizer Inversion Plan Puts Tax Code Under Microscope (Drug Giant to Move Legal Address to London)
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 makers announcement last week that it hopes to avoid billions of dollars in federal taxes by moving its legal address to London.
The quotes weve seen from the politicians so far dont in any way seem to be criticizing Pfizer. Theyre 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. Theres been a shift in that dynamic. Now the system seems to be the culprit and thats got to be something (Pfizer) is breathing a sigh of relief over.
While relocating a companys 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 ...
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.
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.
The Kelo’s are deeply saddened. < sarcasm off >...
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?
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.
Eventually Uncut UK and the British Left will catch up to them and they’ll rue the day.
Yes. I bought a large tube of Retin-A in Bolivia for $5.00.
Here, it was $45.00.