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  1. #1
    Taking A Stand!!!

    Join Date
    Jul 2009
    Local Union
    Albuquerque, NM
    Rep Power

    Default In Biggest Tax Evasion Scheme of Its Kind, Big Pharma Becomes Behemoth

    This is the kind of stuff going on that is so outrageous! And we have only one politician speaking out on our behalf. Bernie!
    Creating the world's largest drugmaker—and paving the way for higher pharmaceutical prices—Viagra-maker Pfizer Inc. and Allergan PLC, which manufactures Botox, said Monday that they would merge in a so-called inversion deal worth up to about $155 billion.

    The takeover "would be the largest inversion ever," according to the Wall Street Journal, allowing Pfizer to profit from a lower corporate tax rate in Allergan's home country of Ireland.
    As Gustav Ando, research director for the business information and consulting company IHS Life Sciences, told the Washington Post: "This merger isn’t meant to benefit patients, it isn't meant to innovate in any kind of way...and certainly the benefits won’t be passed on to consumers."

    Addressing this aspect of the deal, presidential candidate and U.S. Sen. Bernie Sanders (I-Vt.) said Monday that the merger "would be a disaster for American consumers who already pay the highest prices in the world for prescription drugs."
    In Biggest Tax Evasion Scheme of Its Kind, Big Pharma Becomes Behemoth | Common Dreams | Breaking News & Views for the Progressive Community

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  3. #2
    Retired !

    Join Date
    Feb 2009
    Local Union
    Retired - New Penn
    South Jersey
    Rep Power

    Default Re: In Biggest Tax Evasion Scheme of Its Kind, Big Pharma Becomes Behemoth

    Looks like these tax inversions may finally be stopped.

    The U.S. Treasury Department's proposed new tax regulations threw a series of proposed mergers into question, including Pfizer Inc's $160 billion agreement to buy Allergan Plc, pushing shares of Allergan and other targets lower.

    Other deals that could be affected by the new Treasury tax rules include the proposed $16.5 billion merger of Johnson Controls Inc, a U.S. maker of car batteries and heating and ventilation equipment, with Ireland-based Tyco International Plc.
    Obama has said tax inversions are unpatriotic and the U.S. government has been trying to stop them. Late on Monday, the Treasury Department introduced a regulation that would negate the benefits of these inversions, putting Pfizer's acquisition of Allergan at risk.
    Several U.S. presidential candidates, including Republican Donald Trump and Democrat Hillary Clinton, have seized on the issue in their campaigns.

    Obama, a Democrat, has called repeatedly for action by the Republican-controlled U.S. Congress on inversions, but lawmakers have done little. He repeated his appeal to Congress on Monday and said he welcomed the Treasury's action.
    U.S. Treasury rules put Pfizer-Allergan deal in question | Reuters




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