Pfizer's move loses billions for U.S. - Printable Version +- Cincinnati Bengals Message Board / Forums - Home of Jungle Noise (http://thebengalsboard.com) +-- Forum: Off Topic Forums (http://thebengalsboard.com/Forum-Off-Topic-Forums) +--- Forum: Politics & Religion 2.0 (http://thebengalsboard.com/Forum-Politics-Religion-2-0) +---- Forum: P & R Archive (http://thebengalsboard.com/Forum-P-R-Archive) +---- Thread: Pfizer's move loses billions for U.S. (/Thread-Pfizer-s-move-loses-billions-for-U-S) |
Pfizer's move loses billions for U.S. - Benton - 12-08-2015 Some of the talk around Pfizer wanting to flee to Ireland has made me wonder about a couple things. Namely, if the Newsweek article is right, why would the U.S. continue any kind of support for a corporation that's no longer paying those taxes here? And — if the other two are right — why would we continue to allow losses to be deferred if companies are going to rack up tens of billions and then leave? Maybe someone with a better understanding of how that works can dumb it down for me, but that seems like a ridiculous flexibility that companies like Pfizer could just abuse without much benefit to those paying taxes and floating that loss. http://www.newsweek.com/how-pfizer-should-be-punished-deserting-america-401895 Quote:Just like that, Pfizer has decided it’s no longer American. It plans to link up with Ireland’s Allergan and move its corporate headquarters from New York to Ireland. https://www.washingtonpost.com/news/wonk/wp/2015/12/07/why-the-u-s-should-pay-irish-drug-prices-if-pfizer-wants-to-pay-irish-tax-rates/ Quote:After all, there is a lot of money at stake on each side of the ledger. The federal government stands to lose a large portion of annual taxes Pfizer pays, which totaled $1.2 billion in 2014. It would also lose perhaps as much as $48 billion in deferred taxes the company will eventually pay if it repatriates dollars that are already overseas. Quote:Even so, just looking at seven of Pfizer's top 10 U.S. sellers (two have unpublished Irish prices, one is not approved in Europe), and compare those prices to the rock-bottom prices paid by the Veteran's Administration, which would give us the lowest estimate of how much we might save, there is a lot of money on the table. We paid $5.7 billion more than we would have with Irish prices in 2014. Using the more realistic prices that Medicare beneficiaries pay to estimate the average cost of Pfizer drugs, we paid $6.6 billion more. And that's for just seven of Pfizer's hundreds of drugs. http://www.ft.com/cms/s/0/c64c06a8-91e3-11e5-bd82-c1fb87bef7af.html Quote:Pfizer’s reported earnings have been dented by the need to earmark money for future US taxes on its offshore profits, which has accounted for nearly two-thirds of its tax charge over the past four years. RE: Pfizer's move loses billions for U.S. - michaelsean - 12-08-2015 I don't understand it all either, but I will say that a company is free to leave if they choose, but then they can turn to their new government for whatever it is they need. RE: Pfizer's move loses billions for U.S. - Mike M (the other one) - 12-08-2015 What a cry baby, I would say, C'est la vie, and guess what, once you are out, all of your patent protections will expire immediately. RE: Pfizer's move loses billions for U.S. - Belsnickel - 12-08-2015 I am definitely of the mindset that if a country wants to go, let them. But we aren't going to be there for them in any way. Unfortunately our government doesn't do that. |