Enough is Enough': Sanders Demands Treasury Block Pfizer Tax Dodging Deal

[Benton]

(03-22-2016, 05:24 PM)michaelsean Wrote: So is what we are talking about past taxes that have been deferred and now they will claim they won't have to pay them?  This doesn't have to do with future taxes?  Just off the top of my head I would say you shouldn't be able to get out of taxes you already owe.

Companies can defer taxes on profits by moving it internationally into lowering taxing districts. The Alergan move will allow them to shift even more of that money annually (money made here but kept safely away from taxes in another country). In Pfizer's case, they claim they make all their money overseas and lose money here (billions ever year, according to them). So by saying they make money somewhere else, they keep it there, show a loss here and say they will pay the taxes on it later, even though the company is flush with money and actually not losing anything.

But if they become a foreign company, that money they've already manipulated out of the U.S. tax system stays out. There is no tax on it, the U.S. already allowed them to keep that money out of the system.