Bernie Sanders walks the walk: Legislation to block Big Pharma tax dodge
Bernie Sanders isn’t getting a lot of play in the media lately, either as a revolutionary, highly popular presidential candidate or a legislator who consistently stands against big banks, big pharma, big corporate money and the uneven playing field. Nothing is different now. While Hillary Clinton hobnobs with the elite in pursuit of money, including money from Big Pharma – a lot of money – Bernie Sanders is continuing to work for us, showing America what he would do as president – because it’s what he does as a Senator, and what he’s always done.
As CommonDreams.org reported,
In a bid to prevent what has been called the biggest tax evasion scheme of its kind—and others like it—Sen. Bernie Sanders of Vermont has urged U.S. Treasury Secretary Jack Lew to use his agency’s authority to block the planned merger of two pharmaceutical giants.
Viagra-maker Pfizer’s proposal to acquire Allergan, which manufactures Botox, is ‘nothing less than a tax scam,’ Sanders wrote in a letter (pdf) sent to Lew on Friday.
The so-called ‘corporate inversion,’ which would allow Pfizer to profit from a lower corporate tax rate in Allergan’s home country of Ireland, could starve the U.S. government of up to $35 billion in tax revenue, Sanders said, citing a recent report from consumer group Americans for Tax Fairness.
‘Enough is enough,’ Sanders said in a statement on Friday. ‘Pfizer and other pharmaceutical companies cannot be allowed evade taxes and rip off American patients who already pay the highest prices in the world for prescription drugs . . . The stakes are high . . . I find it ironic that some of my Republican colleagues, in their internal budget negotiations, claim that $30 billion in deficit-reduction is required for the coming fiscal year. Preventing the inversion planned by just one company, Pfizer, could produce more deficit-reduction than the cuts they are demanding.’
In the absence of Congressional action to limit inversions, Sanders called on the Treasury Department to block tax-dodging techniques like ‘hopscotch’ loans and ‘earnings stripping’—for Pfizer and other potential corporate tax dodgers, too.
In a bid to prevent what has been called the biggest tax evasion scheme of its kind-and others like it-Sen. Bernie Sanders of Vermont has urged U.S. Treasury Secretary Jack Lew to use his agency’s authority to block the planned merger of two pharmaceutical giants.