And I do not even like most of my meds...
Is this one of trumps "accomplishments"
Four pharmaceutical companies — Johnson & Johnson, P****r, Merck and Abbott Laboratories — collectively kept $7 billion in tax savings in 2018 due to Republicans' 2017 corporate tax overhaul, according to a new Oxfam report.
The bottom line: Oxfam's results mirror our reporting, which shows pharmaceutical companies in particular have benefited from bringing back billions of dollars in overseas profits that have sat untaxed. However, this report says the tax savings have not led to other social goods, like more research investment in new drugs or lower drug prices.
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By the numbers: The 4 companies highlighted by Oxfam mostly benefited from the repatriation of overseas cash.
$5.3 billion of the $7 billion of tax savings in 2018 came from bringing home untaxed offshore cash.
The big picture: "These are all policy choices," Niko Lusiani, a senior adviser at Oxfam, who wrote the report, said of the tax law and its effects. "And we haven't seen any big changes" in pharmaceutical industry behavior.
Oxfam focused on just 4 drug companies because they are large, representative and U.S.-based, Lusiani said.
Oxfam may take a deeper look at the pharmaceutical sector, but the group wanted to evaluate the short-term effect of the corporate tax overhaul and specifically whether drug companies were living up to their promises that the law would boost jobs, assets and productivity in the U.S.
Go deeper: Read Oxfam's report.
permafrost wrote:
Is this one of trumps "accomplishments"
Four pharmaceutical companies — Johnson & Johnson, P****r, Merck and Abbott Laboratories — collectively kept $7 billion in tax savings in 2018 due to Republicans' 2017 corporate tax overhaul, according to a new Oxfam report.
The bottom line: Oxfam's results mirror our reporting, which shows pharmaceutical companies in particular have benefited from bringing back billions of dollars in overseas profits that have sat untaxed. However, this report says the tax savings have not led to other social goods, like more research investment in new drugs or lower drug prices.
Show less
By the numbers: The 4 companies highlighted by Oxfam mostly benefited from the repatriation of overseas cash.
$5.3 billion of the $7 billion of tax savings in 2018 came from bringing home untaxed offshore cash.
The big picture: "These are all policy choices," Niko Lusiani, a senior adviser at Oxfam, who wrote the report, said of the tax law and its effects. "And we haven't seen any big changes" in pharmaceutical industry behavior.
Oxfam focused on just 4 drug companies because they are large, representative and U.S.-based, Lusiani said.
Oxfam may take a deeper look at the pharmaceutical sector, but the group wanted to evaluate the short-term effect of the corporate tax overhaul and specifically whether drug companies were living up to their promises that the law would boost jobs, assets and productivity in the U.S.
Go deeper: Read Oxfam's report.
Is this one of trumps "accomplishments" ... (
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This has little to nothing to do with Prez Trump. Big pharma, big oil and big tech/entertainment all need to be slapped down. And their lobbyists booted, IMO
debeda wrote:
This has little to nothing to do with Prez Trump. Big pharma, big oil and big tech/entertainment all need to be slapped down. And their lobbyists booted, IMO
I'm with you Debeda-- I think we both understand that money is sheer raw power and unfortunately those with money are behind the scenes pulling the strings and acting as a shadow government that we the people have zero control over. I say when we discover a snake in the garden it is a fight to remove them as if our lives depend on it.
Coos Bay Tom wrote:
I'm with you Debeda-- I think we both understand that money is sheer raw power and unfortunately those with money are behind the scenes pulling the strings and acting as a shadow government that we the people have zero control over. I say when we discover a snake in the garden it is a fight to remove them as if our lives depend on it.
Great analogy, Tom, and I agree
Those dang snakes in the grass.
debeda wrote:
Great analogy, Tom, and I agree
Those dang snakes in the grass.
I know from hard experience.
debeda wrote:
This has little to nothing to do with Prez Trump. Big pharma, big oil and big tech/entertainment all need to be slapped down. And their lobbyists booted, IMO
Yes, I think the number of lobbyists is the great weakness in how our government works.
They ca n be such a fast road to bribes...
If they could be stopped it would help all of the taxpayers..
permafrost wrote:
Yes, I think the number of lobbyists is the great weakness in how our government works.
They ca n be such a fast road to bribes...
If they could be stopped it would help all of the taxpayers..
Lobbyists are the downfall to capatialism
emarine wrote:
Lobbyists are the downfall to capatialism
For sure... can not agree more...
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