Giving up its U.S. citizenship could save Pfizer $35 billion in taxes

[Y-Body]

Link = Giving up its U.S. citizenship could save Pfizer $35 billion in taxes (https://www.washingtonpost.com/news/business/wp/2016/02/25/giving-up-its-u-s-citizenship-could-save-pfizer-35-billion-in-taxes/)When Pfizer announced its plan last year to merge with Botox-maker Allergan and move its headquarters to Ireland the company said the deal would lower its tax rate to about 17 percent to 18 percent, saving it about $2 billion over three years.

But in a report published Thursday, Americans for Tax Fairness say the New York-based pharma giant will actually save much more by giving up its U.S. citizenship: $35 billion.

Pfizer is merging with the smaller Dublin-based Allergan in what is known as an “inversion,” in which U.S. companies are bought by or merge with foreign firms in order to reduce U.S. corporate tax burdens. The Pfizer-Allergan deal is the largest inversion ever and has raised angst among lawmakers.

In addition to lowering its effective tax rate from about 25 percent, Americans for Tax Fairness notes that Pfizer will gain access to $148 billion in profits it earned overseas and currently can’t bring back to the United States without taking a tax hit. Bringing the cash would have cost the firm $35 billion, according to the left-leaning advocacy group.
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[VITE1]

That 148 Billion never would have come back to the USA no matter what. They would just put it into R&D overseas to get a reasonable return.

Singapore and dozens of other countries are actively courting Big Pharma since they spend well for good people and make money.

[DAB]

35% of zero is zero. :slap:

lower the tax rates or this will continue. :yesnod:

[VITE1]

35% of zero is zero. :slap:

lower the tax rates or this will continue. :yesnod:

2.1 TRILLION is being held off shore by the Major American companies. They will not bring it back since they've already paid local taxes on the money.

Plus the ROI is getting better and better NOT to bring it back even if they paid no taxes on the money.

[SteelCityBlue]

are we doing this AGAIN?

[Burro (He/Haw)]

How much does Viagra cost anyway?

Just asking.


For a friend.

[SteelCityBlue]

How much does Viagra cost anyway?


Mail order? about $3. Your "friend's" doctor has about a baziliion samples.

[SteelCityBlue]

for good people.

:rofl:

:D:leaving:

[Kerrmudgeon]

North America needs to dump free trade and get back to an import tax system for unfair playing fields like this. We have the biggest market for their product and if they want access to it...PAY up. N.A. money built that company in my mind and N.A should benefit from it first and foremost. .....Just sayin, zall. :bilmem:

[GentleBen]

Unfair playing field? What is fair about a company being charged taxes in a country where its product is sold, and then being charged taxes on the gross sales by the U.S. with no off-set for the taxes it has already paid?

This would be similar to your not being able to deduct taxes on your home and personal property paid to the state in which you live from your federal income tax form. Do YOU really want to pay the same tax twice? (I thought not!)

Were any company so stupid as to bring its overseas capital into the U.S. where it would be liable to double taxation at an outrageous percentage, the entire Board of Directors would be fired by the shareholders and charged with criminal malfeasance for not properly protecting the company and its assets from predatory governments.

And that is why U.S. companies are bailing on the U.S. right and left.

[Bill]

Unfair playing field? What is fair about a company being charged taxes in a country where its product is sold, and then being charged taxes on the gross sales by the U.S. with no off-set for the taxes it has already paid?

This would be similar to your not being able to deduct taxes on your home and personal property paid to the state in which you live from your federal income tax form. Do YOU really want to pay the same tax twice? (I thought not!)

Were any company so stupid as to bring its overseas capital into the U.S. where it would be liable to double taxation at an outrageous percentage, the entire Board of Directors would be fired by the shareholders and charged with criminal malfeasance for not properly protecting the company and its assets from predatory governments.

And that is why U.S. companies are bailing on the U.S. right and left.

If you think they are bailing out now, wait until President Sanders gets started. Companies and the wealthy will be fleeing like crazy.

[Bill]

Mail order? about $3. Your "friend's" doctor has about a baziliion samples.

Um, link?

It's for a friend......

[SteelCityBlue]

Um, link?

It's for a friend......

how much ass does your friend get? There's a volume discount....

[Kerrmudgeon]

Unfair playing field? What is fair about a company being charged taxes in a country where its product is sold, and then being charged taxes on the gross sales by the U.S. with no off-set for the taxes it has already paid?

This would be similar to your not being able to deduct taxes on your home and personal property paid to the state in which you live from your federal income tax form. Do YOU really want to pay the same tax twice? (I thought not!)

Were any company so stupid as to bring its overseas capital into the U.S. where it would be liable to double taxation at an outrageous percentage, the entire Board of Directors would be fired by the shareholders and charged with criminal malfeasance for not properly protecting the company and its assets from predatory governments.

And that is why U.S. companies are bailing on the U.S. right and left.

You mean like paying sales tax on the same car everytime it's sold? :toetap:

[Bill]

You mean like paying sales tax on the same car everytime it's sold? :toetap:

More like paying sales tax on the car in another country, then coming back to the US and paying sales tax on that car again, with no offset for the sales tax you paid on it in the country you bought it in.

[SteelCityBlue]

then big pharma gets blackmailed into basically giving it to other countries after the US profits subsidize all the research. But that is changing....

[island14]

They are charging individuals about $3000 USD now for the privilege of ditching your passport..

The US is one of the greediest Tax countries on the planet, and one of only two that demand that all US citizens pay Tax, even if they no longer live in the USA


Giving up your U.S. passport? It's going to cost you - Dec. 10, 2014 (http://money.cnn.com/2014/12/10/pf/taxes/expat-passport-citizenship-renounce/)

Tax Laws Pushing Americans Living Abroad to Renounce Their U.S. Citizenship (http://cnsnews.com/news/article/gabrielle-cintorino/tax-laws-pushing-americans-living-abroad-renounce-their-us)

[SteelCityBlue]

In your case island, I would make them come get it

[UniqueDoug]

They are charging individuals about $3000 USD now for the privilege of ditching your passport..

The US is one of the greediest Tax countries on the planet, and one of only two that demand that all US citizens pay Tax, even if they no longer live in the USA


Giving up your U.S. passport? It's going to cost you - Dec. 10, 2014 (http://money.cnn.com/2014/12/10/pf/taxes/expat-passport-citizenship-renounce/)

Tax Laws Pushing Americans Living Abroad to Renounce Their U.S. Citizenship (http://cnsnews.com/news/article/gabrielle-cintorino/tax-laws-pushing-americans-living-abroad-renounce-their-us)

So are you going to renounce?

[Bill]

They are charging individuals about $3000 USD now for the privilege of ditching your passport..

The US is one of the greediest Tax countries on the planet, and one of only two that demand that all US citizens pay Tax, even if they no longer live in the USA


Giving up your U.S. passport? It's going to cost you - Dec. 10, 2014 (http://money.cnn.com/2014/12/10/pf/taxes/expat-passport-citizenship-renounce/)

Tax Laws Pushing Americans Living Abroad to Renounce Their U.S. Citizenship (http://cnsnews.com/news/article/gabrielle-cintorino/tax-laws-pushing-americans-living-abroad-renounce-their-us)

Communist Manifesto Plank # 4

4. Confiscation of the property of all emigrants and rebels.
Americans call it government seizures, tax liens, Public "law" 99-570 (1986); Executive order 11490, sections 1205, 2002 which gives private land to the Department of Urban Development; the imprisonment of "terrorists" and those who speak out or write against the "government" (1997 Crime/Terrorist Bill); or the IRS confiscation of property without due process. Asset forfeiture laws are used by DEA, IRS, ATF etc...).

[island14]

So are you going to renounce?

Not me.. I can't afford it... :Jeff '79:


Actually for some reason I am still proud to be an American.. :seasix:


I've been away going on 13 years now.. but still have hope they can pull it together and make it great again..

:cert: