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-   -   Giving up its U.S. citizenship could save Pfizer $35 billion in taxes (https://www.thevettebarn.com/forums/showthread.php?t=94847)

Y-Body 02-25-2016 2:06pm

Giving up its U.S. citizenship could save Pfizer $35 billion in taxes
 
Link = Giving up its U.S. citizenship could save Pfizer $35 billion in taxes
Quote:

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.
...

VITE1 02-25-2016 2:09pm

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 02-25-2016 2:14pm

35% of zero is zero. :slap:

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

VITE1 02-25-2016 2:26pm

Quote:

Originally Posted by DAB (Post 1455505)
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 02-25-2016 2:29pm

are we doing this AGAIN?

ThomasTheGiraffe 02-25-2016 2:38pm

How much does Viagra cost anyway?

Just asking.


For a friend.

SteelCityBlue 02-25-2016 2:46pm

Quote:

Originally Posted by Thomas (Post 1455520)
How much does Viagra cost anyway?

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

SteelCityBlue 02-25-2016 2:48pm

Quote:

Originally Posted by VITE1 (Post 1455502)
for good people.

:rofl:

:D:leaving:

Kerrmudgeon 02-25-2016 3:43pm

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 02-25-2016 5:07pm

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_daniels 02-25-2016 6:02pm

Quote:

Originally Posted by GentleBen (Post 1455608)
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_daniels 02-25-2016 6:03pm

Quote:

Originally Posted by SteelCityBlue (Post 1455525)
Mail order? about $3. Your "friend's" doctor has about a baziliion samples.

Um, link?

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

SteelCityBlue 02-25-2016 6:23pm

Quote:

Originally Posted by bill_daniels (Post 1455633)
Um, link?

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

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

Kerrmudgeon 02-25-2016 6:43pm

Quote:

Originally Posted by GentleBen (Post 1455608)
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_daniels 02-25-2016 7:02pm

Quote:

Originally Posted by Kerrmudgeon (Post 1455670)
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 02-25-2016 8:15pm

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 02-25-2016 9:14pm

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

Tax Laws Pushing Americans Living Abroad to Renounce Their U.S. Citizenship

SteelCityBlue 02-25-2016 10:05pm

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

UniqueDoug 02-25-2016 10:34pm

Quote:

Originally Posted by island14 (Post 1455745)
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

Tax Laws Pushing Americans Living Abroad to Renounce Their U.S. Citizenship

So are you going to renounce?

bill_daniels 02-26-2016 7:53am

Quote:

Originally Posted by island14 (Post 1455745)
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

Tax Laws Pushing Americans Living Abroad to Renounce Their U.S. Citizenship


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...).


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