Political Quotes

“Mr. President, I am going to take a few minutes to walk through these findings and discuss why they are so important. I am very pleased to be joined by several of my colleagues who are also outraged about this tax-dodging. Here is the upshot. My investigation has found that Pfizer carried out what could be the largest tax-dodging scheme in the history of Big Pharma. The United States is the largest market for Pfizer's products. In 2019, the company sold $20 billion worth of drugs to American patients. If you are following along on this discussion, you might be hoping to hear that Pfizer paid a reasonable rate of tax on those profits. I have got bad news for you and the American people. In that same year, Pfizer reported zero--not one red cent--in taxable U.S. profits. Through various tricks and games, Pfizer was able to shift 100 percent of its U.S. profits to foreign tax havens. This means that Pfizer dodged billions of dollars in Federal income tax on its U.S. drug sales. There is every reason to believe it continues to do so. Thanks to the tax law Trump and Republicans passed in 2017, Pfizer doesn't need to keep the money stashed overseas. Pfizer can take this cash and pocket it with tax-dodging schemes and turn it into stock buybacks, dividends, executive compensation--the list goes on. There is an additional matter that is so disturbing.…”