Monday, December 7, 2015
Sanders: Drug 'merger' must be stopped
The American drug corporation Pfizer announced it was merging with a smaller overseas company called Allergan so that it can evade American taxes.
They didn’t put it that way, of course.
Pfizer’s CEO used double-talk instead, saying that “we’ve assessed the legal, regulatory and political landscape and are moving forward with our strategy to combine these two great companies for the benefit of the patients and to bring value to shareholders.”
Let’s put that in plain English. Pfizer has been an American company based in New York for 166 years.
Now it wants to merge with a company based in Ireland so that it can dodge its tax responsibilities and pay a lower rate than many teachers and nurses do in this country.
This is a phony move. The new company will still be based in New York. It will still earn huge profits in the United States, which will still be its biggest market. Pfizer shareholders will own more than half of the merged corporation. And yet, when tax time rolls around, this company will want us to believe that it is really Irish and not American.
Do they expect us to fall for that?