Three cheers for Hillary Clinton and other politicians who are decrying Pfizer’s tax “inversion” deal
that would allow it to take over an Irish pharma company and relocate
there, thus saving $21 billion in American taxes. Tax inversion
deals—mergers done pretty much for the sole purpose of saving tax money
by moving to a foreign tax jurisdiction—have been on the rise for a while now.
One of the many reasons they are so egregious is that the very firms
that are most able to do them—including pharmaceutical and tech
companies that have most of their value in intellectual property that
can be easily relocated elsewhere—have also been the biggest
beneficiaries of government help.
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