The "American Jobs Creation Act""allows companies a one-year window to return foreign profits to the United States at a 5.25 percent tax rate, compared with the standard 35 percent rate." Now big pharma is bringing $56 billion back into the U.S. and two of these companies are considering repatriating another $18 billion on top of that.
For many years now drug makers have been telling the IRS that most of their profits are earned overseas. This is despite the fact that 60% of their sales are in the U.S. which also happens to pay the highest prices in the world for their products.
So if we take Pfizer and the other pharmaceutical companies at their word, they are earning higher profits in those countries with price controls on drug prices. Which would mean they would welcome price controls and universal health care here in the U.S., right?
