U.S. drug makers see big profits — but many pay taxes far below …

Apr 12, 2024 · Drugmakers make big profits in the U.S. But many pay taxes far below the 21% corporate tax rate. Pfizer's effective tax rate is so low it's getting a big refund despite booking $59 billion in revenue.

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U.S. Drug Makers See Big Profits — But Many Pay Taxes Far Below …

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Drugmakers' Low U.S. Taxes Belie Their High Sales

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Apr 15, 2024 · Corporations are supposed to pay a nominal tax rate of 21%. But in recent years, the biggest pharmaceutical companies had an average effective tax rate of less than 12%, …

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Pharmaceutical Company Executives, Including AbbVie CEO …

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May 11, 2023 · The report spotlights Merck's cancer drug Keytruda—which carries a staggering list price of $175,000 per year—as a telling example of how U.S.-based pharmaceutical …

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Big Pharma Paid $2 Billion US Taxes On $110 Billion Profits - Quartz

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May 17, 2023 · Contrary to the myth, Americans pay quite a lot of taxes.In 2022, for instance, employees paid an average tax rate of 24.8%, or 0.2% more than in comparable countries.US …

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GOP Law Cut Big Pharma Tax Rates By 40%, Senate Report Says

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May 11, 2023 · Senate Finance Committee Democrats said the Republican bill resulted in billion of dollars in tax savings for pharmaceutical companies.

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Pharmaceutical Companies Reaping Immoral Profits From Covid …

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Sep 15, 2021 · In the first half of 2021, Moderna paid a 7% US tax rate and Pfizer paid a 15% tax rate, well below the US statutory rate of 21%. The low tax rates paid by these US corporations …

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Drug Companies Reaped Billions From New US Tax Law

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Pharmaceutical giants Johnson & Johnson, Pfizer, Merck and Abbott Laboratories benefited from an estimated $7 billion in tax savings last year from two central provisions in the new US tax …

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FAQs about U.S. drug makers see big profits — but many pay taxes far below … Coupon?

Do pharmaceutical companies pay tax?

LUPKIN: Yeah. In recent years, the biggest pharmaceutical companies had an effective tax rate ranging from around 8- to 14% according to analysis by the Senate Finance Committee. Now, that's quite a bit lower than the nominal corporate tax rate of 21% that went into effect during the Trump administration. So why is this happening? ...

Which pharmaceutical companies have lower tax rates on foreign income?

The GOP bill allowed U.S.-based pharmaceutical companies to access lower tax rates on their foreign income. The committee said drugmakers AbbVie, Abbott Laboratories, Amgen, Bristol Myers Squibb and Merck all report most of their tax income overseas. ...

How much tax do pharma companies pay in 2023?

A new analysis of corporate taxes paid by the largest U.S. pharma companies by the Council on Foreign Relations found that in 2023, the top seven based on revenue had a combined U.S. tax obligation of (-)$250M. ...

Did a Republican Bill slash the tax rates of big pharma companies?

A Republican law has slashed the average tax rates of Big Pharma companies by more than 40% since it was enacted in 2017, Senate Finance Committee Democrats said in a report. The GOP bill allowed U.S.-based pharmaceutical companies to access lower tax rates on their foreign income. ...

How much tax do pharmaceutical companies pay overseas?

Pharmaceutical companies report 75% of their taxable income overseas, the report said. The pharmaceutical industry paid a tax rate of about 20% on average from 2014 to 2016, the years right before the law passed, acccording to the commitee’s analysis. ...

Which pharmaceutical companies benefited from New US tax law?

According to Oxfam America's analysis of end-of-year financial statements, Johnson & Johnson, Pfizer, Merck, and Abbott Laboratories benefited from an estimated $7 billion in tax savings last year from the New US tax law's two central provisions. ...