Pfizer Offers To Buy Foreign Corporation In Order To Avoid Paying More Taxes

[Jefferson23]

Steve Wamhoff of Citizens for Tax Justice discusses how Pfizer avoids paying taxes and what can be done to reform corporate tax laws -

Bio

Steve Wamhoff is the Legislative Director of Citizens for Tax Justice. He has written reports analyzing proposals to cut or raise taxes for investors, alter the estate tax, close corporate tax loopholes, prevent offshore profit-shifting, and pay for health care reform and other initiatives. He has also written several reports analyzing the tax cuts already enacted under President George W. Bush and President Obama.
Transcript
Pfizer Offers To Buy Foreign Corporation In Order To Avoid Paying More TaxesANTON WORONCZUK, TRNN PRODUCER: Welcome to The Real News Network. I'm Anton Woronczuk in Baltimore.

Pharmaceutical giant Pfizer has announced plans for a $106 billion takeover of British rival AstraZeneca, but their plans have been criticized by politicians and public interest groups on both sides of the Atlantic, who say the company's takeover bid is a move to dodge U.S. taxes.

Here with us to discuss this is Steve Wamhoff. Steve is the legislative director of Citizens for Tax Justice.

Steve, thanks for joining us.

STEVE WAMHOFF, LEGISLATIVE DIRECTOR, CITIZENS FOR TAX JUSTICE: Thank you.

WORONCZUK: So, Steve, can you briefly explain how Pfizer's takeover of AstraZeneca would allow it to reduce its tax obligations in the U.S.?

WAMHOFF: Sure, sure. There's a law in place that is intended to prevent American corporations from reincorporating themselves as foreign corporations just to avoid U.S. taxes. And one way that corporations are finding a way to get around this is to merge with a foreign corporation and then claim to be--and then claim that the new entity is a foreign company that is not subject to U.S. taxes.

http://therealnews.com/t2/index.php?option=com_content&task=view&id=31&Itemid=74&jumival=11864

[PumpkinAle]

1. They also lay off a lot of people

and gut what those companies have.

So not only do they not pay the taxes due they leave a gaping wound wherever they go.

Pfizer's research and development facility in Kent has been sold to a private consortium.
The pharmaceutical giant announced it was closing Discovery Park in Sandwich in February 2011, leading to the loss of 1,500 jobs.
Private consortium Discovery Park Limited said on Thursday that it had bought the freehold to the site.
The drugs firm will retain some operations at the plant, which had employed 2,400 staff.

http://www.bbc.com/news/uk-england-kent-19096215

[Jefferson23]

2. They have everything covered, don't they?

Third-Quarter 2013 Reported Revenues(1) of $12.6 Billion

http://www.pfizer.com/news/press-release/press-release-archive-detail/pfizer_reports_third_quarter_2013_results