WASHINGTON — A tax policy group here is trying to rally outrage over last year’s Republican-backed tax cut by pointing to one of its main beneficiaries: the pharmaceutical industry.
Americans for Tax Fairness, a coalition of left-leaning groups that advocate for placing a heavier tax burden on corporations and the wealthy, said in a report that drug companies are “among the biggest winners from the Trump-GOP tax cuts, but they are sharing few of the benefits with their employees and are offering no pricing relief to their customers.”
The group released a report calculating that five companies it analyzed would save a combined $6 billion in 2018 — and that 10 would save $76 billion in taxes on offshore revenue. Instead of passing those savings on to consumers or hiking employee wages, most companies have favored major stock buybacks or raising dividends. Drug prices have also continued to increase.
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It’s an irony that who charges $200,000 to become a member of his club saying that drug companies should be ashamed. https://news.alphastreet.com/trumps-message-doesnt-hurt-pfizer-and-other-drugmakers/
Seems as if this group is merely reporting the truth. Did the drug companies raise the lower 50% or its employees’ wages to at least $15/hr??
If they don’t have an employee stock purchase plan available to all, then stock buybacks DO BENEFIT ONLY THE TOP LAYERS OF MGMT!!