Rx Drug Corporations Big Pharma Holds Billions Offshore to Avoid US Taxes Company Offshore Profits In Billions of Pfizer 197 Johnson amp Johnson 66 Merck 63 Gilead Sciences ID: 684231
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Trumpcare = Tax Cuts for Rich, Insurers & Rx Drug CorporationsSlide2
Big Pharma Holds Billions Offshore to
Avoid U.S. Taxes
Company
Offshore Profits
(In Billions of $) Pfizer197 Johnson & Johnson66 Merck63 Gilead Sciences38 Amgen37 AbbVie29 Eli Lilly28 Bristol-Myers Squibb26 Celgene13 Biogen Idec8 Total Offshore Profits$504 Billion Total U.S. Taxes Owed on Offshore Profits (estimate)$149 Billion
Source: Institute on Taxation and Economic PolicySlide3
Gilead Sciences: Price Gouger, Tax Dodger
$86,000
Cost to consumers of one full treatment of Gilead’s Hepatitis-C drug
$1,500
Cost to Gilead to make a full Hepatitis-C treatment$13 Billion U.S. taxes Gilead owes on its offshore profits$3 BillionU.S. taxes Gilead will pay under Trump’s tax planSlide4
Trumpcare: Tax Breaks for Insurers,
Higher Premiums for Seniors
$145B
$13,000
PREMIUM HIKE For a low-income older American’s health insurance TAX CUT for Health Insurance CompaniesSlide5
Trumpcare: Tax Breaks for Insurers,
Big Premium Increases for Seniors
$145B
20-25%
PREMIUM INCREASE For older Americans’ health insuranceTAX CUT for Health Insurance CompaniesSlide6
Key Message PointsTrumpcare is tax cuts for the rich, and health care cuts for the rest of us. Trumpcare
takes health care away from 24 million to give $600 billion in tax breaks to the wealthy, and to health insurance and drug corporations.Trumpcare
drops 14 million
low-income kids and seniors covered by Medicaid, in order to
give millionaires a $50,000 tax break each year. Trumpcare gives insurance companies a $145 billion tax break but lets them increase premiums by up to $13,000 for older Americans. Trumpcare gives a $25 billion tax break to prescription drug corporations but doesn’t lower drug costs for seniors. Trumpcare takes billions out of Medicare by eliminating a small tax paid by the richest 2 percent. This will shorten the life of Medicare by three years.