As this article describes, despite being one of the world’s most profitable pharmaceutical companies, Pfizer was able to completely avoid paying corporate income tax in the United States in 2023. In achieving this it was very much helped by loopholes in American tax laws. The company reported a loss of $4.4 billion in the United States in 2023, effectively resulting in a corporate income tax rate of minus 105.4 percent. Offshore subsidiaries of the firm were utilized, especially in tax havens such as Ireland, in order to shift profits and minimize tax obligations.
Tax cuts introduced in the United States in 2017 have enabled many large corporations, including Pfizer, to pay significantly lower taxes. Since then, efforts to curb tax avoidance have faced challenges in the United States Congress. Nevertheless, Pfizer’s tax strategies, while essentially legal, are increasingly drawing attention to the issue of corporate tax avoidance and its impact on the American economy.
To read how Pfizer has been accused of funneling $12 Million to CNN host Anderson Cooper to promote its mRNA COVID-19 vaccines, see this news story on our website.
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April 26, 2024How Pfizer Completely Dodged United States Corporate Income Tax in 2023
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In 2023, Pfizer made more than $27 billion in revenue in the United States but paid zero federal income tax.
[Source: jacobin.com]
[Image source: Adobe Stock]
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As this article describes, despite being one of the world’s most profitable pharmaceutical companies, Pfizer was able to completely avoid paying corporate income tax in the United States in 2023. In achieving this it was very much helped by loopholes in American tax laws. The company reported a loss of $4.4 billion in the United States in 2023, effectively resulting in a corporate income tax rate of minus 105.4 percent. Offshore subsidiaries of the firm were utilized, especially in tax havens such as Ireland, in order to shift profits and minimize tax obligations.
Tax cuts introduced in the United States in 2017 have enabled many large corporations, including Pfizer, to pay significantly lower taxes. Since then, efforts to curb tax avoidance have faced challenges in the United States Congress. Nevertheless, Pfizer’s tax strategies, while essentially legal, are increasingly drawing attention to the issue of corporate tax avoidance and its impact on the American economy.
To read how Pfizer has been accused of funneling $12 Million to CNN host Anderson Cooper to promote its mRNA COVID-19 vaccines, see this news story on our website.
Dr. Rath Health Foundation
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