Pharmaceutical prices in the United States are sky high, and Americans pay some of the highest prices for prescription drugs in the world. Pfizer, one of the largest pharmaceutical companies in the world, is reaping the benefits of this inequality. It reported $49 billion in revenue and $7 billion in profits last year — yet oddly, Pfizer hasn’t reported any federal income tax in the U.S. in years.
This inconsistency is actually not as mysterious as it seems, not when you’re talking about some of the most creative tax avoidance around. As of 2014, the pharma giant held $74 billion of profits in offshore tax havens, the fourth highest of Fortune 500 companies.
Hiding billions overseas is apparently not enough for the company, as Pfizer has recently made attempts at tax inversion. Fortunately, the Obama administration has introduced new laws that limit a company’s ability to invert, or reincorporate with the purchase of smaller rival companies overseas, and Pfizer’s latest deal was called off.
Oregonians like you know the cost of Pfizer’s schemes. With quality health care still out of reach for so many Oregonians, Pfizer’s camouflaged tax dollars could be used to fund health promotion programs and other vital preventive health services. Instead, Pfizer’s tax dodging is helping make people more sick and more dependent on its costly products.
This year, we have a chance to slam the door on their tax dodging in Oregon, but we need your help. Companies like Pfizer will stop at nothing to keep their sweetheart tax deals, and thanks to years of creative accounting, they have millions of dollars to spend to stop us from holding them accountable. We may not have billions stashed offshore, but we do have supporters like you.
Sign the pledge to vote yes for A Better Oregon this November, and send a message to large and out-of-state corporations like Pfizer: It’s time to pay your fair share!