By Baxter Dmitry. People’s voice.
Big Pharma giant Pfizer pays total $0 in taxes this yeardespite bringing in a whopping $58 billion in net income during the fiscal year, and benefiting from huge taxpayer-funded subsidies.
Those who have been watching understand that Pfizer has gotten away with mass murder as the vaccinated and those given booster shots continue to die suddenly, suffering from rare and aggressive forms of cancer around the world.
But the news that Pfizer also gets away without paying a penny in taxes is particularly unpleasant considering that Pfizer’s businesses are heavily subsidized by taxpayer-funded public grants. How do they get away with defrauding the taxpayers so shamelessly?
Every year, Pfizer sends an army of lobbyists to Washington, DC, to try to manipulate the tax rules in their favor.
Dossier reports: Thanks to their scale, size and taxpayer-funded support, Pfizer and other Big Pharma mega-companies reap tax benefits that make zero tax possible. Such privileges are not granted to other companies, and highlight an incredibly different interpretation of tax rules that benefits mega-corporations, at the expense of ordinary citizens and small businesses.
The news is particularly unpleasant for American taxpayers, considering that Pfizer’s income in the USA during the covid era came from the American taxpayers themselves.
Taxpayers subsidized the research and development, approval process, procurement and implementation of Pfizer’s toxic mRNA product line. The mRNA vaccines, along with the failed oral Paxlovid pill, brought unprecedented profits to Pfizer, delivering tens of billions in annual profits.
Over the years, Pfizer has created an incredibly extensive foreign tax avoidance apparatus, along with hundreds of subsidiaries, located in over sixty different countries. For years, Pfizer—like many of its Fortune 100 peers—has flagged out nearly all of its profits, effectively zeroing out its tax burden.
Although the company is headquartered in New York, Pfizer’s army of lawyers and accountants manage losses to the United States, while linking profits to well-known tax havens such as Switzerland, Ireland, the British Virgin Islands and Singapore.
And every year, Pfizer spends tens of millions of dollars lobbying members of Congress and lawmakers to manipulate the tax rules in their favor.
Last year, the pharmaceutical industry as a whole spent over $381 million hiring 1,851 lobbyists in Washington, DC And that effort has paid big dividends for the mRNA giants.
Yet President Biden has time and again made it a point to declare that his administration has stood up to the interests of the pharmaceutical lobby, which spends more money on lobbying in Washington, DC than any other industry.
At one such 2022 rally, President Biden screamed into the microphone: “We beat Pharma this year! We beat Pharma this year! And that meant something. We will change people’s lives”.
During his State of The Union address last month, Biden declared, “we finally beat Big Pharma … I also want to end the tax breaks for Big Pharma, Big Oil, private jets and massive executive pay”!
Given Pfizer’s zero-dollar tax burden, it certainly doesn’t seem like Biden is “beating Pharma” after all.
From The People’s Voice, published April 17, 2024.
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