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Author: Cogitarius Big gold star, 5000 posts Old School Fool Home Fool Global Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 46836  
Subject: Tax dodgem a.k.a. American Jobs Creation Date: 5/9/2005 9:48 AM
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'A new U.S. tax break for corporations is allowing the biggest American drug makers to return as much as $75 billion in profits from international havens to the United States while paying a small fraction of the normal tax rate.'

'The money the companies are bringing home has come from many years of using legal loopholes in the tax law to aggressively shelter their profits from U.S. taxes.... drug makers have told the Internal Revenue Service for years that their profits come mainly from international sales, even though prescription drug prices are far higher in the United States than elsewhere and almost 60 percent of their sales take place in America.'

'Already, four of the six drug makers have collectively announced plans to return $56 billion in profits to the United States... Had the six companies faced standard federal taxes on those profits, they would have paid $26 billion to the United States. Instead, they will pay less than $4 billion. '
http://www.iht.com/articles/2005/05/08/business/drug.php

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