Drug Makers Reap Benefits of Tax Break ($75 billion)

[IChing]

Drug Makers Reap Benefits of Tax Break





By ALEX BERENSON
Published: May 8, 2005
A new 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 fraction of the normal tax rate.

Exporting Profits
The break is part of the American Jobs Creation Act, signed into law by President Bush in October, which allows companies a one-year window to return foreign profits to the United States at a 5.25 percent tax rate, compared with the standard 35 percent rate.

Any company with profits in other countries can take advantage of the law, but drug makers have been the biggest beneficiaries because they can move profits overseas relatively easily, independent analysts say.>>>>>snip

http://www.nytimes.com/2005/05/08/business/08taxes.html?ex=1273204800&en=62432a8b885ca51d&ei=5088&partner=rssnyt&emc=rss

[Moderator]

1. dupe...locking

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=102x1453279