When Pfizer announced its plan last year to merge with Botox-maker Allergan and move its headquarters to Ireland the company said the deal would lower its tax rate to about 17 percent to 18 percent, saving it about $2 billion over three years.Is it any wonder that U.S.-based companies are seeing to flee the highest corporate tax rate in the world? Now pay your "fair share" and give those kids a $15 minimum wage, too.
But in a report published Thursday, Americans for Tax Fairness say the New York-based pharma giant will actually save much more by giving up its U.S. citizenship: $35 billion.
Saturday, March 19, 2016
Washington Post: "Giving up its U.S. citizenship could save Pfizer $35 billion in taxes."