Drugmakers' low U.S. taxes belie their high sales
Most of the largest pharmaceutical companies report losing money in the United States, despite the majority of their sales coming from Americans. The result is lower U.S. taxes for the companies.
Tax day is here. While Americans are scrambling to file last minute returns, things are somewhat more complicated for corporations.
Corporations are supposed to pay a nominal tax rate of 21%. But in recent years, the biggest pharmaceutical companies had an average effective tax rate of less than 12%, according to an analysis by the Senate Finance Committee.
Why is that happening? Economist , of the Council on Foreign Relations,
