How Biden’s infrastructure plan will go after biopharma companies beyond drug pricing
The White House early Wednesday unveiled a detailed plan for Congress to pass a $2 trillion investment in US infrastructure, with details on how President Biden will attack multinational companies — including many of the top biopharma companies — that are using tax havens abroad.
First and foremost, Biden wants to increase the corporate tax rate from 21% to 28%. But he also said he wants to make it more difficult for US corporations to avoid US taxes by claiming to be a foreign company, which is what many top biopharma firms have done over the years, although some of these so-called inversions been aborted more recently (i.e. Pfizer and Allergan or AbbVie and Shire).
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