Sen. Ron Wyden (D-OR) (Francis Chung/E News/POLITICO via AP Images)
Senate Finance chair slams pharma industry's use of foreign subsidiaries to cut their tax bills
Pharma companies now see an average effective tax rate that’s 40% less than in recent years, largely thanks to a Republican-passed tax cut law in 2017 that allows the companies to filter their sales through offshore subsidiaries and avoid the higher US tax rate, Senate Finance committee chair Ron Wyden’s (D-OR) said in a new report today as part of his ongoing investigation into pharma’s tax practices.
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