While you were finalizing your Thanksgiving menu—and slipping in some early Christmas shopping—one Big Pharma giant was busy plotting to give itself the biggest Christmas gift of all.
They were using the built in distraction of the holidays to pull off one of the most despicable swindles on the American public in more than a century.
When you were stuffing your stockings and thinking of your family, Big Pharma was stuffing their pockets and thinking of how they got one over on us.
On November 23rd drug giants Pzifer and Allergan completed a $152-billion-dollar deal that will allow them to move the headquarters of Pzifer to Allergan’s current location in Dublin, Ireland.
So what’s the swindle?
Well that little move just saved Pfizer a huge pile of cash, but it will end up costing the US billions in lost tax revenue.
For as much as we are used as Guinea pigs for their trust fund, you would think we could see a little return on our unintended participation.
Mega corporations save cash while we pay the price
This increasingly popular strategy—officially known as inversion—takes advantage of a legal loophole that basically allows mega corporations to simply skip out on their tax bills.
Companies pull off the swindle by buying up a smaller offshore company and transferring their “official” headquarters to that new location.
Then all that’s left for them to do is pocket the cash savings.
This isn’t the first time we’ve seen this sort of un-American bait and switch. And it surely won’t be the last either.
These greedy corporations build their fortunes on the backs of Americans like you and me.
But then when it’s time to return the favor by paying into the American economy, they pull up stakes and leave us holding the bill.
Even worse, they want us to believe these moves are really for our own good.
You see they claim they plan to “reinvest” all that saved cash into things to benefit us… you know out of the goodness of their own hearts.
No, really, they want us to buy that.
In fact Pfizer’s Scottish born CEO, Ian Read, even had the nerve to say the money they’re saving will allow the company “to cure major illnesses for humanity.”
Yeah, and if you buy that I’ve got a bridge in New York I’d like to sell you too.
Let’s call a shovel a bloody shovel. Big Pharma’s not making these moves to benefit us. They’re making them to benefit their bottom-line while we continue to foot the bill.
Sure people will profit from these moves all right, but it’s not you or anyone you know, it’s the shareholders of these companies.
All this means for you is that we will have less government controlled money funding the FDA and more privately funded Big Pharma money influencing health officials.
As if there isn’t enough special interest in healthcare these days.
Not only are they pulling out of the American tax system but they’re rearming themselves for a tighter grip on our personal health.
Fight back against Big Pharma’s latest cash grab
But we don’t have to take it lying down.
There are a couple of ways we can combat this new wave of corporations grabbing our cash and then heading for the hills.
- Call your local representative from congress and tell them that you want to change this “tax loophole” that allows companies to head offshore leaving us holding the bag. You can find where to contact your congressional representative here.
- Stop purchasing their products.
Listen, we get it. Sometimes you simply can’t avoid taking a drug. But many of us are guilty of popping a pill when we don’t need it.
If you have a cold or the flu, don’t bother with an antibiotic, it won’t do a thing to help and it can hurt you in the long run. And be sure to always ask your doctor about drug alternatives such as cranberry juice and d-mannose for urinary tract infections.
Seek out ways to get and stay healthy without drugs and their many side effects. Try supplements instead.
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