According to Axios, a new Oxfam report shows that the 2017 corporate tax overhaul allowed four pharmaceutical companies to collectively keep $7 billion in tax savings. The four pharmaceutical companies are Johnson & Johnson, Pfizer, Merck, and Abbott Laboratories.
Pharmaceutical companies are clearly benefiting from bringing back billions in profit from overseas markets that remain untaxed. Unfortunately, the savings in taxes have not lead to other social goods, like lower drug prices or research into new treatments.
Niko Lusiani, a senior adviser at Oxfam, said of the tax law, "These are all policy choices. Of pharmaceutical industry behavior she said,"And we haven't seen any big changes."
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