The Republican Utopia

[ZRod]

1 hour ago, knapplc said:

 

The article explains better than the tweet.

 

 

Pfizer, which is headquartered in New York and received billions of dollars from the federal government for its COVID-19 vaccine, reported an overall 2023 loss of $4.4 billion domestically, bringing its effective corporate income tax rate to -105.4 percent, the company reported in a recent regulatory filing. 

 

Conversely, Pfizer reported more than $31 billion in revenue from international market sales, netting more than $5.4 billion of income for 2023. Pfizer has more than 300 subsidiaries in more than 60 different countries, with 98 subsidiaries based in known tax havens such as Ireland, Switzerland, the Netherlands, the British Virgin Islands, Singapore, and Puerto Rico, according to a Lever review of Pfizer’s recent 10-K filing. 

 

The 2017 tax law championed by Trump cut the federal corporate income tax rate from 35 percent to 21 percent, but many corporations offshore profits and exploit other loopholes to pay even less. 

 

From 2018 to 2022, the Trump tax cuts allowed 342 of the largest U.S.-based corporations to pay just $562 billion in taxes on nearly $4 trillion in profits, an effective average rate of 14.1 percent, according to a recent study from the Institute on Taxation and Economic Policy, a non-partisan tax policy organization.

 

Pharmaceutical companies comprise a significant portion of the companies engaged in tax avoidance. In 2022, major U.S. pharmaceutical companies reported more than $214 billion in revenue and only $10 billion in profits in the U.S. Those same companies reported more than $171 billion in foreign revenue and more than $90 billion in profits overseas, despite the fact that Americans pay the highest pharmaceutical costs in the world, said Brad Setser, a senior fellow at the Council on Foreign Relations.

 

“A large number of American pharmaceuticals report getting the bulk of their revenue from the U.S., earning no income in the U.S., and earning very substantial sums outside the U.S.,” Setser told The Lever. “And that same set of companies typically tends to report the bulk of their profits that they earn globally are in some combination of Ireland, Switzerland, Singapore, and Puerto Rico.”

 

 

1 hour ago, BigRedBuster said:

Yeah...there's some funky things going on with their revenue/accounting there.

 

I'm guessing they are somehow accounting for a lot of expenses in the US that really should be elsewhere.

So just continuing to exploit loop hole?

 

It shouldn't be hard to make a reasonable tax system to combat this. Either tax it at the point of sale, manufacture, or profit level if it isn't already taxes at a reasonable rate where ever the money is held now.

[knapplc]

3 minutes ago, ZRod said:

It shouldn't be hard to make a reasonable tax system to combat this. Either tax it at the point of sale, manufacture, or profit level if it isn't already taxes at a reasonable rate where ever the money is held now.

 

Correct. But Congress lacks the will to do so (or are being actively encouraged not to do so).

[Fru]

Regarding the DJT stock convo from earlier. 
 

https://www.salon.com/2024/04/15/every-time-i-buy-more-the-price-drops-more-supporters-grapple-with-truth-social-losses/?in_brief=true
 

“One of the investors, Jerry Dean McLain, bought up hundreds of shares collectively worth $25,000. In the last two weeks, he's lost half of that money. But he is putting his trust in Trump. “I know good and well it’s in Trump’s hands, and he’s got plans,” he said. “I have no doubt it’s going to explode sometime.””

[teachercd]

6 minutes ago, Fru said:

Regarding the DJT stock convo from earlier. 
 

https://www.salon.com/2024/04/15/every-time-i-buy-more-the-price-drops-more-supporters-grapple-with-truth-social-losses/?in_brief=true
 

“One of the investors, Jerry Dean McLain, bought up hundreds of shares collectively worth $25,000. In the last two weeks, he's lost half of that money. But he is putting his trust in Trump. “I know good and well it’s in Trump’s hands, and he’s got plans,” he said. “I have no doubt it’s going to explode sometime.””

Jerry is betting on trump winning the election.  

 

Not a bet I would make with 25,000.  

 

 

[Fru]

10 minutes ago, teachercd said:

Jerry is betting on trump winning the election.  

 

Not a bet I would make with 25,000.  

 

 

Agreed. I wouldn’t make that bet with Monopoly Money.

[teachercd]

13 minutes ago, Fru said:

Agreed. I wouldn’t make that bet with Monopoly Money.

Hell no.

 

I suppose if it dropped to 1 dollar before the election and you want to go for a Hail Mary, but that is a big a$$ Hail Mary. 

[BigRedBuster]

38 minutes ago, Fru said:

Regarding the DJT stock convo from earlier. 
 

https://www.salon.com/2024/04/15/every-time-i-buy-more-the-price-drops-more-supporters-grapple-with-truth-social-losses/?in_brief=true
 

“One of the investors, Jerry Dean McLain, bought up hundreds of shares collectively worth $25,000. In the last two weeks, he's lost half of that money. But he is putting his trust in Trump. “I know good and well it’s in Trump’s hands, and he’s got plans,” he said. “I have no doubt it’s going to explode sometime.””

These people are so delusional.  And, they obviously have not paid attention to what has happened with so many of his business ventures and people who "trusted" him.

[BigRedBuster]

 

[ZRod]

1 hour ago, BigRedBuster said:

 

How can he be greedy? He's a man of simple means without a bank account.

[Scarlet]

55 minutes ago, ZRod said:

How can he be greedy? He's a man of simple means without a bank account.

Of course he did pay for his kids' college, his house, cars, plane tickets, utilities, and daily living expenses with nothing other than myrrh and frankincense

[Scarlet]

3 hours ago, Fru said:

Regarding the DJT stock convo from earlier. 
 

https://www.salon.com/2024/04/15/every-time-i-buy-more-the-price-drops-more-supporters-grapple-with-truth-social-losses/?in_brief=true
 

“One of the investors, Jerry Dean McLain, bought up hundreds of shares collectively worth $25,000. In the last two weeks, he's lost half of that money. But he is putting his trust in Trump. “I know good and well it’s in Trump’s hands, and he’s got plans,” he said. “I have no doubt it’s going to explode sometime.””

Explode?  Like when it hits earth?

 

 

[Archy1221]

4 hours ago, Lorewarn said:

 

 

 

Those people who took out student loans are to blame.

Why?

[BigRedBuster]

Go MAGA go broke. 
 

 

[teachercd]

1 minute ago, BigRedBuster said:

Go MAGA go broke. 
 

 

Ha!

 

I don't follow that stock at all but what an a$$ kicking!

[BigRedBuster]

But, I was told by Moscow Marge that it was the Ukrainians that were bombing churches.