Sanders urges Treasury to block Pfizer tax deal

7:52:00 AM

Bernie Sanders wants the Treasury Department to block a merger that isn't against the law and doesn't violate the Treasury Department's own rules on "hopscotch" loans: "Sen. Bernie Sanders, who is seeking the Democratic presidential nomination, is urging the Treasury Department to take action to prevent pharmaceutical giant Pfizer from reincorporating overseas to lower its taxes.

Pfizer announced in November that it would merge with Irish-based Allergan, with the new company keeping Allergan’s Irish tax residence. This type of transaction is known as a “corporate inversion.”

“Blocking this inversion would not only be sound fiscal policy, it would also act as a strong deterrent to other companies that are contemplating similar tax scams,” Sanders (I-Vt.) said Friday in a letter sent to Treasury Secretary Jack Lew. The letter was sent from Sanders’s Senate office."

'via Blog this'

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