FRANKLYWNOW - Local Groups Join Statewide Protest Over Giant Pharma Merger

Local Groups Join Statewide Protest Over Giant Pharma Merger

On Thursday, local groups rallied in front of the Federal Building in Binghamton protesting the $160 billion merger of NY-based pharmaceutical company Pfizer with Allergan, the maker of Botox.

Citizen Action of New York, along with the Greater Binghamton Labor-Religion Coalition, are calling the merge a tax inversion. The Binghamton rally is one of many protests taking place around the state.

They say, according to a report by the American's for Tax Fairness, the main reason for the merge is to lower the company's tax rate by moving its tax headquarters overseas to Ireland.

“We’re saying, pay what you owe Pfizer. You need to start paying what you owe and you can’t just pretend to move your company offshore while still making billions of dollars through our Federal programs,” said Mary Clark, Regional Director of Citizen Action of NY.

The groups are calling on Senator Chuck Schumer to help pass the "Stop Corporate Inversion Act."

Pfizer said in response, "This transaction will not affect the tax rate that Pfizer pays on U.S.-based income. Pfizer will still be subject to the corporate tax rate in the U.S. The transaction will change only the expected tax rate paid on earnings generated outside of the United States."
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    Wednesday, February 12 2020 6:45 AM EST2020-02-12 11:45:23 GMT
    Wednesday, February 12 2020 6:47 AM EST2020-02-12 11:47:29 GMT
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