April 14, 2016 by Chris Kite
President Obama continues to fight for the American people and he continues to have success.
By implementing new Treasury Department rules, he was able to stop the paper movement of U.S. drug make Pfizer from moving its headquarters to Ireland. There was no physical move. No transfer of people. No movement of core business functions. It was just going to be a paper transfer saying that the company was headquartered in Ireland.
They’ve argued they need to do it because U.S. taxes are so high. They fail to mention that their actual tax rate is roughly 7.5%.
It’s all an accounting game. It is made possibly by complex rules, corporate tax incentives, global movement of money, and paper schemes.
Bravo, President Obama, for preventing a company from shafting U.S. citizens and putting more tax burden on the average Joe.