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Published byRodger Russell Modified over 6 years ago
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Trumpcare = Tax Cuts for Rich, Insurers & Rx Drug Corporations
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Big Pharma Holds Billions Offshore to Avoid U.S. Taxes
Company Offshore Profits (In Billions of $) Pfizer 197 Johnson & Johnson 66 Merck 63 Gilead Sciences 38 Amgen 37 AbbVie 29 Eli Lilly 28 Bristol-Myers Squibb 26 Celgene 13 Biogen Idec 8 Total Offshore Profits $504 Billion Total U.S. Taxes Owed on Offshore Profits (estimate) $149 Billion Source: Institute on Taxation and Economic Policy
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Gilead Sciences: Price Gouger, Tax Dodger
$86,000 Cost to consumers of one full treatment of Gilead’s Hepatitis-C drug $1,500 Cost to Gilead to make a full Hepatitis-C treatment $13 Billion U.S. taxes Gilead owes on its offshore profits $3 Billion U.S. taxes Gilead will pay under Trump’s tax plan
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Trumpcare: Tax Breaks for Insurers, Higher Premiums for Seniors
$13,000 $145B TAX CUT for Health Insurance Companies PREMIUM HIKE For a low-income older American’s health insurance
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Trumpcare: Tax Breaks for Insurers, Big Premium Increases for Seniors
20-25% $145B PREMIUM INCREASE For older Americans’ health insurance TAX CUT for Health Insurance Companies
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Key Message Points Trumpcare is tax cuts for the rich, and health care cuts for the rest of us. Trumpcare takes health care away from 24 million to give $600 billion in tax breaks to the wealthy, and to health insurance and drug corporations. Trumpcare drops 14 million low-income kids and seniors covered by Medicaid, in order to give millionaires a $50,000 tax break each year. Trumpcare gives insurance companies a $145 billion tax break but lets them increase premiums by up to $13,000 for older Americans. Trumpcare gives a $25 billion tax break to prescription drug corporations but doesn’t lower drug costs for seniors. Trumpcare takes billions out of Medicare by eliminating a small tax paid by the richest 2 percent. This will shorten the life of Medicare by three years.
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