Thursday, June 22, 2017

Big Pharma Gets $28 Billion Tax Break in GOP Trumpcare Plan

https://www.commondreams.org/views/2017/06/22/big-pharma-gets-28-billion-tax-break-gop-trumpcare-plan
"There will be a lot of losers if the House GOP’s disastrous plan to repeal and replace the Affordable Care Act ever becomes law: people with preexisting medical conditions, working families, older folks, kids. One of the few winners would be the nation’s pharmaceutical industry: $28 billion richer thanks to a big tax cut. The Senate is likely to keep this tax break in its version of the legislation. Do America’s drug makers deserve a $28 billion tax cut over 10 years, when the profits of the top 10 companies topped $83 billion last year alone, with the top 5 pocketing nearly $58 billion? Hardly. In fact, they need to start paying their fair share. The Republican plan passed by the House and endorsed by President Trump this spring would cost 23 million Americans their health care while handing out $660 billion in tax cuts, mostly to wealthy individuals and big health-care companies."