(Montana Gov.) Schweitzer seeks legislation to ‘fairly' tax drug firms

[Newsjock]

Source: Missoulian

HELENA - Gov. Brian Schweitzer, accusing pharmaceutical companies of not paying their fair share of taxes in the United States, said Wednesday he will propose a bill to "fairly" tax drug firms in Montana.

... "They sell drugs in each one of our neighborhoods and then they use some little quirky lawyer in the Caribbean, the Grand Cayman Islands, or Bermuda who is able to launder their money," he said.

The money then is moved to European banks, particularly those in Ireland right now, he said. Ireland has passed special laws that allow the companies to hide their money, the governor said.

Schweitzer said pharmaceutical companies often declare profits in foreign markets at much higher rates than in their American markets, despite drug prices being typically higher in this country than elsewhere. Drugs manufactured by foreign subsidiaries are sold to U.S. patients at "inflated prices to overstate profits overseas and understate profits here," he said.

Read more: http://missoulian.com/news/local/article_54277024-c14d-11df-b9c1-001cc4c002e0.html

[xchrom]

1. i like where this is going! nt

[ceile]

2. sounds good to me....eom

[Dappleganger]

3. He can kiss his political career goodbye...

if he goes up against the big ones. They are too powerful to take this laying down. They'll move out of his state and take their jobs to Puerto Rico and Ireland.

[Larkspur]

4. Schweitzer is a modern day Teddy Roosevelt

He has framed this issue very well. Obama's team should learn from him. I love Schweitzer. I will be the first person to sign up for his Presidential campaign from my state when he sets up his campaign.

[KoKo]

5. K7R