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Currently the marginal tax rate for corporations within the United States is 35%, however, that rate does not include the many tax loop holes.
If we look at just the Pharmaceutical Companies, we find that because of the many tax loopholes and tax breaks given, they pay one of the lowest corporate taxes in the country. Paying at 5.6 percent of total profits earned. Of the billions of dollars earned by these corporations, a commonly used excuse for this tax rate allowance is for monies spent for the common good, or research.
First, we should consider how much of this “research” is for new drugs or just to replicate drugs that are selling well. Next, we should consider that many if not most of these drugs are of little medical value, while most of this money not paid in taxes is used for marketing and selling these drugs.
Should we not also consider that government already spends more than 30 billion dollars of tax payer money each year for bio-medical research through the National Institutes of Health?
The result for the citizen is that we can pay hundreds or even thousands for each prescription. With a more competitive market, as in generic prescriptions, the same drugs are reduced to a low as just a few dollars for each prescription filled.
To our elected representatives,
We the signers of this petition urge you to consider that not only are we the citizens, paying exorbitantly high prices for our prescriptions. We also ask that you consider closing all corporate loopholes for Pharmaceutical companies. We are aware that the Federal government already invests no less than 30 billion dollars a year in bio-medical research. We ask that this research for the public safety be used as well by the Pharmaceutical companies, thereby eliminating the need for loopholes designed to support this research.
Thank you for giving this your consideration.