US Senate Committee Investigates Pfizer's Irish Tax Affairs

Pharmaceutical company Pfizer is facing scrutiny from the US Senate finance committee over its Irish tax affairs. The committee has written to Pfizer, demanding information about the company's tax strategies in Ireland. Pfizer, which employs 5,000 staff in Ireland, has reportedly had a tax rate of below 10% over the past five years. The investigation is part of a broader inquiry into tax strategies employed by big pharma companies. Irish authorities are likely to be concerned about the development [08d402b4].

This latest development adds to the ongoing discussion surrounding corporate tax avoidance and its impact on income inequality in the United States. It highlights the complex tax strategies employed by multinational corporations, such as Pfizer, to minimize their tax liabilities. The issue of tax avoidance by major corporations has gained significant attention, as it contributes to wealth disparities and income inequality in the country. Many American companies, including pharmaceutical companies, pay far less than the statutory corporate tax rate of 21%, resulting in reduced tax revenue for the government and fewer resources for public services and social programs. The battle against extreme inequality depends on corporations and billionaires paying their fair share of taxes [39efef7a].