WASHINGTON, D.C. – U.S. Sen. Sherrod Brown (D-OH) today issued the following statement on the announced merger between Pfizer and Allergan, which could give Pfizer the ability to avoid paying U.S. taxes.
“Huge corporations like Pfizer and Allergan shouldn’t get to play by different rules than everyone else. Companies should have to settle up on their taxes before shifting their headquarters oversees. This merger is further proof that we must work toward international tax reform that addresses inversions and fixes our broken, corporate tax code. That means establishing a country-by-country global minimum tax.”
Brown, a member of the Senate Finance Committee and ranking member of the Senate Banking Committee, has repeatedly urged Congress to address inversions and take immediate action to address the broken corporate tax code. He was a member of the Finance Committee’s bipartisan International Tax Reform Working Group, and continues to negotiate a plan to reform our international tax system while generating funds for long-term infrastructure improvements.
Brown was also a cosponsor of the Pay What You Owe Before You Go Act in 2014. The bill would require corporations to settle up on their U.S. tax bill before shifting their headquarters to a new country.