Clinton says Pfizer “gaming the tax system”

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U.S. Democratic Presidential Candidate Hillary Clinton condemns Pfizer Inc’s deal with Allergan Plc as a tax dodge. Rough Cut (no reporter narration).

Clinton says Pfizer “gaming the tax system”

ROUGH CUT (NO REPORTER NARRATION)

Democratic presidential candidate Hillary Clinton condemned Pfizer Inc’s deal with Allergan Plc as a tax dodge on Tuesday.

The front-runner for the Democratic presidential nomination in the November 2016 election said she will propose steps to prevent more inversions.

“They’re doing it to save money on taxes. It’s called an ‘inversion’. Well I want the treasury department to do everything it can to stop that kind of behavior and call it for what it is — gaming the tax system,” Clinton told supporters at the Boulder Theater in Boulder, Colorado.

Republican front-runner Donald Trump, who has called for a corporate tax overhaul, called the deal “disgusting” in a statement, saying “our politicians should be ashamed.”

Pfizer is doing the largest inversion deal of all time. In a $160-billion transaction, it plans to move its tax address from the United States to Ireland, if only on paper, by buying and merging into Allergan, a smaller, Dublin-based competitor.

The combined company will be called Pfizer and will be run by Pfizer’s CEO, with executive management staying in New York and extensive operations across the United States, but it will no longer be taxed as a U.S. company.

Tags : system, Gaming, Pfizer, says, clinton

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