Credo Action

Stand with Sen. Warren: Stop Pfizer from deserting America

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Petition to Congress:

"Stop Pfizer from dodging billions in taxes owed to the American people by passing the Stop Corporate Inversions Act, which would block companies from hiding their profits by moving their tax address, but not their business, overseas."

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    Stand with Sen. Warren: Stop Pfizer from deserting America

    One of the world’s largest pharmaceutical companies makes billions off of U.S. government contracts, develops and sells its drugs here, relies on our roads and workforce – and is about to desert Americans to the tune of billions of dollars.1

    American pharmaceutical giant Pfizer recently announced that it would be merging with Allergan, a tiny European rival, in a move designed to move Pfizer’s tax address offshore – while it continues to do business here in the U.S.2 Called a “corporate tax inversion,” the move would help Pfizer dodge taxes while robbing Americans of revenue that could fund infrastructure or education.3

    Sen. Elizabeth Warren has had enough. While regulators still have a chance to stop the Pfizer merger, she’s calling on Congress to end corporate tax inversions altogether. The Pfizer case is only the latest outrageous example of corporations refusing to pay their fair share. That is why we are standing with our friends at Americans for Tax Fairness, and Democracy for America, to show that Americans back Sen. Warren and demand an end to corporate tax inversions.

    Stand with Sen. Warren: Stop Pfizer from deserting America.

    Pfizer is already dodging taxes on nearly $150 billion parked offshore. It pays an effective tax rate of around 7.5%, thanks to a corporate tax code shredded with loopholes – far lower than what ordinary Americans and small businesses pay. It isn’t even planning to change its business model, keeping its headquarters, employees, and customers in the U.S. Pfizer simply wants to change its address and swindle America out of the billions we invested in helping make it successful.4

    Tens of thousands of CREDO members have previously demanded strong regulators, who are willing to crack down on mergers, and for the Obama administration to use its executive authority to close tax loopholes. But we also need to demand that Congress pass the Stop Corporate Inversions Act, which would:5

    • Require a company whose majority of shareholders are American to be considered American so that it pays its fair share of U.S. taxes.
    • Require that a company that has its headquarters in America pay its fair share of U.S. taxes.
    • Stop an American company from deserting the United States by simply changing its corporate address to a tax haven.

    As Sen. Warren puts it, “People like you have to pay your fair share of taxes. So do small businesses that don’t have armies of lawyers to help them stash their money in the Cayman Islands – or magically move their corporate citizenship to Ireland.”6 Pfizer’s actions are so outrageous, it is crucial to force members of Congress to pick a side by making a concerted demand for an end to inversions now.

    Stand with Sen. Warren: Stop Pfizer from deserting America.

    At its simplest, this is about a pharmaceutical industry that is out of control, CEOs chasing short-term profits over long-term growth, government regulators who have gone soft on corporate mega-mergers, and more. In the past, when our leaders decided to allow big companies to bring money back from overseas with lower taxes, Pfizer rewarded America’s generosity by raising its CEO’s pay while laying off more than 10,000 U.S. workers.6

    This is about yet another corporation relying on our schools, roads, courts, markets, and customers – then shirking their responsibility when it comes time to paying their fair share in taxes. We have had enough. The time is now for us to demand Congress end tax inversions once and for all, or go on the record supporting tax dodging corporations.

    Stand with Sen. Warren: Stop Pfizer from deserting America.

    Thank you for speaking out.

    1. Pfizer’s Tax Dodging Rx: Stash Profits Offshore,” Americans for Tax Fairness, November 10, 2015.
    2. Jeff Sommer, “A Tax-Cutting Move That Pfizer Can Hardly Resist,” New York Times, November 14, 2015.
    3. Pfizer’s Tax Dodging Rx: Stash Profits Offshore.”
    4. Pfizer’s Tax Dodging Rx: Stash Profits Offshore.”
    5. Tell Congress: Stop Pfizer from Deserting American Taxpayers,” Americans for Tax Fairness Action Fund.
    6. Elizabeth Warren, “Stop Pfizer from deserting American taxpayers,” Americans for Tax Fairness Action Fund email, February 13, 2016.
    7. Pfizer’s Tax Dodging Rx: Stash Profits Offshore.”