Durbin Statement on Pfizer-Allergan Inversion
CHICAGO—U.S. Senator Dick Durbin (D-IL) released the following statement regarding the merger between Pfizer and Ireland-based Allergan, which would create a roughly $160 billion inversion in order to avoid paying U.S. taxes:
When corporations choose to invert and don’t pay their fair share of taxes, they leave the rest of us to pick up the tab. That isn’t right, and I hope Pfizer will reconsider. The Obama Administration has taken action to help curb this practice, but there are still loopholes in law that Congress must fix to eliminate incentives for companies to renounce their corporate citizenship and turn their backs on American taxpayers.
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