Proposed Tax Plans Could Stifle Innovation

Patients deserve access to breakthrough cures. Those cures are threatened by tax frameworks being proposed by the president and Senate Finance Committee Chairman Ron Wyden (D-OR) which could reduce Pfizer’s ability to deliver groundbreaking treatments by reducing innovation investments, increasing tax rates, and reducing tax incentives for U.S. innovation.

These plans could stifle the scientific innovation that could lead to life-saving cures:

• They would make the United States less attractive for investment. An increase in corporate tax rates proposed in these plans would saddle the United States with an unfavorable tax regime for new investment. A more attractive U.S. tax environment gives companies based in both the U.S. and foreign countries an incentive to invest more capital — equipment, technology, and facilities — in our country.
• They harm the American workforce. When globally engaged U.S. companies can compete on a level playing field with their foreign-owned counterparts, the American worker wins. Success in foreign markets allows U.S.-based companies to expand at home.
• They reverse U.S. progress in global competition. If future cures are to be “Made in America,” U.S. companies must be able to compete with countries like China that have state-sponsored investment in research and development.
• They risk our ability to deliver groundbreaking treatments like the COVID-19 vaccine. Americans cannot afford to lose the investment in healthcare innovation that is needed to prevent and respond to future pandemics.

Help protect healthcare innovation and the American workforce: Say no to the proposed tax plans and protect a competitive tax system!