Reasons To Reject the Proposed Tax Plans

Patients deserve access to breakthrough cures. Those cures are threatened by policymakers’ new proposed tax plans, which could reduce Pfizer’s ability to deliver future 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:

• The plans could put our ability to deliver future groundbreaking treatments like the COVID-19 vaccine at risk. Americans cannot afford to lose the investment in healthcare innovation that is needed to prevent and respond to future pandemics.
• The plans could make the United States less attractive for investment. An increase in corporate tax rates as 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.
• The plans could 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.

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