John,

The pharmaceutical industry is running completely unchecked―raking in record profits while paying less and less of their fair share of taxes, according to a new report from Americans for Tax Fairness and our partner Health Care for America Now.[1]

How do they get away with it? In 2018 alone, the report found that pharmaceutical corporations spent $170 million lobbying members of Congress―more than any other industry. And, thanks to the Trump-GOP tax scam, their corporate tax rate has been slashed by 40%.

Later this week, the House of Representatives will vote on the Lower Drug Costs Now Act (H.R. 3) to rein in Big Pharma’s greed and save consumers and U.S. taxpayers at least $500 billion over 10 years.[2] The savings will be plowed back into Medicare―expanding benefits to include dental, vision and hearing coverage and helping low-income seniors afford Medicare. This bill is a critical first step toward ending drug corporation price gouging.

Sign the petition to Congress: Pass the Lower Drug Costs Now Act to protect the American people from Big Pharma’s greed and rein in the skyrocketing cost of prescription drugs.

In 2018 alone, the 10 largest U.S. drug corporations―the Pharma Big 10―raked in nearly $70 billion in worldwide profits with a profit margin triple the average for all other industries. And instead of using their record profits and tax cuts to make drugs more affordable for U.S. consumers, pharmaceutical CEOs and wealthy shareholders are pocketing these profits.

And, to make matters worse, these profits are being subsidized by you and me. Between 2010 and 2016, U.S. taxpayers spent $100 billion paying for pharmaceutical research relied on by all 210 new drugs approved for use in the U.S. during that time, while drug corporations made all of the profits off of new drug discoveries. And taxpayers shell out billions more each year in tax breaks that subsidize drug corporations’ own research.  

This bill―the Lower Drug Costs Now Act―will lower the price on scores of drugs for people relying on Medicare, which will also apply to some private insurance plans. That’s why Big Pharma is using its army of lobbyists to try and kill the bill and protect their profits.

Join Americans for Tax Fairness Action Fund in calling on Congress to pass this legislation, which is a critical first step toward reining in Big Pharma’s greed and protecting the American people from runaway price-gouging. Sign the petition today >>>

Together, it’s up to us to protect U.S. consumers and taxpayers from corporate greed and demand the rich and corporations―especially price-gouging and tax-dodging drug corporations―start paying their fair share in taxes.

Thank you,

Frank Clemente
Executive Director
Americans for Tax Fairness Action Fund

[1] “Drug Corporations’ Price Gouging & Tax Dodging Rips Off Patients and Taxpayers,” Americans for Tax Fairness and Health Care for America Now, Nov. 26, 2019
[2] “Pelosi sets Medicare showdown on drug costs and new benefits,” Associated Press, Dec. 5, 2019