Pfizer Avoided Billions in Taxes on Sales, Democrats Say (2)

Pfizer Inc. reported zero dollars in taxable US profits on its 2019 tax returns, despite selling $20 billion in drugs to US customers that year, Senate Finance Committee Democrats alleged in a new report Thursday.

“My investigation has found that Pfizer carried out what could be the largest tax-dodging scheme in the history of big pharma,” Finance Committee ranking member Ron Wyden (D-Ore.) said on the Senate floor, as he released a report from his staff on Pfizer’s tax-shifting practices.

Pfizer allegedly booked 100% of its $21 billion in global income in offshore subsidiaries on its 2019 federal tax filings ...