Rep. Peter Welch (D-VT) and Rep. Lloyd Doggett (D-TX), co-chairs of the Democratic Caucus Prescription Drug Task Force, today released the following statement.
"Happy St. Patrick's Day, Pfizer! We hope you are enjoying a pint of green beer today as you head for an Irish exit from corporate America. Americans are green with envy about your shameless move to dodge your $35 billion tax bill while ripping them off with high drug prices. You might not want to dance a jig just yet, though. We are demanding the Treasury Department put the brakes on corporate inversions like yours. But if Treasury fails to do its job, how about lowering your drug prices when you get to Ireland instead of continuing to make Americans pay twelve times as much for your seven top-selling drugs than the Irish?"
Pfizer--maker of Celebrex, Lipitor, Lyrica, and Viagra--is seeking to merge with Allergan, an Irish drug company, to avoid U.S. corporate taxes. Doggett, Welch, and others wrote to Treasury Secretary Lew last month urging him to use existing regulatory authority to stop the hemorrhaging of tax revenue attributable to corporate inversions.