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Drug companies seek billion-dollar tax deductions from opioid settlement

donsutherland1

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The Washington Post reported:

Four companies that agreed to pay a combined $26 billion to settle claims about their roles in the opioid crisis plan to deduct some of those costs from their taxes and recoup around $1 billion apiece.

In recent months, as details of the blockbuster settlement were still being worked out, pharmaceutical giant Johnson & Johnson and the “big three” drug distributors — McKesson, AmerisourceBergen and Cardinal Health — all updated their financial projections to include large tax benefits stemming from the expected deal, a Washington Post analysis of regulatory filings found.


https://www.washingtonpost.com/business/2021/02/12/opioid-settlement-tax-refund/

The U.S. Treasury Department and Internal Revenue Service should block this effort. The companies are, in fact, attempting to shift a share of their costs stemming from their conduct onto the public, even as the public had no role whatsoever in their conduct that led to the opioid crisis.
 
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