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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.
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.