Brad Setser
speaker
466 appearances
2 recordings
1 series
first heard Nov 2024
last heard Apr 2025
Brad Setser’s voice in public audio — every appearance, attributed to the second.
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Appearances
By producing outside the United States and moving intellectual property outside the United States, the American pharmaceutical industry has reduced its gen effective tax rate to 10%, roughly 10%.
Why wouldn't you want to maintain that?
The opposite side, the loser side, uh is the mostly the taxpayer.
There's not a lot of jobs at stake, although there's some.
So a couple of uh shocking to me little nuggets.
Uh the US pharmaceutical industry, uh top six companies roughly made sixty to seventy billion dollars in twenty twenty three, top six companies.
Those top six companies paid collectively, so a little bit of offsets, zero in tax to the US federal government.
They reported losing money on their US operations, even though the US has well known much higher pharmaceutical prices than the rest of the world.
And they report making all of their profit and paying all of their tax in other jurisdictions.
So everyone except the US taxpayer seems to win.
Look, I uh first of all you broke my heart.
Uh by saying there's nothing that's gonna happen on the corporate tax code next year.
Is there?
Okay, yeah, that's right.
Um it is the great chance that we have to correct some of the uh the flaws in my view in the uh taxes.
But it doesn't
So, you know, how much how much detail do you want to go into?
The twenty-one percent does not expire.
The ten and a half percent low guilty rate, which is for your global intangibles income, which is
Uh goes up to thirteen point one two five, which of course some people care about.
Showing 221–240 of 466 · page 12 of 24
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