Biden Infrastructure Plan Offers Biopharma R&D Carrot, Tax Stick
Inversions Have Come Under Attack In Recent Years
Tens of billions would go to fund R&D, including Phase I and Phase II development of vaccines. But the plan would also crack down on inversions and offshoring.
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Senate committee seeks details on company’s international tax practices as congress works to implement President Biden’s proposals on corporate tax reform.
"I don't know why folks are anxious to have a race to the top in terms of rates," Joseph Wolk ways. After US tax reform in 2017, lowering the standard tax rate from 35% to 21%, J&J committed to increasing US investment 15% over the next four years.
J&J employs 3,000 more people today than it did before US corporate tax reform in 2017, CFO Wolk said, highlighting the company's US investments.