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Tax windfalls for U.S. corporations

U.S. corporations that have deferred taxes for years on the profits they made overseas could be in line for a huge windfall from Congress. Here are the amounts kept abroad that new legislation proposes to be brought back to this country at a greatly reduced tax rate (5.25%):

Company Profits kept abroad but not taxed in U.S.
Merck $15.0 billion
Hewlett-Packard $14.5 billion
Johnson & Johnson $12.3 billion
Schering-Plough $9.4 billion
Eli Lilly $8.0 billion

Total estimated corporate profits held overseas: $400 billion

Ever wonder why public funds seemed to disappear? Now you know why.

*Source: The New York Times, October 2, 2003

Last year the Pharmaceutical Industry hit $377 Billion.
The overall Health Care Industry was at $1.2 Trillion.
We have before us, a Very SICK Nation!

"Unless we put medical freedom into the Constitution, the time will come when medicine will organize into an undercover dictatorship ... To restrict the art of healing to one class of men and deny equal privileges to others will constitute the Bastille of medical science. All such laws are un-American and despotic and have no place in a republic ... The Constitution of this republic should make special privilege for medical freedom as well as religious freedom."

Benjamin Rush, M.D., signer of The Declaration of Independence, physician to George Washington.


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