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NEW TAX MARCH AD: Big Pharma Executives and Shareholders Reap Profits From New Tax Law at the Expense of Working Families and Patients

Ad Highlights New Report Exposing Drug Companies For Giving Shareholders $45 Billion in Bonuses Instead of Lowering Prices

Thursday, April 12, 2018

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WASHINGTON, D.C. — One week out from Tax Day, Tax March is launching a new digital ad campaign that showcases how the Republicans’ tax plan has lined the pockets of big pharmaceutical corporations while doing nothing for families struggling to pay even higher drug costs. The new six-figure digital ad will run in Arizona, Nevada, and Washington, D.C. this week.

The new ad features a father from Arizona, Steve Gomez, who discusses the struggle his family faces affording the life-saving medicine needed to keep their two-year-old son healthy. The ad also cites a new report from Senator Cory Booker showing that big drug companies have announced more than $45 billion in shareholder bonuses, but not one has used the tax windfall to lower drug prices.

“Pharmaceutical corporations are receiving billions in tax breaks under this new law and using them to enrich their shareholders, while working families are seeing no benefit and are facing rising health care costs,” said Nicole Gill, Executive Director of Tax March. “Across the country, people like Steve Gomez are speaking out against the TrumpTax and the toll it is taking on their families. We must continue lifting up these voices and showing how the TrumpTax threatens the health and financial security of millions.”

“Instead of lowering drug costs for patients, big pharmaceutical companies are taking their big tax breaks and making their rich shareholders and executives even richer,” said Delvone Michael, Senior Political Strategist at Working Families Party. “Drug price hikes can lead families to financial ruin. They can mean life or death for kids with medical needs. We need to ensure Americans know that Trump’s tax plan is enriching corporate executives and investors at the expense of the health of every day families.”

Recent polling shows that a majority of Americans oppose the tax plan passed by Republicans in Congress last year. The new polling also shows that most Americans believe it disproportionately benefits richest Americans and wealthy corporations.

The ad can be viewed here and a transcript is included below.

# # #

[00:00] The Trump Tax gave pharmaceutical companies massive tax breaks—and they chose to give $45 billion to wealthy shareholders instead of lowering drug prices.

[00:06] We spend thousands of dollars on prescription drugs, just to keep my son alive.

[00:10] Anthony is amazing. He’s incredibly happy with all that he’s been though he’s a ray of sunshine.

[00:20] When Trump and the Republicans passed the TrumpTax for their billionaire and millionaire friends, they gave a giant tax cut to wealthy pharmaceutical companies.

[00:29] Now these pharmaceutical companies have announced over $45 billion in shareholder bonuses since the tax law was passed. And not a single one used that tax cut to lower drug prices.

[00:40] Instead of giving CEOs a giant tax break, we could’ve made it easier for families like ours to afford life-saving medicines we need.

[00:47] The Pfizer CEO got an $8 million bonus, but we got higher drug prices. They promised that giving drug companies a tax break would be good for us, but so far they’ve just used that money to reward their executives.

[00:58] Pfizer has announced 116 price increases since the TrumpTax has passed. They lied to us. We thought this tax cut would benefit our family, but it’s only benefiting the rich.

[01:10] While Trump looks out for his rich friends, he’s leaving my kid behind.

Fight back. TaxMarch.org.

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