Wyden Statement on Pfizer-Allergan Merger

Senate Finance Committee Ranking Member Ron Wyden, D-Ore., today issued the following statement on the proposed merger between pharmaceutical companies Pfizer and Allergan:

“The Treasury Department has made it very clear that its efforts to halt the inversion virus and stop the further erosion of our tax base can only go so far. The only course of action that will stop this concerning trend of American firms continuously looking for ways to shift their headquarters overseas is comprehensive tax reform. The fact is, our tax code and our economy work as an ecosystem, so when Congress or the administration make changes in one area to solve an immediate crisis like inversions, there’s always a risk of unforeseen effects popping up somewhere else. That’s a big reason why it is so difficult to address tax problems one at a time. Bipartisan, comprehensive tax reform will require serious political will and independence from members of Congress, but this inversion crisis shows that it needs to happen soon.”

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