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Four companies that agreed to pay a combined $26 billion to settle claims about their roles in the opioid crisis plan to deduct some of those costs from their taxes and recoup around $1 billion apiece. ....
By Kenny Stancil, staff writer at Common Dreams. Originally published at Common Dreams “The tax code is so rigged for the rich that even when they kill people they get a tax break.” Four pharmaceutical corporations that agreed to pay a combined $26 billion to settle lawsuits resulting from a deadly opioid crisis they helped create reportedly plan to recoup a portion of those costs by deducting roughly $4.6 billion of the payouts from their taxes sparking intense condemnation. Big Pharma is attempting to make the public cover some of the fines related to lawsuits filed by dozens of state and local governments highlighting the culpability of opioid manufacturers and distributors in the deaths of an estimated 70,000 people per year. ....
Drug companies seek billion-dollar tax deductions from opioid settlement Douglas MacMillan and Kevin Schaul, The Washington Post Feb. 12, 2021 FacebookTwitterEmail Faces on pills are seen at the Provocative Opioid Memorial in 2018 in Washington, D.C. There are 22,000 pills that represent the number of people who died of an opioid overdose in 2015.Washington Post photo by Matt McClain WASHINGTON - Four companies that agreed to pay a combined $26 billion to settle claims about their roles in the opioid crisis plan to deduct some of those costs from their taxes and recoup around $1 billion apiece. In recent months, as details of the blockbuster settlement were still being worked out, pharmaceutical giant Johnson & Johnson and the big three drug distributors - McKesson, AmerisourceBergen and Cardinal Health -all updated their financial projections to include large tax benefits stemming from the expected deal, a Washington Post analysis of regulatory filings ....