Gilead Sciences Inc., whose $1,000-a-pill hepatitis C treatment is one of the world’s most expensive drugs, is avoiding billions of dollars in U.S. taxes by booking profits overseas.
There is absolutely nothing wrong with Gilead seeking to legally minimize taxes through their international operations. Congress needs to realize that as long as the US has the highest corporate tax rate in the world at 35%, companies will look for every legal opportunity to do business in other lower tax countries like Ireland where the tax rate is 12.5%. It's not different than Tiger Woods moving from CA where the tax rate is 13.3%, to FL where the tax rate is 0%. Even the US Supreme Court has said there is absolutely nothing wrong with seeking to legally minimize taxes.
And how about some credit to Gilead for developing a Hepatitis C drug which helps large numbers of people?