Subject: Harvard: Diabetes drink causes it to end in minutes

From: "Dr Daniels" <[email-masked]>
Date: Tue, 05 Apr 2016 12:06:18 -0700

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President Obama made a forceful case Tuesday for stopping corporations from moving their headquarters overseas in order to avoid U.S. taxes, saying they are taking advantage of the American economic system and saddling the middle class with the bill.

These companies renounce their citizenship, but get all of the rewards of being an American company, Obama said at a press conference Tuesday.

Obama praised regulations issued the day before by the Treasury Department aimed at making more difficult these socalled inversions, in which U.S. companies combine with foreign firms to reduce U.S. taxes.

Tax avoidance is a global problem, Obama said, pointing to an enormous leak of documents from a Panamanian law firm that allegedly detail the offshore shell companies and tax shelters used by rich leaders around the world. A lot of it is legal, that is exactly the problem, he said.

The new Treasury Department rules could imperil Pfizers 160 deal to join Botoxmaker Allergan and move its headquarters to Ireland in order to lower its tax bill, according to several corporate tax experts.

The inversion was expected to lower the pharmaceutical giants tax rate to 17 or 18 percent and save the company about 35 in taxes. But the rules announced late Monday could make those tax savings more difficult to achieve.

Pfizer, asked to respond to Obamas remarks, reiterated its joint statement with Allergan released Monday evening: We are conducting a review of the U.S. Department of Treasurys actions announced today. Prior to completing the review, we wont speculate on any potential impact.

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