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You are here News Economy Drug company AbbVie used Trump tax law to shield profits, Senate report finds

Drug company AbbVie used Trump tax law to shield profits, Senate report finds

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AbbVie used Trump tax laws to hide profits

Pharmaceutical giant AbbVie generates almost all of its sales in the United States but has allegedly exploited former President Trump’s tax law to shield much of its sales from taxes, according to an interim report released Thursday by  Democrats on the Senate Finance Committee.

The report details how loopholes in the 2017 tax law have allowed AbbVie, a large multinational corporation headquartered in the U.S., to substantially shrink its tax burden and stash profits overseas to avoid paying taxes on prescription drug sales.

The report comes as Democrats are looking to roll back those changes and remove incentives for corporations to use overseas tax shelters.

“It is imperative that Congress enact needed international tax reforms that would close loopholes that allow drug companies like AbbVie to stash their profits in tax havens,” committee staff wrote in the report.

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