Commentary by MJ
Jan 3, 2011
Jan 3, 2011
Much has been said in the last months regarding tax benefits awarded by the US Congress to Multinational corporations operating in foreign countries. They are known as CFC’s (Controlled Foreign Corporations).
Outrage is growing in the US regarding off shore tax havens which skim the US Treasury of up to 25 billion dollars a year, and have also taken jobs away causing unemployment in the US.
Many of the companies are pharmaceuticals, which are established in PR. Yes, Puerto Rico, US Territory of US Citizens, which is coded like a foreign country by the IRS, to benefit these multinational’s tax purposes. If anyone doubts why Puerto Rico has not become a state of the Union, you can come to your own conclusions. It is not in the best interests of these tax shelters for Puerto Rico to be a state.
Millions of dollars are spent by vested interests to support the status quo and keep Puerto Rico a US territory and to have control of who governs our small island, so as to continue receiving tax benefits.
To make matters worse, there are millionaire federal lawsuits against pharmaceutical companies in Puerto Rico for irregularities and unsanitary conditions, which are being published by the National media and give a bad name to Puerto Rico and to our people.
Many do not know that Puerto Rico is sometimes a just one step in the assembly line of many of these medications which start their production in other countries and are brought to PR only for packaging or labeling.
It is about time Congress investigates these outrageous operatives which are hurting so many US citizens.
CBS’s 60 Minutes aired Nationally the details of one of the millionaire federal lawsuit against a pharmaceutical company in Puerto Rico. The report does not do justice to the professionals who work in Pharmaceutical companies in PR. The fault lies somewhere else.
CBS “60 Minutes”
Preview: Bad Medicine
Drug company whistle-blower Cheryl Eckard tells Scott Pelley about her experience trying to fix problems at a pharmaceutical factory that made her a key figure in a federal lawsuit and a multimillionaire. Sunday, Jan. 2, 7 p.m. ET/PT.Read more: http://www.cbsnews.com/video/watch/?id=7195431n#comments#ixzz19wLRx99i