Letter to Ian Read, CEO, Pfizer - Inversion Would Unfairly Burden American Taxpayers

Letter

Dear Mr. Read:

I write to express my extreme disappointment in your announcement that, as part of a merger with Allergan, Pfizer plans to change its mailing address to Ireland just to avoid paying its fair share of U.S. taxes. I urge you to reconsider this decision, keep Pfizer as a U.S. company, and show your commitment to American workers and taxpayers.

Pfizer's employees are educated in American high schools and colleges, it receives research and development incentives in our tax code, and it benefits from world-class, government-funded research. Following an inversion, Pfizer would continue to derive nearly all of these benefits. It is especially disappointing that you appear to have gone to extra lengths to specifically structure this merger to dodge recent anti-inversion guidance issued by the U.S. Treasury Department. Make no mistake -- by renouncing your American citizenship, you will burden families in Maryland and across the country with your tax bill.

I have been working with Congressman Levin to build support for our legislation to shut down the egregious inversion loophole. While Republicans continue to block our effort, I must register my objection in every way I can. I recently received about $9,000 worth of Pfizer stock from my late father. But I cannot in good conscience own stock in a company that has decided to renounce its American citizenship. Yesterday, I sold my shares.

I urge you to immediately reconsider your decision.

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