INFLATION ACT WOULD HELP DRUG PRICES
August 8, 2022 - Douglas Myser
Inflation act would help drug prices. The now under consideration "Inflation Reduction Act" has one component that the large majority of Americans overwhelmingly support, negotiating the price of drugs for the American people. The United States is one of the only developed countries in the world that does not do that for its people. In Europe the price of drugs is much smaller that here in the U.S. The counter argument is that drug companies need lots of money, to continue Research and Development, but two problems exists with that argument. First off all, the U.S. government subsidizes the drug industry with billions of dollars of tax breaks, and secondly, the drug industry is spending millions on TV Ads promoting new drugs, which is more akin to being a sales organization, than a drug company. It seems they need a reminder that they are a company that is supposed to be in the business of helping and saving lives. Inflation act would help drug prices.
The Inflation Reduction Act, is trying to reign in the out of control prices that many drug companies are charging, that are leading to the bankruptcy of tens of thousands of Americans annually. "This would certainly be the biggest corporate tax increase in decades", said Steve Wamhoff, a tax expert at the Institute on Taxation and Economic Policy. "We've had decades of tax policy benefitting the rich, but this is really the first attempt to raise revenue in a progressive way that would begin to combat wealth and income inequality." The act would raise the corporate minimum tax, in an effort to pay for the benefits it is proposing.
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