While jacking up drug prices, Pfizer recently reported more than $27 billion in revenue from its U.S. sales in 2023. But the Big Pharma titan owes nothing in federal income taxes, despite being one of the most profitable pharmaceutical companies in the world. That’s largely thanks to existing loopholes and a 2017 tax law signed by former President Donald Trump.
Pfizer is not the only giant corporation raking in huge profits but paying fewer taxes than the typical American household: More than 100 of the country’s most profitable corporations paid zero federal income taxes in at least one year since the Trump tax cuts were enacted.
