On May 14, CFE President Ryan Ellis was featured on The Larry O’Connor Show as a kick-off for Tax Day 2021. The two started by discussing how COVID-19 has affected taxes this year, and what new deductions or reimbursements Americans should be aware of as they finish up their taxes.
The pair ended the segment by highlighting Speaker Nancy Pelosi’s proposal to put a tax increase on prescription drugs. Ellis explains how H.R.3 wants to impose price controls on the 250 most popular prescription medications, mainly used by seniors, and if the price control isn’t upheld the drug receives a 95% tax increase. This is in direct opposition to President Biden’s promise not to raise taxes for Americans making under $400,000.
With Pharma being instrumental in developing vaccines during an unprecedented moment in history, Ellis emphasizes the backwards nature of this proposal. O’Connor summed it up by noting, “It’s amazing how expensive those ‘cheap’ drugs end up being.”
Click here to listen to the full segment.