BusinessPostCorner.com
No Result
View All Result
Thursday, June 19, 2025
  • Home
  • Business
  • Finance
  • Accounting
  • Tax
  • Management
  • Marketing
  • Crypto News
  • Human Resources
BusinessPostCorner.com
  • Home
  • Business
  • Finance
  • Accounting
  • Tax
  • Management
  • Marketing
  • Crypto News
  • Human Resources
No Result
View All Result
BusinessPostCorner.com
No Result
View All Result

GOP eyes pharma tax hike, nix drug price deal for Trump bill

May 8, 2025
in Accounting
Reading Time: 2 mins read
A A
0
GOP eyes pharma tax hike, nix drug price deal for Trump bill
ShareShareShareShareShare

House Republicans are considering nixing a Medicaid drug pricing plan floated by President Donald Trump and fiercely opposed by the pharmaceutical industry as the party pushes to strike a massive tax and spending deal in the coming days. 

But drugmakers may not be totally off the hook. 

Lawmakers have separately discussed eliminating a tax deduction for pharmaceutical advertising, Representative Vern Buchanan, the chairman of the House tax committee’s health subcommittee, said Thursday. It’s unclear whether that provision will be in the final tax cut package.

“I know it’s been brought up, so I don’t know where it landed,” Buchanan said.

Representative Richard Hudson of North Carolina, a senior Republican on the Energy and Commerce Committee, signaled Thursday that the drug pricing plan may be scrapped. 

The idea, first floated last week by the White House as a way to help pay for the president’s tax cut plan, blindsided the pharmaceutical industry and has prompted a furious lobbying campaign. Drugmakers said it could cost them $1 trillion over the next decade. 

While lawmakers may be poised to reject Trump’s drug pricing plan, the president is unlikely to abandon the concept entirely. During his first term, he pursued regulatory avenues to accomplish similar goals, and could do so again. Bringing foreign drug pricing into U.S. government programs could hurt drugmakers’ revenues.

The potential elimination of the TV ad deduction, meanwhile, could get backing of some in the Trump administration. 

Pharmaceutical ads have come under special scrutiny as most other countries don’t allow drugmakers to run television ads, and Health and Human Services Secretary Robert F. Kennedy Jr. has called to ban the television ads entirely.

Currently, pharmaceutical companies can deduct advertising costs as expenses on their taxes, which is standard for other industries, too. 

Greg Murphy, another Republican member of the Ways & Means committee, introduced legislation to eliminate the pharma ad tax deduction last month. In announcing the legislation, Murphy said the television ads lead to “inappropriate prescribing practices.”

Credit: Source link

ShareTweetSendPinShare
Previous Post

Bitcoin reclaims $100,000 as Trump announces trade deal with the UK

Next Post

Republicans discuss raising SALT cap to $30K, Johnson says

Next Post
Republicans discuss raising SALT cap to K, Johnson says

Republicans discuss raising SALT cap to $30K, Johnson says

Fears for future of West Marsh baby bank in Grimsby

Fears for future of West Marsh baby bank in Grimsby

June 18, 2025
Oil prices surge after Israel’s attack on Iran

Oil prices surge after Israel’s attack on Iran

June 13, 2025
SEC Leadership Shakeup: Brian Daly and Kurt Hohl Step Into Key Roles — What It Means for Crypto?

SEC Leadership Shakeup: Brian Daly and Kurt Hohl Step Into Key Roles — What It Means for Crypto?

June 13, 2025
Couples that share this quality can reduce uncertainty and boost life satisfaction, study says

Couples that share this quality can reduce uncertainty and boost life satisfaction, study says

June 18, 2025
The heiress of  billion Perdue farms and the  billion Sheraton hotel empire wore hand-me-downs, still rides the subway, and flies economy

The heiress of $10 billion Perdue farms and the $12 billion Sheraton hotel empire wore hand-me-downs, still rides the subway, and flies economy

June 15, 2025
Trump’s Truth Social Gets SEC Greenlight for .3B Bitcoin Treasury Deal

Trump’s Truth Social Gets SEC Greenlight for $2.3B Bitcoin Treasury Deal

June 14, 2025
BusinessPostCorner.com

BusinessPostCorner.com is an online news portal that aims to share the latest news about following topics: Accounting, Tax, Business, Finance, Crypto, Management, Human resources and Marketing. Feel free to get in touch with us!

Recent News

Chainlink Eyes 0 Trillion Untokenized Assets Market – Can LINK Hit  on CCIP Success?

Chainlink Eyes $260 Trillion Untokenized Assets Market – Can LINK Hit $30 on CCIP Success?

June 19, 2025
Hospitals, schools and courts to get funding boost

Hospitals, schools and courts to get funding boost

June 19, 2025

Our Newsletter!

Loading
  • Contact Us
  • Privacy Policy
  • Terms of Use
  • DMCA

© 2023 businesspostcorner.com - All Rights Reserved!

No Result
View All Result
  • Home
  • Business
  • Finance
  • Accounting
  • Tax
  • Management
  • Marketing
  • Crypto News
  • Human Resources

© 2023 businesspostcorner.com - All Rights Reserved!