When Ways & Means Committee Chairman Charlie Rangel, D-N.Y., releases his second-quarter fundraising figures, keep a close eye on his late June take from the pharmaceutical industry.
Rangel this week made an interesting comment that could cause some worrying among drugmakers. From a Bloomberg story:
“One thing that’s not off the table is you can pick up $37 billion knocking out the deduction for advertising” for prescription drugs, said Rangel, a New York Democrat. Lawmakers are seeking ways to help pay for a health-care overhaul.
Rangel identified the proposal as one of a series of revenue-raising measures House lawmakers may include in broader health-care overhaul legislation later this month. Members of his tax-writing committee are meeting daily this week to discuss ways to pay for the legislation.
Rangel said he and other lawmakers believe it is “wrong” to let drug companies deduct their advertising costs for prescription drugs.
In contrast to many lawmakers who avoid hypotheticals and who don’t discuss details of legislation still being drafted, Rangel has a record of declaring different provisions or deductions “on the table.”
Will this knowledge, that their tax deductions are in Rangel’s hands, compel drug makers to fill his record-breaking campaign coffers?
