20 Fortune 500 healthcare companies will reap $10B in tax savings this year: Sen. Wyden

The healthcare industry is slated to cash in $100 billion in tax benefits during the next 10 years, according to a report from Democratic Oregon Sen. Ron Wyden.

Mr. Wyden said earnings calls and supporting documents from 20 of the 37 Fortune 500 healthcare companies projected the new tax law will increase 2018 earnings. The anticipated tax benefits across the 20 companies add up to $10.1 billion this year, according to the report.

"Because [President Donald Trump's] tax law permanently slashed the corporate tax rate from 35 percent to 21 percent, the healthcare industry will receive major tax savings every year through the next decade," Mr. Wyden predicts. During the next 10 years, the 20 companies could collect about $100 billion in tax benefits, he said. 

Since the passage of President Trump's new tax law, five of the 37 Fortune 500 healthcare companies have authorized stock buybacks that collectively total $28 billion, the report states.

UnitedHealth Group, Pfizer, CVS Health and AbbVie all reported projected tax savings of over $1 billion for 2018 under the new tax law, according to the report.

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