And HERE WE ARE, AmeriKa!!!!!!
"Biotechs seek help through tax change" by Andrew Pollack, The New York Times | December 10, 2008
Move over Big Three. Little Biotech is joining you in seeking federal assistance.
Biotechnology industry executives plan to visit Congress today to ask for a temporary change in the tax law that would let money-losing companies get cash from the government now, in exchange for tax credits they would pledge not to take if they eventually become profitable.
Well, they ALREADY GOT a BILLION of OUR TAX DOLLARS!!
Also see: Pioneer Valley losing new biotech firms
Oh, and about that PROFIT!
"it's never been easy to turn a profit in biotech?"
You are GETTING STUCK AGAIN, America!!
And do you know WHO biotech is? It is BIG PHARMA!!!!
Yeah, they need more dough!
The change, if Washington approved it, could enable the industry to receive potentially hundreds of millions or even billions of dollars. The effort comes as many smaller biotechnology companies, particularly those trying to develop drugs, are facing a severe cash shortage that is forcing them to dismiss workers, curtail research, and even file for bankruptcy protection or liquidation.
The big profitable biotech companies like Amgen and Genentech remain financially sound. But of the 370 publicly traded American biotechnology companies, the number with less than six months cash on hand is approximately 125 - nearly double the total last year, according to the Biotechnology Industry Organization, a trade group. Developing a drug can require hundreds of millions of dollars and 10 years or more, so even in good economic times some small companies struggle to raise money.
Translation: Biotech is a RAT'S HOLE of WASTE!! It is simply ANOTHER WAY (along with the insurance industry and sports) to HIDE WEALTH and RIP OFF TAXPAYERS!!!!
But with financial markets in turmoil, investors have become reluctant or unable to provide the infusions of cash, pushing many to the brink. In seeking assistance, the industry is quick to distinguish itself from the automakers, banks, and other supplicants in Washington, portraying itself as a model of innovation and American competitiveness....
(Am I the only one disgusted at such remarks?)
The industry's idea is to let companies turn their very weakness - their huge losses - into an asset.
So where is YOUR FLIP, Americans!! I got PLENTY of LOSSES around here!! When do they become MY GAIN? Where is MY BAILOUT CHECK?
Under current law, net operating losses can eventually be used to offset some taxes once a company is profitable.... The industry's proposal would let companies receive payments from the government now in exchange for giving up those tax deductions later....
At which point they will claim they never made a profit, so no taxes can be paid!!!
