rockin'robin
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This is happening more and more. The largest pharmaceutical company in the world Pfizer is also pulling up stakes by acquiring a much smaller pharmaceutical company in the United Kingdom. Something is seriously wrong with the regulatory and tax environment in the United States when companies start to move out to find greener pastures in London. Maybe instead of Democrats berating companies leaving the U.S. as unpatriotic, they should actually make the United States into the most attractive place to do business in the world again.
Decatur, IL. Walgreens CEO, Gregory D. Wasson, announced that it plans to move its corporate headquarters to Switzerland as part of a merger with Alliance Boots, a European drugstore chain. The move will allow Walgreens profits to be taxed a lower rate in Switzerland and reduce Walgreens taxes in Illinois.
Walgreens plans the move, even though the taxpayers of Illinois gave it a $6 million tax credit over a period of 10 years, provided $625,000 in training money and $875,000 in additional tax incentives.
Walgreens tax strategy is called “an inversion.” A U.S. company buys or merges with a foreign company in a low tax jurisdiction, moves its headquarters there, but continues to generate business and profits in the U.S.
According to the New York Times, Neill Geiser, assistant director of Change to Win Initiatives said, “It is unconscionable that Walgreens is considering this tax dodge – especially in light of the millions of dollars it receives from the U.S. taxpayers each year.”
Walgreens received $16.7 billion from Medicare and Medicaid last year. Walgreens’ move will cost U.S. taxpayers about $4 billion over a period of 5 years. (Andrew Sorkin, “Renouncing Corporate Citizenship” N.Y Times, July 1, 2014 p. B8)
What can a citizen do ? Since Walgreens plans a move, so should you – move your prescription business to the privately owned small pharmacies in our town. Send a message that Walgreens CEO will really get.
Walgreens to renounce U.S. citizenship | The Minority Report Blog
Decatur, IL. Walgreens CEO, Gregory D. Wasson, announced that it plans to move its corporate headquarters to Switzerland as part of a merger with Alliance Boots, a European drugstore chain. The move will allow Walgreens profits to be taxed a lower rate in Switzerland and reduce Walgreens taxes in Illinois.
Walgreens plans the move, even though the taxpayers of Illinois gave it a $6 million tax credit over a period of 10 years, provided $625,000 in training money and $875,000 in additional tax incentives.
Walgreens tax strategy is called “an inversion.” A U.S. company buys or merges with a foreign company in a low tax jurisdiction, moves its headquarters there, but continues to generate business and profits in the U.S.
According to the New York Times, Neill Geiser, assistant director of Change to Win Initiatives said, “It is unconscionable that Walgreens is considering this tax dodge – especially in light of the millions of dollars it receives from the U.S. taxpayers each year.”
Walgreens received $16.7 billion from Medicare and Medicaid last year. Walgreens’ move will cost U.S. taxpayers about $4 billion over a period of 5 years. (Andrew Sorkin, “Renouncing Corporate Citizenship” N.Y Times, July 1, 2014 p. B8)
What can a citizen do ? Since Walgreens plans a move, so should you – move your prescription business to the privately owned small pharmacies in our town. Send a message that Walgreens CEO will really get.
Walgreens to renounce U.S. citizenship | The Minority Report Blog
...worst I've ever seen. I've complained, other people have complained...The one near me has 2 drive-thrus...they blocked the 2nd one, so you cannot use it....Going inside to pick up?....Same thing...long lines....Walgreens have a hard time keeping employees also...always someone new at the pickup window....must be the salary ??....Whatever the case may be...Walgreens had horrible customer service.
