Walgreens Caves on Tax-Dodging Scheme
Walgreens has just announced it is abandoning plans to use tax loophole called “corporate inversion” to slither out of paying U.S. taxes. Now that’s something to celebrate.
In a burst of greed and a slap in the face to hard-working Americans who pay their taxes, U.S.-domiciled corporations are on a spree, trying to cheat us by re-incorporating themselves overseas. A Bloomberg analysis estimated American companies are parking as much as $2 trillion in cash overseas — money that could be used to pay for vital services for citizens.
That’s the thanks these unpatriotic companies give for all the many things we provide them in order to operate, from America’s public schools that educate their workers to the infrastructure needed to move their products to the court systems which protect their interests. When they try this relocating maneuver, guess who they want to protect them from foreign governments? You guessed it, the U.S. military.