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Sunday, June 15, 2014

Walgreens' Planned Move From Illinois to Switzerland Would Save $4 Billion in Taxes

Americans for Tax Fairness, Offshoring America’s Drugstore Walgreens May Move its Corporate Address to a Tax Haven to Avoid Paying Billions in U.S. Taxes:

WalgreensWalgreens could cost taxpayers $4 billion in lost revenue over five years should the company decide to renounce its American corporate legal status and move its official address to Switzerland, a tax haven. The company is widely reported to be considering this move and says it will announce its intentions as soon as this summer. Walgreens is the nation’s largest pharmacy retailer with 8,200 stores and locations in all 50 states.

http://taxprof.typepad.com/taxprof_blog/2014/06/walgreens-planned-move.html

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Comments

I know! Let's hold the children of Walgreen's executives in the Tower of London! What?? Been done? Never mind.

Posted by: Ted | Jun 15, 2014 8:30:05 AM

"The avoidance of taxes is the only intellectual pursuit that still carries any reward."
John Maynard Keynes

Posted by: jmod46 | Jun 15, 2014 8:32:07 AM

They'd still have to pay US taxes on US income. The move would save them from paying US taxes on foreign earnings...and foreign earnings. I believe the Swiss are offering a 10 year tax break for companies that move their hqs to their country.

Posted by: Xmas | Jun 15, 2014 9:34:11 AM

Walgreens could cost taxpayers $4 billion in lost revenue over five years

Or, from a different point of view, Walgreens could be enriching its shareholders by $4 billion by doing so.

Posted by: Iowa Jim | Jun 15, 2014 9:37:49 AM

"Cost taxpayers"? Wow, that is convoluted syntax. First, it's Walgreens' money. Second, that tax money goes to the government, not away from 'taxpayers.'

Posted by: jim | Jun 15, 2014 10:27:27 AM

"Walgreens could cost taxpayers $4 billion"

What bollocks . Taxpayers are not receiving a penny of the $4 billion that Walgreen is currently paying. It all goes to the government.

Posted by: Bill Jones | Jun 15, 2014 12:08:46 PM

...but if a poor or middle class America did it they would get thrown in jail. The two-tiered justice system once again.

Posted by: Dave Mowers | Jun 15, 2014 2:20:33 PM

Walgreen's is entitled to defend itself. Too bad for others.

Posted by: Tatiana Covington | Jun 15, 2014 8:28:06 PM

Gee, maybe if we stopped treating corporations like the enemy they would want to stay in this country. We can't keep punitively taxing our corporations, then act surprised when they want to leave. In their naivete when it comes to the economy, this hasn't sunken into the thick heads of the current administration.

Posted by: Dan Wood | Jun 25, 2014 8:11:54 AM

Three cheers for Walgreen's. A corporation fleeing from an abusive tax rate is similar to someone fleeing from an abusive relationship.

Posted by: Larry | Jul 2, 2014 10:32:24 AM