Walgreens, our country’s biggest pharmacy chain, is trying to dodge paying its fair share of taxes. It may soon shift its corporate address from Illinois to Switzerland, a tax haven.
After it completes a planned merger with Alliance Boots, a Swiss pharmacy chain, Walgreens can take advantage of a tax loophole to reincorporate itself offshore. This may let the company avoid $4 billion in U.S. taxes over the next five years, leaving the rest of us to pick up the tab.
Walgreens would still be controlled from the U.S. It would still benefit from our roads, bridges and infrastructure, and it would will still have more than $70 billion in annual U.S. sales.
Our new report, co-authored by Change to Win Retail Initiatives, explores Walgreens’ potential tax avoidance scheme and the impact it would have. Help us stop it.
And check out these materials, too:
- Executive Summary
- Table: Pay Subsidies Among Walgreens’ Top Executives — Details for 2009-2013
- Press Release: New Report Analyzes Walgreens Possible Move Of Its Corporate Address Offshore To Avoid Paying $4 Billion in U.S. Taxes Over Five Year Period
Let’s block Walgreens and other corporations from using this offshore scheme.
Tell your members of Congress to co-sponsor a bill that would ensure corporations controlled from the U.S. pay their taxes here, too: