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If it becomes a Swiss corporation, it shouldn’t be able to spend a penny more. Since the 2010 election cycle, Walgreen’s Political Action Committee has spent $991,030 on federal elections. If it becomes a Swiss citizen, the days of special provisions should be over. In 2010 it lobbied for and got a special provision in the Dodd-Frank Act, limiting the fees banks are allowed to charge merchants for credit-card transactions - resulting in a huge saving for Walgreen. So if as a Swiss company continues to fill Medicaid and Medicare payments as well as, say, CVS, it’s likely that Walgreen will continue to earn almost a quarter of its $72 billion annual revenues directly from the U.S. government can’t (and shouldn’t) discriminate against foreign corporations offering as good if not better deals than American companies offer. government does anything," that the "Swiss" company should not be lobbying the U.S. government! Robert Reich points out, in " Walgreens shouldn’t have a say about how the U.S. company does not mean they won't still be getting money from and bribing influencing the U.S. But they'll still be benefitting from the roads and schools and courts and military those tax dollars pay for – and will still be collecting those tax dollars from government programs like Medicare and Medicaid.īut wait, there's even more. Walgreens, collector of gobs of tax dollars, is preparing to renounce citizenship and stop paying taxes.
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The state also provided $625,000 in training money and $875,000 in other tax incentives. gave Walgreen $46 million in corporate income tax credits over 10 years in exchange for a pledge to create 500 jobs and invest in upgrading its offices. Andrew Ross Sorkin at The New York Times' Dealbook points out: (How long will it be before we'll be hearing another round of "we're broke" and have to cut Medicare and Medicaid?)īut wait, there's even more. "citizenship" to avoid paying taxes for the U.S. Repeat: Walgreens receives a quarter of its revenue from programs like Medicare and Medicaid that are funded by U.S. A table showing the Walgreens executives getting subsidies is available here. taxpayers have spent $11 million subsidizing executive bonuses at Walgreens over the last five years. Of its $72 billion in 2013 sales, an estimated $16.7 billion, or 23 percent, came from Medicare and Medicaid. Walgreens receives nearly a quarter of its income from taxpayers through government programs.Walgreens is doing this even though, as Americans for Tax Fairness points out: According to Americans for Tax Fairness, this move would mean Walgreens avoids paying $4 billion of taxes they would otherwise owe to the U.S. This would let them dodge billions in U.S. To do this it will merge with a Swiss company, Alliance Boots.
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corporate status and instead claim on paper to be a Swiss company. Lately Walgreens – the nation’s largest pharmacy retailer with 8,200 stores and locations in all 50 states – is in the news because they are considering an "inversion." The company is deciding whether to renounce its U.S. The technical word for what they are doing is an "inversion." It involves buying or merging with a company in the new country while actually keeping the same employees, operations, sales outlets and other assets right here. corporate status and claiming that their headquarters are instead located in one or some other low-tax country, like Switzerland. Here's the latest corporate tax scam: Companies are renouncing their U.S.