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Jim -- What Walgreens did last week was a big deal. The pharmacy giant publicly decided to do the right thing by refusing to exploit a tax loophole. The loophole -- called a tax inversion -- is when a company in the United States purchases a foreign company, and then claims residency in that country for tax purposes. It's something that could cost our country $20 billion over the next 10 years. Right now, dozens of American businesses across the country are weighing this decision. This is an important time to take a stand -- say you'll fight for closing corporate tax loopholes and help make sure everybody pays their fair share and plays by the same rules. To a lot of us, this issue is pretty clear cut: President Obama said it's a question of "economic patriotism." The companies that take advantage of tax inversions don't have to move their headquarters or CEO. They can continue to enjoy all the benefits of operating in our country while drastically cutting how much they contribute in taxes. That means when they "leave," you and I get stuck with paying an even bigger share of the bills for things our country needs, like funding for our roads and bridges. That's why it's so heartening to see a company as big as Walgreens reject tax inversions. The more Americans who stand up and make their voices heard, the more that other companies will choose to do the right thing. Let's close this loophole -- add your name today: http://my.barackobama.com/Fight-Corporate-Tax-Loopholes Thanks, Nico Nico Probst Director of Special Projects Organizing for Action |
Wednesday, August 13, 2014
I've talked in this space in the past about how in some years GE has managed to pay no US taxes. A loophole has to be pretty big to drive General Electric through it. Here's more about such loopholes:
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