Let’s call “corporate inversion” for what it is: a gaping, unpatriotic tax loophole. It’s time for Congress to close it and end this outrageous practice.
In recent months, corporations have exploited this tax dodging loophole at unprecedented levels. The wave of “corporate inversions” threatens to hollow out the U.S. corporate income tax base, seriously damaging the economy. One striking example is Walgreens, the nation’s largest drugstore chain, which may use an upcoming acquisition to become a foreign company in order to dodge more than $4 billion in taxes over five years. Walgreens is talking about abandoning America despite its reliance on the U.S. government – and U.S. taxpayers – for a quarter of its revenue paid for by the Medicare and Medicaid programs.
We need to start demanding a little more patriotism from these so-called American corporations. If they want to keep benefiting from everything our great country has to offer, they need to start showing a little more loyalty to the people who live and work in America. And they need to stop threatening to desert the United States and stop paying their taxes altogether unless we give in to their demands.
The President, Senator Wyden, Senator Levin and Representative Levin have all proposed solutions to plug the loophole and the Senate Finance Committee is holding a hearing on the issue today. Let’s get it done.
Contact: Josh Goldstein (202) 637-5018