Target: Gregory D. Wasson, President and CEO of Walgreens
Goal: Praise Walgreens for its decision to keep its headquarters in the US
There is a sneaky trick that several big businesses are trying to pull in order to avoid U.S. taxes. The trick is called corporate inversion. U.S. companies will acquire a foreign company and move their headquarters overseas in order to avoid billions of dollars in U.S. taxes. Walgreens was looking into moving abroad for this purpose, but thanks to public outcry, Walgreens has decided to keep its headquarters in sweet home Chicago.
An earlier ForceChange petition called for public support to keep Walgreens from moving overseas. Thanks to ForceChange readers and countless other citizens who voiced their concern, in addition to increased roadblocks by the U.S. government, Walgreens will not be moving abroad. The planned move would have saved Walgreens an estimated $4 billion in U.S. taxes over five years. This would have been a cruel twist in fate as Walgreens received $16.7 billion last year from government funded programs like Medicaid and Medicare.
Walgreens’ decision to remain in the U.S. is a good one. The ability to dodge U.S. taxes and turn its back on the very people that fund its business is immoral, especially considering the tax breaks and government funded programs that hugely impact Walgreens’ net profit. Thankfully, Walgreens made the moral decision to stay in the U.S. and has lived up to its slogan, “The Pharmacy America Trusts.” Let Walgreens know that you support their recent decision.
Dear Mr. Wasson,
Walgreens is the iconic American pharmacy. As “The Pharmacy America Trusts,” Walgreens receives substantial revenue from federally-funded programs, not to mention benefits from tax incentives and tax breaks. The recent decision to maintain Walgreens’ headquarters in the United States instead of participating in corporate inversion to avoid taxes is an honorable decision. Initially, it may have appeared that Walgreens could save a lot of money by moving headquarters overseas, but running out on the American people would ultimately backfire.
The $4 billion Walgreens may have saved by moving overseas is enough to pay for healthcare for 3.5 million children under the Children’s Health Insurance Program, or provide Medicaid to 639,000 people. Walgreens made the right decision to stay in America and support the families that support it.
I happily support the recent announcement to maintain Walgreens’ headquarters in the U.S. Thank you for making the right decision.
[Your Name Here]
Photo Credit: Pete Boyd via flickr