FOR IMMEDIATE RELEASE:
Wednesday, 30 July 2014
CONTACT: CJ Frogozo : 310 570 2622 : CJ@FitzGibbonMedia.com
Thousands Petition Walgreens to Remain an American Company; Outrage Over Plan to Dodge Billions in Taxes by Moving to Switzerland
ILLINOIS — Around the country, nearly 22,000 people have signed onto a new campaign by the California-based Courage Campaign after news broke that Walgreens — the largest pharmacy chain in America — is attempting to dodge billions of dollars in taxes by shifting its corporate address from Illinois to Switzerland, a notorious tax haven, while keeping the majority of its business and locations in the US.
SIGN THE PETITION HERE: act.couragecampaign.org/sign/WalgreensTaxes/
The plan outrages customers as Walgreens would still receive nearly a quarter of its $72 billion annual income from American taxpayers through government healthcare programs like Medicare and Medicaid. It is estimated that the proposed move would actually cost American taxpayers nearly $4,000,000,000 over five years.
“If Walgreens goes through with this, it would be yet another despicable example of corporate greed further tipping our nation’s already crippling levels of income inequality. If they do not want to pay US taxes then they should no longer be allowed to profit from our government programs that are paid for by US taxpayers,” explained Dr. Paul Song, executive chairman of Courage Campaign.
The proposed plan is possible as a result of Walgreens’ merger with Alliance Boots, a Swiss pharmacy chain, allowing the corporation to take advantage of a tax loophole called an “inversion” that would allow the company to incorporate offshore — even though 80% of its stock would remain in the United States. Activists are also angered as Walgreens’ unfair advantage would also hurt other businesses in America, like CVS and small mom and pop drugstores who pay their fair share of taxes.
FOR MORE INFORMATION:
http://www.americansfortaxfairness.org/files/OffshoringAmericasDrugstore.pdf
For interviews with Courage Campaign, please contact CJ Frogozo at 310 570 2622 or by email atcj@fitzgibbonmedia.com.
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