When the news leaked last Tuesday that Walgreens would not seek a controversial tax inversion, media outlets jumped to cover this latest twist in the inversion summer saga. The wave of news coverage is a lot to keep tabs on, which is why we’ve compiled some of the best stories about Walgreens’ decision not to decamp below.
“Inversion” was the topic du jour of the business world this summer: a tax avoidance scheme that allows U.S. corporations to migrate to a foreign land on paper, while retaining virtually every aspect of their operation at home. The move could have saved Walgreens billions at the expense of American taxpayers, but this week the company chose not to do an inversion after a chorus of opposition from consumers and politicians across the nation.
This was a rough week for would-be corporate tax dodgers. The Senate Finance Committee on Tuesday held a hearing on the topic of “inversion,” a tax-skirting tactic that companies use to legally reincorporate in another country on paper, where a key Senate leader referred to the trend as a virus infecting the U.S. economy.
Walgreens may soon renounce its US citizenship for a leaner tax bill abroad, and many American consumers are none too happy. At least that was our impression after mulling through hundreds of tweets, comments and other online musings since the release of Offshoring America’s Drugstore with Americans for Tax Fairness this past June.