Young Illinois Democrats and Republicans say a lot is at stake for them in the November gubernatorial election. Progress Illinois chats with younger Illinoisans about the governor's race and several policy issues on their radar.
Tax fairness activists delivered 70,000 petition signatures to a downtown Chicago Walgreens store Thursday, calling on the nation’s largest pharmacy chain to remain a U.S company and pay its "fair share of taxes."
It is rumored that Deerfield-based Walgreen Co. is considering plans to reincorporate itself offshore in Switzerland, a "tax haven," through a maneuver called a corporate tax inversion. Such a move could reportedly cost U.S. taxpayers $4 billion in lost tax revenue over a five-year period.
Tax fairness activists rallied outside of the Walgreens downtown Chicago flagship store Wednesday morning in protest of possible plans by the nation's biggest pharmacy chain to move its corporate address from Illinois to Switzerland, a "tax haven."
Toting signs reading "Walgreens, don't shortchange America," about 20 activists called on Deerfield-based Walgreen Co. to remain an Illinois company and drop a potential plan to reincorporate itself offshore through a maneuver called a "corporate tax inversion." The move could cost U.S. taxpayers $4 billion in lost tax revenue over a five-year period, shows a new report released ahead of today's protest by Americans for Tax Fairness and Change to Win Retail Initiatives.
"If Walgreens relinquishes Illinois roots by becoming a Swiss company, it will not only be a betrayal of the people of the great state of Illinois, it will undermine critical taxpayer-funded services that we all rely on," stressed William McNary, co-director of Citizen Action/Illinois. "If Walgreens moves it corporate address offshore, it will still take advantage of all the benefits it gets from operating in America. It will still get the $72 billion in annual sales that we give them every year. It will still get the $16 billion that we as taxpayers give them for Medicare and Medicaid."